VenomDAO has been bringing liquidity to the Harmony ecosystem since its launch. It has continued down this path with a series of products that enable network users to take advantage of its unique opportunities. It played a significant role in bringing DeFi users into the Harmony ecosystem and its liquidity infrastructure is being applied across multiple blockchains.
As the first anniversary of the protocol approaches, VenomDAO has continued to provide a much needed service to the Harmony community. From the launch of ViperSwap, the first AMM/DEX offering incentives and population yield farming, to CobraSwap on BSC, its first multi-chain expansion, VenomDAO has cemented its place as the thought leader in Harmony. But what next?
VenomDAO Launches Comfy Money
Comfy Money is the latest in a long line of products released by VenomDAO. This new product features an algorithmic stablecoin that will be pegged to $ONE. It is a multitoken protocol, which means that there is more than one token operating on the platform. Comfy Money features three tokens including $COMFY, $CSHARE, and $CBOND.
As for the underlying mechanisms, they will systematically adjust the supply of $COMFY to move its price in line with that of $ONE, making it a stable peg.
Comfy Money will act as an incentive for Harmony users to stake more of their $ONE tokens to act as validators to maintain and secure the blockchain. $COMFY, which is a 1:1 peg, will be used and traded across all DeFi protocols on the Harmony network without losing appreciation of the $ONE token over time.
Comfy Money will help VenomDAO continue to build a liquidity infrastructure for a multi-chain world.
building for the future
VenomDAO’s suite of products, consisting of past, present and future releases, are integrated into its mission to bring liquidity to Harmony. The blockchain that is seeing a surge in DeFi activity in recent times has seen the launch of a number of protocols. Each of these needs liquidity and VenomDAO presents a way for projects to jumpstart and own their liquidity from the start using the Launchpad.
An upcoming VenomDAO money market product aims to capture additional TVL (Total Value Locked) for the Harmony ecosystem. It will provide deeper liquidity in the ecosystem and bring additional use cases to VIPER and WAGMI tokens. It will also see the launch of a perpetual/leveraged platform that will use ViperSwap and Money Market to bring leveraged trading and leveraged yield farming to its users.
Existing products will also get a facelift this year with a new UI for ViperSwap, along with a move to veVIPER and decentralized allocation through indicators, gamification, and NFTs unlocking unique functionality. In addition, VenomDAO will bring Protocol Owned Liquidity (PoL) with WAGMI getting new bonuses to enable auto-participation/flexible award and WAGMI Pro with bonuses as a service for existing Harmony projects seeking their own liquidity.
This post DeFi protocol generates liquidity for a multi-chain world
was published first on https://www.newsbtc.com/news/company/meet-venomdao-the-defi-protocol-building-liquidity-for-a-multi-chain-world/