The widespread application of DeFi pushed the last bull market to its peak and also gave the blockchain more scalability. After the baptism of the bear market, DeFi applications began to be upgraded and optimized, and more new products that were more practical and innovative were derived. DeFi has become the infrastructure of the blockchain, helping more applications and innovations. In the next bull market, DeFi will still be an important area leading the market craze, and the next round of leading projects will also be produced in the bear market. No matter how bad the market sentiment is, we must keep an eye on the entire industry and the DeFi track to ensure that potential projects can be discovered in time when they emerge.
Introduction to Extra Finance
Extra Finance is a leveraged income aggregation protocol built on Opmitism. Optimism is the first Ethereum Layer 2 public chain developed and deployed with EVM compatible with Optimistic Rollup. The ecology on the chain is rich, and the number of users and funds are at a leading level. Extra Finance is built on Opmitism to gain more scalability and composability. On March 23, Extra Finance’s testnet was launched. After a period of testing and optimization, on May 9, the official announced the official deployment of the mainnet test version. Extra Finance’s smart contract has passed PeckShield’s audit and all potential issues have been fixed.
Extra Finance currently supports the asset pools of mainstream DEXs such as Velodrome. By using the 3x or higher leverage provided by Extra Finance, users are able to increase their mining profits several times through strategies such as reinvestment, neutral/long/short, etc. At the same time, Extra Finance provides professional and detailed data tools on the page to help users understand and use leverage for investment. With Extra Finance, users can significantly increase their capital utilization, manage positions with one click and obtain the best rate of return.
Extra Finance also has lending features. Users can earn passive income by depositing funds into a lending pool to earn interest. The lending pool is used to provide funds for leveraged mining, and all assets deposited by users are used within the protocol, with less risk. As the capital utilization rate increases, the interest will also increase, making it more likely to obtain higher annualized returns.
The official has integrated a cross-chain bridge in the dApp, which supports the cross-chain and exchange of mainstream funds directly from commonly used public chains. Users can directly conduct multi-chain protocols for assets within the application, and then add liquidity and use it in Extra Finance with one click. lever. It achieves seamless combination of multi-chains and multi-protocols.
Token distribution
The total amount of Extra Finance token EXTRA is 1 billion. Allocation details are as follows:
60% (600,000,000) - Community
26% (260,000,000) - Ecosystem Growth and Partnerships
10% (100,000,000) - Team
3% (30,000,000) - Airdrop.
1% (10,000,000) - Initial liquidity.
Judging from the proportion, most of the tokens are allocated to the community, which is in line with the official community-driven original intention. The team holds 10% as a regular percentage. Of note is the 3% airdrop share. According to official documentation, airdrops will be distributed to (non-final versions):
Testnet users who have submitted valid feedback (including some Galxe OAT holders, etc.)
Early Optimism Ecosystem Users/Delegators
Community OG
Velodrome LP users
LYF fans
The official Twitter revealed that the token will be launched 2-3 weeks after the testnet is launched, which is likely to be a day between May 23 and May 30. There are no details on the distribution method of the 30 million tokens used for airdrops. Judging from the various current activities of the project team, it should be a long-term release model, so you can pay attention to and participate in official activities for a long time, and you can go if conditions permit. Experience the protocol.
