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Summary of Extra Finance
About Extra Finance
- Extra Finance is a leveraged yield farming and lending protocol built on Optimism.
- Users can implement customized farming strategies or deposit to lending pools to earn lending interest.
- History: Testnet launch on March 23, 2023, and mainnet launch on May 9, 2023.
-
Roadmap:
- 2023 Q3: Integrate CLAMM, one-click yield farming templates, and yield farming simulation and calculation tool.
- 2023 Q4: Release of advanced strategy vaults.
- 2024 Q1: Social farming features and Extra Finance V2.
About Extra Finance: Empowering the Future of Decentralized Finance
At its core, the Extra Finance project revolves around a leveraged yield farming and lending protocol, meticulously crafted on the Optimism network.
What sets your project apart? On Extra Finance, users are empowered to devise and implement tailored farming strategies, while also having the option to deposit funds into lending pools, thereby earning lucrative lending interest.
Our Project Timeline: A Brief History. As of March 23, 2023, we successfully launched our Testnet on Optimism, followed by a milestone Mainnet Launch on Optimism on May 9, 2023.
What’s next for your project? Extra Finance’s roadmap unfolds as follows: in 2023 Q3, we will integrate CLAMM One-click Yield Farming Templates, accompanied by a Yield Farming Simulation and Calculation Tool. Moving forward, 2023 Q4 will witness the release of Advanced Strategy Vaults. Finally, in 2024 Q1, we will unveil Social Farming, a pioneering user-to-user yield strategy, as part of Extra Finance V2.
What are the utilities of your token? Extra Finance employs a dual-token system to facilitate its utility and governance:
$EXTRA
, an ERC-20 utility token, and
$veEXTRA
, an ERC-20 governance token. The
$EXTRA
token is utilized to incentivize liquidity providers through emission-based rewards. In contrast,
$veEXTRA
is dedicated to governance purposes. Notably, any holder of
$EXTRA
tokens can opt to vote-escrow their tokens, thereby receiving a corresponding
$veEXTRA
token in exchange.
Utility By holding
$veEXTRA
, users can unlock a plethora of benefits and features, including APR rewards, sourced from both protocol fees and
$EXTRA
token incentives. The protocol fee, comprising various tokens collected into the treasury, is shared once per epoch and utilized to buy back
$EXTRA
tokens from the market, which are then distributed to holders of
$veEXTRA
tokens. Furthermore, a portion of the
$EXTRA
tokens allocated to the community will also be assigned to
$veEXTRA
token holders, subject to a specific emission plan. At the end of each epoch, rewards will be accumulated. Additionally, holders can unlock up to 4x leverage for yield farming pools, gain access to lending pools with a high utilization rate (exclusive to
$veEXTRA
holders), and participate in community governance, where
$veEXTRA
serves as the voting power in Extra Finance’s on-chain governance process, enabling users to cast votes for or against community proposals.
Introducing Extra Finance: A Pioneering Force in the World of Decentralized Finance
Extra Finance emerges as a trailblazing digital asset management platform,
offering a comprehensive suite of services meticulously crafted to facilitate
seamless access, investment, and trading across a diverse range of global
financial products. This visionary initiative is deeply rooted in the DeFi 3.0
movement, with lofty aspirations to spearhead the transformative era of finance.
It is propelled by the concerted efforts of CrossFi, a non-profit, self-regulating
entity dedicated to developing and scaling innovative payment systems and
technological solutions, thereby democratizing access to financial instruments.
At its essence, Extra Finance is a community-driven protocol that excels in lending and leveraged yield farming, built upon the Optimism network. This innovative platform differentiates itself by offering bespoke farming strategies and lending pools, thereby empowering users to accrue interest on their deposits. Since its inception, marked by a testnet launch on March 23, 2023, and subsequent mainnet deployment on May 9, 2023, Extra Finance has been on an unwavering trajectory of growth and innovation.
Looking ahead, Extra Finance has charted a dynamic roadmap that encompasses the seamless integration of CLAMM, the introduction of intuitive one-click yield farming templates, and the development of a sophisticated yield farming simulation and calculation tool in Q3 2023. The subsequent quarters are poised to witness the unveiling of advanced strategy vaults, the advent of innovative social farming features, and the rollout of Extra Finance V2, marking significant milestones in its transformative evolution.
The protocol’s utility and governance are anchored by two tokens:
$EXTRA
and
$veEXTRA
. The former operates as the ERC-20 utility token, incentivizing liquidity providers, while the latter serves as the governance token, empowering holders to participate in the on-chain governance process by escrowing their
$EXTRA
tokens. As a privilege,
$veEXTRA
holders are entitled to a multitude of benefits, including APR rewards derived from protocol fees and
$EXTRA
token incentives, access to high-leverage yield farming pools, exclusive entry to lending pools with high utilization rates, and the ability to shape the protocol’s trajectory through voting on community proposals.
In conclusion, Extra Finance transcends the boundaries of a conventional platform, evolving into a multifaceted ecosystem that empowers users with cutting-edge financial tools and opportunities within the DeFi realm. As a beacon of innovation, it exemplifies the transformative potential of blockchain technology, redefining the financial landscape with a decentralized, transparent, and user-centric approach to asset management and investment.
Ensuring the Security of Extra Finance
Extra Finance, a leveraged yield farming and lending protocol built on Optimism, adopts a multifaceted approach to safeguard the integrity of its platform and protect its users’ assets. The protocol’s robust security framework is anchored in the integration of credit insurance and strategic collaborations with third-party guarantors, complemented by synergistic partnerships with diverse companies. These partnerships serve as a bulwark against potential financial risks, thereby ensuring the stability and resilience of the platform.
