[date-today format='F j, Y']

Meet VenomDAO: The DeFi Protocol Building Liquidity For A Multi-Chain World

Photo by geralt

VenomDAO has been bringing liquidity to the Harmony ecosystem since its launch. It has continued on this path with a number of products that allow users of the network to take advantage of its unique opportunities. It played an important role in ushering DeFi users into the Harmony ecosystem and its liquidity infrastructure is being applied across multiple blockchains.

As the one-year anniversary of the protocol draws close, 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 populating yield farming, to CobraSwap on BSC, its first multi-chain expansion, VenomDAO has solidified its place as a thought leader on Harmony. But what’s next?

VenomDAO Launches Comfy Money

Comfy Money is the latest in a long line of products that have been released by VenomDAO. This new product features an algorithmic stablecoin that will be pegged to $ONE.  It is a multi-token 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 systemically adjust $COMFY’s supply to move its price in accordance 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 then be used and traded across all DeFi protocols on the Harmony network without losing out on the appreciation of the $ONE token over time.

Comfy Money will aid VenomDAO in continuing to build liquidity infrastructure for a multi-chain world.

Building For The Future

VenomDAO’s suite of products, consisting of past, present, and future launches all build into its mission to bring liquidity to Harmony. The blockchain which is seeing DeFi activity ramp up in recent times has seen a number of protocols launched. Each one of these needs liquidity and VenomDAO presents a way for projects to bootstrap and own their liquidity right from the very start using the Launchpad.

An upcoming money market product from VenomDAO is aimed at capturing additional TVL (Total Value Locked) for the Harmony ecosystem. It will provide deeper liquidity in the ecosystem and bring additional use cases to the VIPER and WAGMI tokens. It will also see the launch of a perpetual/leverage platform that will utilize 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, alongside a move to veVIPER and decentralized allocation via gauges, gamification, and NFTs that unlock unique functionality. Furthermore, VenomDAO will bring Protocol Owned Liquidity (PoL) with WAGMI getting new bonds to enable auto-staking/flexible vesting and WAGMI Pro with bonds as a service for existing Harmony projects seeking their own liquidity.






© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Latest News