At 22:44 on October 15, 2020, the Filecoin network block height reached 148888, and the mainnet was officially launched.
After the mainnet was launched, the amount of data on Filecoin expanded rapidly. By May 2023, the effective computing power of the Filecoin network reached 20.1021 EiB. However, due to the lack of support for smart contracts, Filecoin has limited functions and can only support data storage.
In March 2023, the Filecoin Virtual Machine (FVM) was officially launched. Filecoin supports smart contracts and user programmability through FVM, greatly unleashing the potential of the Filecoin blockchain. After the introduction of FVM, Filecoin implements storage + retrieval + programmable smart contracts, and will support the development of DeFi, GameFi, NFT... It can be foreseen that the Filecoin ecosystem is about to explode.
The development of Filecoin ecology cannot be separated from the support of liquidity. Themis Protocol was born to provide financial infrastructure for the underlying Filecoin public chain. Themis Protocol is an important DeFi Lego on Filecoin. It is an aggregation protocol covering AMM exchanges, LSD, stablecoins, and derivatives transactions, providing a series of supporting DeFi services for Filecoin ecological participants.
Themis Protocol's product portfolio includes: ①Themis Pro: a decentralized spot and derivatives trading platform based on FVM for asset exchange ②Themis Swap: an AMM-type decentralized exchange based on FVM ③Themis Pool: an LSD protocol for FIL holders and SPs ④Themis Stablecoin: a protocol for FIL collateralized minting of USD stablecoins.
Core product: Themis Pro
DeFi’s Summer in 2020 brought huge liquidity and crazy growth of infrastructure to the blockchain ecosystem. When the tide receded, problems such as impermanent loss and excessive slippage began to emerge. Themis Protocol has improved the liquidity incentive scheme and quotation mechanism based on the advantages of DeFi protocols such as Curve, Olympus, and GMX, and launched Themis Pro. The LAAS (liquidity as a service) advocated by Themis Pro is the only way for the second revolution of DeFi.
Themis Pro, as the core product of Themis Protocol, is a decentralized spot and derivatives trading aggregation platform based on Ve(3,3) on FVM. Through innovation, Themis Pro has the advantages of unique fund pool asset adjustment mechanism, zero slippage trading mechanism, strong platform revenue feedback ability and high capital utilization rate.
①Unique fund pool system.
Different from traditional CEX and DEX, Themis Pro does not use AMM and order book mechanism, but uses Themis Treasury Fund Pool as the counterparty for users' spot and contract transactions. The Treasury Fund Pool consists of a basket of blue-chip cryptocurrencies, including mainstream crypto assets and stablecoins such as BTC/ETH/FIL/USD, to meet users' spot and contract trading needs.
The ratio of risky assets (assets with volatile prices) and stablecoin assets in the treasury fund pool is 50/50, fluctuating around 5%.
② Spot and contract trading with zero slippage.
Slippage generally refers to the deviation between the actual transaction price and the preset transaction price. This deviation will cause additional losses in the transaction. Slippage also exists in constant product AMM. The greater the slippage, the greater the loss of the trader. Slippage may occur due to the quotation mechanism or insufficient trading depth.
In terms of obtaining token transaction prices, Themis Pro has improved the quotation trading mechanism, using multiple oracle information sources, namely the Themi Treasury Fund Pool, in conjunction with Chainlink oracle quotations (data from Binance & Coinbase). Multiple oracle information sources not only effectively avoid price slippage caused by the price formula xy=k, but also effectively solve problems such as malicious plug-ins and hacker attacks on exchanges. Through this mechanism, after a transaction is generated, the transaction price will not change accordingly with the asset reserves in the trading pool, effectively realizing zero-slippage spot and futures contract transactions.
In order to solve the problem of insufficient trading depth, Themis Pro adopts a unique fund pool model of "large funds + blue chips" to effectively improve trading depth. The Themis Pro fund pool consists of a basket of blue-chip cryptocurrencies. As long as a single transaction does not exceed the total amount of a certain token in the fund pool, there will be no slippage, which greatly improves the user experience of trading encrypted assets in DEX.
③The platform has strong revenue feedback capabilities.
According to Themis Pro's smart contract agreement, 70% of the platform's revenue will be used to repurchase the platform token $THS. Compared with other DEX or CEX, the 70% recovery is very strong, and the remaining 30% will be used for the long-term development of the project. Compared with traditional DEXs with the same amount of TVL, Themis Pro's zero slippage feature will attract more users, and it obviously has stronger revenue capabilities, which will bring greater repurchase strength and better price performance of the platform token $THS, forming a long-term and effective positive cycle.
④High capital utilization rate.
The zero-slippage trading experience allows the treasury fund pool to undertake more large-scale transactions, especially when the Themis treasury holds a large amount of stablecoins. Themis Pro has an irresistible attraction to stablecoin transactions, thereby greatly improving the utilization rate of the treasury fund pool.
