The DeFi protocol that builds liquidity for a multi-chain world
VenomDAO has been bringing liquidity to the Harmony ecosystem since launch. It has continued along this path with a number of products that allow users of the network to take advantage of its unique opportunities. It played an important role in bringing DeFi users into the Harmony ecosystem and its liquidity infrastructure is applied across multiple blockchains.
As the protocol’s one-year anniversary approaches, VenomDAO has continued to provide a much needed service to the Harmony community. From the launch of ViperSwap, the first AMM/DEX to provide incentives and populate yield farming, to CobraSwap on BSC, the first multi-chain expansion, VenomDAO has cemented its place as a thought leader on Harmony. But what now?
VenomDAO launches comfortable money
Comfy Money is the latest in a long line of products released by VenomDAO. This new product contains an algorithmic stablecoin that will be pegged to $ONE. It is a multi-token protocol, meaning more than one token is active on the platform. Comfy Money has three tokens including $COMFY, $CSHARE and $CBOND.
As for the underlying mechanisms, they will systematically adjust the supply of $COMFY to bring the price in line with that of $ONE, making it a stable peg.
Comfy Money will provide an incentive for Harmony users to stake more of their $ONE tokens to act as validators to maintain and secure the blockchain. $COMFY, which is a 1:1 pin, is then used and traded over all DeFi protocols on the Harmony network without losing the value of the $ONE token over time.
Comfy Money will help VenomDAO continue to build a liquidity infrastructure for a multi-chain world.
Building for the future
VenomDAO’s product suite, comprising past, current and future launches, is all built into its mission to bring liquidity to Harmony. The blockchain that has seen DeFi activity ramp up lately has launched a number of protocols. Each of these needs liquidity and VenomDAO provides a way for projects to start and own their liquidity from the very beginning using the Launchpad.
An emerging money market product from VenomDAO aims to capture additional TVL (Total Value Locked) for the Harmony ecosystem. It will provide deeper liquidity in the ecosystem and add additional use cases to the VIPER and WAGMI tokens. It will also see the launch of a perpetual/leveraged platform that will utilize ViperSwap and Money Market to bring leveraged trading and leverage to its users.
Existing products will also receive a facelift this year with a new user interface for ViperSwap, in addition to a move to veVIPER and decentralized allocation via meters, gamification and NFTs that unlock unique functionality. In addition, VenomDAO will bring Protocol Owned Liquidity (PoL), with WAGMI getting new bonds to enable auto-strike/flexible vesting and WAGMI Pro with bonds as a service for existing Harmony projects seeking their own liquidity.