BENGALURU, India, Dec. 2, 2021 /PRNewswire-PRWeb/ -- Plenty – one of the leading DeFi protocols on Tezos – launches its routing feature, making DeFi on Tezos an easy-to-use and smooth experience.
Plenty is a full-scale DeFi experience on Tezos, offering lucrative yield farming and a decentralized exchange against minimal fees. Plenty enables easy onboarding from other blockchains with it's recognizable user interface and high farming yields. The Plenty protocol allows users to trade trustlessly, peer-to-peer, with liquidity that is supplied by other users. The architecture is based on Uniswap V2.
Plenty launches its much anticipated router, enabling direct token-to-token trading without a shared liquidity pool. This makes the Plenty DeFi experience more complete, faster, and easier to use, while maintaining decentralization.
For the next two months, the Plenty Global Hackathon 1.0, the first Tezos DeFi Hackathon to date, takes place with over USD 30,000 in prizes. Plenty is inviting students, developers, entrepreneurs, and crypto enthusiasts from all blockchains to join the rapidly growing community and build the future of DeFi with Plenty on Tezos. Registrations are open at hackathon.plentydefi.com.
Plenty DeFi launched on May 31st of this year from a collaboration between Tezsure and DGH Labs. The goal of Plenty is bringing more liquidity and users to the Tezos DeFi ecosystem. Since its launch, new upgrades have been delivered consistently to drive DeFi adoption on the Tezos blockchain, out of which the Automated Market Maker (AMM) in August was one of the most significant. In the last four weeks, lightweight analytics, router functionality, and new farming methods have been introduced on Plenty.
With the launch of the router, lightweight analytics, and ctez, essential pieces for a seamless trading experience are in place. The next goals for the Plenty team are introducing governance with the Plenty DAO, facilitating limit orders, and launching a public API. As all of these innovative features are integrated into a single platform, Plenty will be offering a complete end-to-end DeFi experience on the Tezos blockchain.
To scale DeFi on Tezos, Plenty facilitated the development of ctez in collaboration with Bender Labs. Ctez is a synthetic version of the native Tezos token tez (XTZ) and is designed to have the same value as tez. While ctez can be used for DeFi purposes, individual users stay in control of their native tez tokens to participate in governance and continue to receive staking rewards. Ctez is purely mechanical and works without any oracle or governance system. Originally proposed by Tezos co-creator Arthur Breitman, ctez is another crucial step towards a fully scalable DeFi infrastructure on Tezos.
Submissions are open for the Plenty Global Hackathon 1.0., which is organized in collaboration with Tezos India and will be the first DeFi hackathon on the Tezos blockchain. There will be prizes up to USD 30,000 and potential grants opportunities up to USD 50,000. Plenty invites the greater crypto community to join this hackathon and explore DeFi on Tezos through Plenty. The theme of the hackathon will be sustainability, a characteristic of the Tezos blockchain. Visit hackathon.plentydefi.com for additional information and registration.
"Our mission is to build a thriving DeFi ecosystem on Tezos. The DeFi community on Tezos is rapidly expanding, with projects like Plenty leading the charge. With new protocols launching every few weeks, we foresee a very bright future for DeFi on Tezos. We invite users from other blockchains to explore user-friendly and sustainable DeFi on Tezos with negligible transaction fees." Bernd Oostrum, co-founder, Plenty DeFi
About Plenty:
Plenty is expanding DeFi use cases on Tezos towards a full-scale decentralized financial ecosystem. The mission is to empower traders, liquidity providers, and developers, to engage in a thriving and decentralized open financial marketplace. As part of this mission, the Plenty team will soon implement governance functionality coupled to the xPLENTY token, which is the core of the Plenty ecosystem. Plenty currently offers yield farming, token-to-token trading with routing functionality, and single-sided staking of the auto-compounding xPLENTY token. As Plenty is continuously looking to integrate new functionalities, the Plenty Global Hackathon 1.0 is organized. Want to try out sustainable DeFi with minimal fees? For more information, visit plentydefi.com.
About Tezos:
The Tezos blockchain is built to evolve continuously. Therefore, Tezos has a unique governance system that allows the blockchain to upgrade seamlessly, without the need for inconvenient hard forks. Anyone can participate in Tezos governance by voting on protocol upgrades using the native Tezos token tez (XTZ). Tezos has already upgraded itself 7 times seamlessly by on-chain governance, making it a state-of-the-art blockchain with minimal transaction fees and a low carbon footprint. For more information, visit http://www.tezos.com.
Media Contact
Bernd Oostrom, Plenty Defi, 623155369, [email protected]
SOURCE Plenty Defi
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