Decentralized Finance on the Tezos blockchain has seen exponential growth over the past few months with Plenty DeFi leading the charge in terms of TVL (Total Value Locked) of around $60 million dollars, $2 million dollars daily trading volume, as well as the most contract calls of any DeFi dApp on Tezos according to DappRadar.
Today, the project was listed on CoinMarketCap and Coingecko simultaneously after becoming one of the first Tezos tokens to get listed on centralized exchange Bitforex last week.
Plenty comes at a perfect time as gas fees on the Ethereum network make it nearly impossible for new users to experience the power of decentralized finance and all that it brings. This latest DeFi gem is brought to you by a collaboration between Tezsure and DGH Labs, a Dubai-based Blockchain incubator powered by Draper Goren Holm.
$PLENTY’s purpose stems from a variety of different use cases defined in the roadmap, though its first applications will be swapping, yield farming, and staking.
“Liquidity is the backbone of DeFi. Plenty incentivizes liquidity providers from other chains to try Tezos; the most technologically advanced of all blockchains to date with near-zero fees and on-chain governance,” said Tezsure co-founders Om Malviya and Bernd Oostrum.
Those who hold xPlenty will govern the community with votes on new features, token burning, and general direction. Neither Tezsure nor DGHLabs will have exclusive control over the direction the platform will be taking.
Josef Holm, Founding Partner at Draper Goren Holm, said, “I hope Plenty creates that initial snowball effect for DeFi in onboarding capital from other networks to Tezos. Plenty was designed with the modern-day user in mind, taking advantage of the network’s low gas fees and energy efficiency by design – it’s perfect for the next wave of mass adopters.”
DGH Labs is a Dubai-based blockchain incubator powered by Draper Goren Holm – a leading venture studio and fund by Tim Draper, Alon Goren, and Josef Holm. The push towards Tezos came after a fervent interest from its ecosystem and external sources. At press time, Tezos was trading for $7.1 with a total market cap of $6.09 billion. The latest bear run impacted the daily trading volume by bringing it down by a whopping 24 percent.