The protocol’s distinctive value proposition enables users to devise tailored farming strategies or participate in lending pools, thereby generating interest, which in turn necessitates the implementation of robust security protocols. Since its inception, marked by a testnet launch on March 23, 2023, and subsequently a mainnet launch on May 9, 2023, Extra Finance has consistently prioritized the security of its operations and the safeguarding of user assets through a multifaceted approach.
The incorporation of credit insurance assumes paramount importance, as it provides a robust safeguard against default risks, thereby bolstering the trustworthiness of the platform. This, coupled with the backing of third-party guarantors, ensures that the platform can operate with unwavering security and efficiency, even amidst the turbulent landscape of decentralized finance (DeFi).
Moreover, Extra Finance’s roadmap underscores a sustained commitment to innovation and security, with forthcoming integrations of cutting-edge features, including one-click yield farming templates, yield farming simulation and calculation tools, and advanced strategy vaults. These forthcoming developments are poised to further fortify the platform’s security framework, thereby empowering users to engage with the protocol with unwavering confidence.
It is crucial for users to undertake their own due diligence and comprehend the inherent risks associated with investing in cryptocurrencies and engaging with DeFi platforms. Although Extra Finance takes stringent measures to ensure the security of its platform, the intrinsic risks inherent to the crypto market persist.
Unlocking the Potential of Extra Finance: A Multifaceted Ecosystem
Extra Finance is a multifaceted platform designed to thrive within the digital finance ecosystem, harnessing the power of blockchain technology to elevate a diverse range of financial services and applications. By operating as a leveraged yield farming and lending protocol, primarily built on the Optimism network, it facilitates efficient and scalable transactions with unparalleled ease.
The protocol pioneers groundbreaking financial innovations, including lending services that empower users to deposit assets into lending pools, thereby generating interest income. Furthermore, it facilitates leveraged yield farming, enabling users to employ sophisticated farming strategies that harness the potential of leverage to amplify returns, making it an attractive proposition for users seeking to optimize their investment yields.
Extra Finance is distinguished by its innovative dual-token system, comprising a utility token (
$EXTRA
) and a governance token (
$veEXTRA
). The utility token,
$EXTRA
, serves as a primary incentive mechanism, rewarding liquidity providers through emissions and encouraging participation in the protocol’s liquidity pools. In contrast, the governance token,
$veEXTRA
, plays a pivotal role in shaping the protocol’s decision-making process. Holders of
$veEXTRA
wield significant influence, participating in governance votes that determine the protocol’s direction and development. Furthermore,
$veEXTRA
holders are entitled to APR rewards, derived from protocol fees and
$EXTRA
token incentives, and can unlock up to 4x leverage for yield farming pools, as well as gain exclusive access to high-utilization lending pools, thereby amplifying their yield potential.
The roadmap for Extra Finance is underscored by a series of pivotal developments designed to augment its offerings and elevate user experience. These innovations include the seamless integration of CLAMM, the introduction of intuitive one-click yield farming templates, and the creation of a sophisticated yield farming simulation and calculation tool. Furthermore, forthcoming updates promise the unveiling of advanced strategy vaults and the incorporation of social farming features, thereby enabling users to track and implement yield strategies shared by their peers.
In summary, Extra Finance harnesses the power of blockchain technology to deliver cutting-edge financial services, including leveraged yield farming and lending, while empowering users with governance capabilities through its innovative dual-token system. The roadmap underscores a steadfast commitment to perpetual refinement and innovation, poised to further enrich the digital finance ecosystem.
What pivotal milestones have marked Extra Finance’s journey?
Extra Finance has navigated a series of pivotal milestones that have profoundly influenced its trajectory and offerings within the cryptocurrency and blockchain realm. Notably, the platform made its inaugural mark by deploying a testnet on Optimism on March 23, 2023, thereby embarking on a journey to provide leveraged yield farming and decentralized lending solutions. This significant achievement was subsequently eclipsed by a major milestone: the mainnet launch on May 9, 2023, also on Optimism, thereby cementing its presence and operational prowess within the decentralized finance (DeFi) ecosystem.
The platform’s pioneering approach to democratizing trade finance, with a specific focus on the underserved SME market, has been particularly noteworthy. By prioritizing high-quality assets bolstered by credit insurance protection, Extra Finance has successfully created a secure and inclusive ecosystem for its users. This steadfast commitment to security and inclusivity is further exemplified through its innovative and successful Web3 fundraising initiatives, which have yielded a substantial amount of capital.
Looking ahead, Extra Finance has charted an ambitious roadmap, featuring a slew of innovative developments. In the third quarter of 2023, the platform will integrate CLAMM, introduce one-click yield farming templates, and unveil a yield farming simulation and calculation tool. The fourth quarter of 2023 will witness the launch of advanced strategy vaults. Furthermore, the first quarter of 2024 is slated to introduce social farming features, including user-to-user yield strategy following, culminating in the highly anticipated launch of Extra Finance V2.
The platform leverages a dual-token system, comprising
$EXTRA
and
$veEXTRA
, to facilitate seamless utility and governance within its ecosystem.
$EXTRA
, an ERC-20 utility token, incentivizes liquidity providers, whereas
$veEXTRA
, the governance token, empowers holders to engage in on-chain governance decisions. By harnessing these tokens, users can unlock a range of benefits, including amplified leverage for yield farming pools, access to high-utilization lending pools, and active participation in community-driven governance.
Through these groundbreaking developments and strategic initiatives, Extra Finance has unequivocally demonstrated its unwavering commitment to pioneering innovation and fostering a sense of community within the burgeoning DeFi ecosystem.