The public beta version of Themis Pro basic functions was launched on May 7, and derivative trading needs to wait for Filecon's IPC to be officially launched.
Decentralized Exchange - Themis Swap
AMM stands for Automated Market Maker in English. Compared with the market maker model of traditional centralized exchanges, in the decentralized market maker model of AMM, everyone can become a liquidity provider. Themis Swap is an AMM (automatic market maker) type DEX built on FVM.
Every user of Themis Swap can add their own tokens to the liquidity pool, become a market maker, and then enjoy the transaction fee dividend. The liquidity pool funds are controlled by decentralized open source contracts, and all AMM transaction data is on-chain, making everything transparent. More importantly, your asset ownership will not be lost, so your assets are 100% safe, which is impossible for traditional CEX to achieve anyway.
Themis Swap will meet the different transaction needs of users, enrich the ecological application scenarios of Filecoin, and improve the practicality and liquidity of FIL. The public beta version of Themis Swap has been launched on FVM, and users are welcome to experience it.
LSD Protocol——Themis Pool
Liquidity Staking Derivatives, referred to as LSD, is a certificate obtained by users by staking FIL. LSD represents the staked assets of the holder, and users holding LSD can enjoy staking benefits. When users stake FIL to Themis Pool, they can obtain dual benefits of staking and quantitative arbitrage.
① Expected staking APY of more than 30%.
Themis Pool introduces the liquidity pledge token tFIL. When FIL token holders deposit FIL into Themis Pool, the protocol will also mint tFIL tokens and return them to users in return. As a tradable asset, tFIL can be transferred to other wallets, traded on the secondary market, or used in other DeFi protocols.
Before Themis Pro is officially released, it seems difficult to make a commitment to Themis Pool's staking FIL rewards due to the lack of real-time data. However, according to calculations, Themis Pool's stakers can almost be sure to get more than 30% APY.
②90% quantitative arbitrage income.
In order to help staking users obtain more benefits, we have built an intelligent quantitative arbitrage program, Themis Robot, based on the underlying layer of Themis Pro to help users stake FIL in Themis Pool.
When the token weight of Themis Treasury Fund Pool changes, Themis Robot will detect in real time and initiate a loan from Themis Pool to mint $THS (the platform currency of Themis Swap and Themis Pro) to achieve arbitrage. The arbitrage $THS will be quoted through the ChainLink oracle, and part of the $THS will be converted into FIL and returned to Themis Pool. Then, under certain conditions, the arbitrage profit $THS will be pledged to obtain up to 2650% APY, and the profit obtained from the investment return pledge will continue to be converted into FIL and deposited into Themis Pool. The increase in Themis Poo assets, the rise in tFIL prices, and the increase in user income will boost the value capture ability of Themis Pool and create greater value for users.
90% of this income will belong to the pledgers, and Themis Protocol will charge 10% of the total income as protocol service fee.
Themis Pool is undergoing final testing and will be launched in late May.
Public chain infrastructure - Themis Stablecoin
Similar to DAI, fUSD (tentative name) is a decentralized stablecoin minted with FIL as collateral. It is an over-collateralized decentralized stablecoin launched by Themis Protocol on the Filecoin Chain. fUSD will be pegged to the US dollar and maintain a price of 1USD.
Having more trading pairs and liquidity scenarios is the key to maintaining the liquidity of decentralized stablecoins. fUSD can be exchanged for USDT and USDC at a 1:1 ratio with zero slippage in Themis Pro, and can also be exchanged for ETH, BTC, etc. with zero slippage according to the ChainLink oracle price. Users can redeem FIL with fUSD by paying a small amount of interest, and fUSD is also an asset collected by Themis Treasury for minting $THS.
Themis Stablecoin is still in the testing phase and is expected to be officially launched in June-July 2023.
Based on the team's deep cultivation in the DeFi field, Themis Protocol has created a new liquidity solution through unique innovation, providing Filecoin ecosystem participants with: Themis Pro, a decentralized spot and derivatives trading platform, AMM-type decentralized exchange, LSD protocol Themis Pool, and FIL mortgage casting of US dollar stablecoin protocol Themis Stablecoin. Themis Protocol will become one of the important financial engines for the development of the Filecoin ecosystem.
In April 2023, Themis Protocol started IDO, raising $1.5 million and nearly 2,000 participants. On May 7, Themis Protocol held a launch conference for FVM, attended by more than 100 Themis community leaders. Subsequently, Themis Protocol will continue to attract users through online and offline activities around the world, expand the influence of Themis protocol, and build Themis into the most influential DeFi protocol on FVM, striving to help Filecoin lock more than 20 million FIL tokens within 1 year, and establish a solid financial foundation for FVM and Filecoin.