ADELAIDE, AUSTRALIA / ACCESSWIRE / December 19, 2022 / DeFi protocol Fluidity has introduced that it’ll go reside on the Ethereum mainnet on December 19.
The blockchain incentive layer, which rewards customers for swapping, buying and selling or performing any on-chain transaction with Fluid-wrapped belongings, will initially be launched on Ethereum with Solana, Arbitrum and Polygon to observe.
Constructed round a very secure, audited system, Fluidity capabilities as a spend-to-earn protocol, turning the normal yield-bearing mannequin on its head: slightly than lending, staking or locking up digital belongings for an prolonged interval to earn yield, customers obtain randomly paid yields and huge dividends that may vary from cents to tens of millions, merely for sending, receiving or swapping a Fluid-wrapped asset.
“4 or 5 years in the past, all people mentioned DeFi might be the use-case that brings in a billion customers to crypto – nevertheless it truly turned out to be NFTs and GameFi,” says Fluidity Founder Shahmeer Chaudhry. “At Fluidity, we wish to gamify how individuals take into consideration spending cash, and our long-term purpose is to reshape how individuals method spending.”
Fluidity’s wrapped belongings (Fluid Belongings) are steady cash, that means they’re backed one-to-one with the underlying foreign money and may be redeemed by customers at any time.Based on Chaudhry, some 50-70% of all transactions can be yield-bearing, with rewards cut up 80:20 between senders and receivers, the latter of whom can embrace service suppliers. Dividends generated by the protocol derive from the cumulative yield created by each principal token deposited and lent on cash markets.
Customers of the spend-to-earn protocol can thus set off rewards by way of on a regular basis endeavors, equivalent to paying for meals, lease or petrol, interacting with a decentralized alternate (DEX) or NFT market, or taking part in blockchain gaming.
The fast-growing DeFi protocol has been working on each the Solana devnet beta and Ethereum testnet, with 50,000 customers (often called ‘Fluiders’) having already stress-tested the system by way of transacting and swapping.
Conceived by recreation designer Shahmeer Chaudry in 2021, Fluidity has acquired seed funding to the tune of $1.3 million from backers together with Multicoin Capital, Solana, Circle, and Lemniscap. Previous to its funding rounds, the undertaking additionally welcomed over $100,000 in growth grants from protocols equivalent to Compound, Solana, Polygon, Aave, Lido and RMIT Blockchain Innovation Hub.
About Fluidity Cash
Fluidity Money is an progressive spend-to-earn protocol that rewards customers for transacting with steady Fluid-wrapped belongings. Launching initially on Ethereum earlier than transitioning to multi-chain, the protocol has been audited by Bramah Methods, Verilog Options and Hashlock, and acquired backing from Multicoin Capital, Solana, Circle and Lemniscap. Fluidity reimagines yield farming/liquidity mining, changing it with a sustainable utility mining mannequin that incentivizes real customers to discover completely different facets of the protocol.
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