ProtoFi, a DEFI protocol with AMM and yield farming technology built on Fantom blockchain, has raised over $300k during its recent pre-sale. The funds will go towards developing the most stable trading environment in the crypto market and completing the established roadmap. The plans include the introduction of the DGFSS (daily generated fee sharing system) using ELECTRON (ELCT) token staking, Stable Swap Engine, NFT boosted pools, and much more. Furthermore, the company hopes to decrease deposit fees over time significantly.
“The successful pre-sale means a great deal of trust in us, and we are grateful to every person who participated. Now, we open the next chapter of ProtoFi history, where we move towards rolling out resource-draining but handy features necessary to improve user experience and overall system integrity. A global financial revolution is not far off, and we want to lead the way” – [Mark Monolos], CEO of ProtoFi.
So far, ProtoFi has rolled out features like decentralized crypto exchange (DEX) and revenue pool. The crypto fintech aims to create a fair income distribution mechanism where participants get a share of the protocol’s generated fees through a dual token system utilized by the dApp. It has two tokens – PROTO and ELECTRON (ELCT). The former is freely tradable and can be bought and sold on third-party platforms, while the latter is only available for Proto owners. ELECTRON (ELCT) allows its holders to receive a share of the Protocol generated fees constantly thanks to their audited smart contracts engine . The token can only be received through staking Proto in ProtoFi’s certain liquidity pools. To get these rewards, holders must stake ELCT and, in this way, they will participate in the fees-sharing mechanism forever.
“Rather than keeping all the money, we decided to give back to the community. ProtoFi does that through the fees-sharing system Fission mechanism. Through it, users can farm ELCT by staking it in certain liquidity pools and then using it to claim a portion of the Protocol’s generated fees. As a result, we can sustain ourselves not only in the years to come but also offer an opportunity to our users to become partners and perfect our product together. This creates a balance – we build for people, and people build with us.” – [Jack Monid], ProtoFi CTO.
ProtoFi protocol utilizes Fantom blockchain, a network encompassing building tools for Dapp creators. It allows ProtoFi to run DEX, Fees-Sharing system, and other features. The team will continue to build the company’s products on Fantom and hopes to accelerate the efforts with the newly available funding.
ProtoFi was founded in 2020 with an idea to give crypto traders and investors a rigid and reliable ecosystem with products focusing on trading and earning. The platform also aims to solve issues of whale manipulation, “pump and dump” technique and hacks through two protection mechanisms -ProtoShield and Quantum Supply.
Protoshield limits the number of tokens in a single transaction if required, while Quantum Supply creates a flexible supply system that adjusts PROTO’s emission when necessary. They protect digital assets’ value from volatility and high swings and combat market manipulation.
Announcement channel: https://t.me/ProtofiAnnouncements
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