DeFi on Tezos
Tezsure and Dubai-based Blockchain incubator Draper Goren Holm Labs birth yield farming program on the Tezos Blockchain. Plenty is a decentralized yield farm running on the Tezos blockchain. Their goal is to bring more liquidity and users to DeFi in the Tezos ecosystem.
This project is fairly new, but has already accrued over $8 million in total value locked in their pools. It is my first foray into the DeFi space on Tezos, though I have done some farming on other networks.
While farming on Plenty, you will be paid in the $PLENTY token.
$PLENTY’s purpose stems from a variety of different use cases defined in the roadmap, though its first applications will be yield farming and LP staking.
“Liquidity is the backbone of DeFi. Plenty incentivises 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 $PLENTY 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.”
3 days into it's launch, Plenty currently has a TVL of $8 million and the $PLENTY token is trading at roughly $6.27.
This project is very new, but has already accrued over $8 million in total value locked in their pools. It is my first foray into the DeFi space on Tezos, though I have done some farming on other networks.
So far, the profits have been pretty good. I've managed around $200+ in just 2 days with a small initial investment. However, I did get in on day 1 and the APR and APY have since dropped a bit since more liquidity has come in. These pools all pay out the $PLENTY token.