——FVM Defi Ecosystem Themis pro announced that it will be officially launched on May 20, 2023
According to official news from Themies Pro, the Defi project Themis Pro on Filecoin ecosystem FVM announced that it was officially launched on May 20. As the core product of Themis protocol, Themis Pro will provide Filecoin holders and the crypto community with more diverse services and experiences with its series of Web3 products such as ThemisSwap, Themis Pool and stablecoin. The Filecoin ecosystem has been silent for a long time. Can Themis Protocol use practical actions and progress data to stimulate the activeness of the Filcoin ecosystem financial layer?
Since the price of Bitcoin hit an all-time high of $69,000 on November 10, 2021, the crypto market has experienced a long bear market, and many crypto practitioners and investors have withdrawn from the industry. The long bear market has not only caused a significant reduction in the assets of crypto practitioners and investors, but also brought more blows to the confidence of the crypto industry; the LUNA incident on May 9, 2022 triggered a series of chain reactions, affecting the bankruptcy of crypto exchange FTX, crypto market maker AlamedaReserch and large crypto lending platform Celsius, which further prolonged the bear market cycle of the crypto market. The development of the crypto industry has seen many wealth-creating effects, and the industry has never lacked hot hype topics, such as the recent explosion of meme tokens and the hype of the BRC20 concept. Before contacting Themis Pro, the author was also thinking about why Themis Pro chose the relatively "unpopular" Filecoin track to develop? As a senior crypto media practitioner, I am no stranger to filecoin, and I have some SP friends in the circle. However, after several contacts with the Themis Pro team, their vision and thinking on deploying the FVM ecosystem have given me a better understanding of Themis Pro and Filecoin.
Below are several sets of data recently released by the official. Let’s take a look at the progress of the Themis protocol:
l "The IDO event in April attracted more than 3,000 participants, with a participation amount of more than US$1.5 million. Among them, about 18% of users used Filecoin tokens on the FVM chain to participate in the IDO, with the number of participants exceeding 85,000 FIL. The number of FIL held by the Themis FVM chain IDO contract address ranked third in the entire FVM network."
l "On May 7, the Themis Protocol Chinese community held an offline meet up event salon, with over 100 communities participating."
l "Themis Protocol officially launched an 8-day public beta event on May 8, aiming to test the pros and cons of the product from a user's perspective before formal deployment. The public beta event attracted more than 5,000 testers to participate, and more than 3,500 testers completed the entire test experience. After the public beta, the number of valid feedbacks received exceeded 3,000. The official will further optimize the product's functions and user experience based on these feedbacks."
Through the official data, it is not difficult to find that the participants are enthusiastic. The data of more than 3,000 people participating in IDO cannot be said to be rare in the current crypto bear market environment. At least in terms of IDO amount, breadth of participating users and consensus, it is still worthy of recognition.
According to the official information disclosed by the Themis protocol, Themis Swap, an AMM spot exchange based on FVM, was launched on May 10, 2023; and Themis Pool is the Themis LSD business system, based on the underlying technology of Themis, which will provide high annualized returns for FIL holders and is expected to be launched in late May 2023; in addition, Themis will also launch a US dollar stablecoin backed by FIL, similar to DAI, which is expected to be launched around July-August 2023.
Themis Pro, which was launched this time, is a new generation of decentralized crypto asset spot and derivatives aggregation trading platform built on the FVM public chain based on the Ve(3,3) model. It absorbs the advantages of DeFi protocols such as Curve, Olympus, and GMX, and improves the liquidity incentive scheme and quotation mechanism. It has unique fund pool asset adjustment mechanism, zero slippage trading mechanism, strong platform revenue feedback ability and high capital utilization rate. The author found that the financial innovation of Themis Pro is still worthy of recognition. Except for the contract trading function, which has not yet been opened, all other functions can be experienced. Since contract trading has high requirements for public chain performance, the specific launch time of Themis Pro's contract trading section will be determined based on the FVM-IPC public beta and official launch time.
As an important member of the Filecoin ecosystem, the most direct value of the Themis protocol to Filecoin is how the Themis protocol can bring more FIL tokens to lock, which is related to the deflation of FIL. The price of FIL is also the most concerned issue for many Filecoin community members.
Themis protocol will also spare no effort to provide such channels and methods for value locking. Under the premise of normal development of the protocol, the Themis protocol will lock at least $90 million of FIL in May 2024, the first anniversary of the protocol's launch on FVM. Based on the current price of $4.5, this is equivalent to about 20 million FIL tokens.
