DeFi developer Andre Cronje has been teasing several new features of his new project ve(3,3), sharing several snippets of the features in a series of blog posts. Cronje had earlier announced that he has teamed up with Daniele Sestagalli to launch a new project on the Fantom blockchain.
Andre Cronje and Daniele Sestagalli are two of the most influential and venerated figures in Decentralized Finance.
A New Experiment On Fantom
Andre Cronje had revealed in a Tweet last week that he was working on a new project on the Fantom blockchain. He had also revealed that the project would have its own token. Cronje is the legendary founder who was behind the creation of Yearn Finance. His new project on Fantom will see him collaborate with Daniele Sestagalli, who had founded Abracadabra.Money, Wonderland.Money, and Popsicle.Finance. Sestagalli is also the leader of “Frog Nation,” a crypto-native movement created to ensure the preservation of decentralization in DeFi.
Sestagalli revealed details of the collaboration between the Frog Nation and Cronje in the following tweet,
“If you’re asking, me and Andre are launching a new coin on #fantom and it will start Fantom Season! We started here, is natural we now come back to growth the ecosystem and tech that made me who I am today. Folded hands”
Cronje Releases Details
The new project is completely independent of Cronje’s official role at Fantom. Cronje has also released some details about the project over the week, describing it as an “emission-based token [that balances] ecosystem participants.” He stated that users would be able to deposit a base token and receive a non-transferable token which would be locked in the protocol. They will receive a transferable incentive token as a reward.
The number of newly created tokens will depend on the circulating supply, with greater rewards if lesser tokens are locked across the protocol. The lock will be represented by an NFT, enabling the circulation of the locks should users choose to do so. ve(3,3) will also incentivize fees to create an optimized system.
Protocol To Also Feature AMM
Cronje also revealed that the project would feature a new automated market maker (AMM), with the project also supporting swaps between most types of assets, with a 0.01% fee for trades. He also revealed that the AMM on the project would take a different approach than existing AMMs, taking a protocol-to-protocol approach rather than acting as a competing AMM. The AMM will feature a Uniswap v2 compatible interface, with existing AMMs being able to integrate into it.
Two million tokens will be made available as incentives every week, and these will be distributed depending on voting weights. However, the project will distribute tokens to the top 20 DeFi projects to begin the process as no voting will take place initially.
More Details To Follow Closer To Launch
Cronje also stated that the project would not feature a DAO, signaling that the government will not be done via voting by token holders. Users will also be able to add liquidity and pools in a permissionless manner. Cronje has hinted that there will be more details about the project in the future, stating that the most recent post featured only “core features” with a more in-depth look at the project scheduled for when the project is close to launching.
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