The Protocol That Is Taking the Fantom Blockchain By Storm
Based on a latest report from Chainalysis, over $2.8 billion was misplaced to decentralized finance [DeFi] rug pulls in 2021 alone. A colloquial time period for “rip-off”, rug pulls account for 37% of the rip-off income for the aforementioned yr, a whopping improve in share from its 2020 report of 1%.
Citing the adoption of an unsustainable reward system as one of many many causes for the failure of those tasks, the necessity for an answer arises. Due to the expansion of the DeFi area, a ton of protocols have been launched to alter the narrative by providing sustainable, long-term rewards for farming, one among such is the rising ProtoFi Protocol.
The ProtoFi Protocol
Born out of calculated research, statement, and energetic participation in a number of protocols spanning totally different networks, ProtoFi is the primary community-powered and user-owned automated market maker [AMM] constructed on the Fantom Opera (NASDAQ:) blockchain that locations emphasis, primarily, on sustainability, long-term existence, and worth creation. Aimed toward providing customers these options, ProtoFi will permit traders, per the undertaking white paper, to personal a bit or portion of the protocol, and by extension, the earnings generated.
Blazing off on an untrodden path on the Fantom blockchain, ProtoFi seeks to attain this unprecedented feat by means of a twin token system—the PROTON [PROTO] and ELECTRON [ELCT] tokens.
Serving distinct functions on the protocol, the PROTO token, in keeping with the founding crew, might be seamlessly purchased, staked, and bought. Proudly owning and subsequently staking this token is the one option to earn ELCT.
ELCT, however, is a illustration of participation within the protocol. Proudly owning this token means holders will obtain a yield for so long as it’s held. The yield, nevertheless, is garnered straight from the earnings generated by ProtoFi by means of deposit charges, token swap charges, in addition to different revenue-generating actions undertaken by the protocol.
“ProtoFi … has the ability to show ponzi scheme-modeled tasks into sustainable, long-term protocols”
ProtoFi has built-in the “Quantum (NASDAQ:) Provide” characteristic which is a system that adjusts the PROTO launch fee in conformity with the current market circumstances. Aimed toward defending traders from the actions of questionable individuals, guaranteeing longevity and sustainability of the protocol, in addition to the combating of market manipulations, Fission Pool (NASDAQ:) has been deployed to ProtoFi. The present methodology of payment distribution, Fission Pool, will permit these traders to deposit ELCT and obtain colossal rewards within the type of stablecoins. Plans are underway to allow house owners of the ELCT token to actively participate within the governance of the protocol.
Piggybacking on the concept of the notorious BSC-based decentralized utility [DApp] Moneypot, the ProtoFi growth crew has transformed the mechanism, guaranteeing, in totality, a safe resolution with superior efficiency.
Dispelling the ability massive holders or “whales” have on the crypto market, as evident within the present market actions, ProtoFi as a next-generation resolution to DeFi issues has applied ProtoShield—a sophisticated transaction watchdog that units a restrict to the variety of PROTO tokens that may be despatched in a single transaction. As well as, ProtoFi, in an try to curb the practices of bots and APRs, has launched ChronoLock, a mechanism that units a mark on the frequency of farm harvest that’s allowed at a time.
As a part of its aim to supply gargantuan rewards to token house owners and shareholders of the protocol, ProtoFi, in consortium with The Fantoms, will launch an NFT pool.
With presale spots stuffed out in roughly 44 minutes and a software program audit carried out by one of many main blockchain safety corporations, CertiK, ProtoFi, by means of the creation of Fission Pool, and accompanying options like Quantum Provide, ProtoShield, and ChronoLock has the ability to show ponzi scheme-modeled tasks into sustainable, long-term protocols.