The expected lock-in status of each product is as follows:
Themis Pro：
Themis Pro Treasury Pool will include FIL as one of the minting assets. As the Themis protocol develops, the number of locked FIL tokens will continue to increase.
Three months after launch (August 2023), the Themis Treasury will receive $3 million worth of FIL (10% of the total assets of the Themis Treasury). At the current price of FIL of $4.5, the Themis Treasury will lock up approximately 660,000 FIL.
l Six months after the launch (November 2023), the Themis Treasury will receive $6 million worth of FIL, and the Themis Treasury will lock up 1.33 million FIL.
l 9 months after the launch (February 2024), the Themis Treasury will receive FIL worth US$10 million, and the Themis Treasury will lock up 2.22 million FIL.
l 12 months after launch (May 2024), the Themis Treasury will receive $20 million worth of FIL, and the Themis Treasury will lock up 4.44 million FIL.
Themis Pool
Themis Pool is based on the underlying technology of Themis Pro. Compared with the LSD business developed by most SPs, Themis Pool can provide retail investors with an annualized return of up to 30%. Themis Pool will receive retail FIL deposits and lend them to top SPs for interest. The interest will be used to mint THS, and then pledge THS to obtain an annualized return of more than 2600%, which is enough to support FIL deposit users to obtain an annualized return of more than 30%. Themis Pool is expected to be launched in late May 2023.
l Three months after launch (August 2023), Themis Pool will absorb US$5 million in FIL deposits, and Themis Pool will lock up 1.11 million FIL.
l Six months after launch (November 2023), Themis Pool will absorb $10 million in FIL deposits, and Themis Pool will lock up 2.22 million FIL.
l 9 months after launch (February 2024), Themis Pool will absorb US$20 million in FIL deposits, and Themis Pool will lock up 4.44 million FIL.
l 12 months after launch (May 2024), Themis Pool will absorb US$50 million in FIL deposits, and Themis Pool will lock up 11.11 million FIL.
Stablecoins
In July and August 2023, the Themis protocol's USD stablecoin minted with FIL as collateral will be launched. FIL holders can use FIL to mint stablecoins on the Themis protocol. The Themis Treasury will also open the minting of this stablecoin to THS, which will greatly increase the circulation value of FIL.
l In February 2024, $10 million of stablecoins will be issued, locking up 2.22 million FIL.
l In May 2024, $20 million of stablecoins will be issued, locking up 4.44 million FIL.
According to the official data on Themis Pro, Themis Pool and Stablecoin, the Themis team has clear goals and directions for the layout of the FVM ecosystem. If it is promoted according to the official plan, it will undoubtedly be the biggest benefit for Filecoin holders, SP miners and even the entire development of the Filecoin ecosystem. The author also observed that the construction of the FVM ecosystem is currently in its infancy. The FVM public chain has been officially deployed for just over two months. Faced with several popular public chains in the market such as ZK, SUI, ARB, etc., FVM needs some killer applications to attract more ecosystem builders to FVM layout.
In addition, Themis Protocol has been recognized by the Filecoin official team at this stage, and will provide greater support in Marketing and Grant in the future. At the same time, we observed the official Twitter information of ThemisPro and learned that the partners who have reached PartnerShip with ThemisPro include: cointime, a senior media focusing on web3, New Web Group, FileDrive and other ecological partners who are deeply involved in the Filecoin field, and Bool Network, which focuses on cross-link tracks. We learned from the official Themis protocol that more PartnerShip is still being established and added, and has received certain support from the Filecoin official. In the future, it will provide greater support in Marketing and Grant, and in the near future, it will also obtain the support of more SP strategic partners.
Final Thoughts
The author recently read the 10,000-word article "Why 2023 is the opening year of Filecoin" on Block Crunch. The article objectively analyzes the current situation and future development trend of Filecoin from multiple dimensions. I will not elaborate on this here. Interested readers can read it and may have a new understanding of Filecoin. Just as "if criticism is not free, praise will be meaningless", Filecoin is currently spreading mostly critical voices in the encryption industry. Perhaps Filecoin is not enough for the user group to "sing praises" for it at the moment, but it is still recommended that users who criticize it can analyze the essence from a rational and professional perspective. There is a long way to go. I hope that Filecoin can take every step well and live up to the community's expectations of it. Finally, for Themis pro's upcoming launch of the FVM ecosystem, you may wish to pay more attention to it. After all, projects with huge community support are still worth experiencing.