The Protocol That Is Taking the Fantom Blockchain By Storm
According to a recent report from Chainalysis, over $2.8 billion was lost to decentralized finance [DeFi] rug pulls in 2021 alone. A colloquial term for “scam”, rug pulls account for 37% of the scam revenue for the aforementioned year, a whopping increase in percentage from its 2020 report of 1%.
Citing the adoption of an unsustainable reward system as one of the many reasons for the failure of these projects, the need for a solution arises. Thanks to the growth of the DeFi space, a ton of protocols have been launched to change the narrative by offering sustainable, long-term rewards for farming, one of such is the emerging ProtoFi Protocol.
The ProtoFi Protocol
Born out of calculated study, observation, and active participation in several protocols spanning different networks, ProtoFi is the first community-powered and user-owned automated market maker [AMM] built on the Fantom Opera (NASDAQ:) blockchain that places emphasis, primarily, on sustainability, long-term existence, and value creation. Aimed at offering users these features, ProtoFi will allow investors, per the project white paper, to own a piece or portion of the protocol, and by extension, the profits generated.
Blazing off on an untrodden path on the Fantom blockchain, ProtoFi seeks to achieve this unprecedented feat through a dual token system—the PROTON [PROTO] and ELECTRON [ELCT] tokens.
Serving distinct purposes on the protocol, the…
