Proposal: Add cNETA token as a collateral option to Aada Finance
I would like to add the cNETA token in Aada V1 as a collateral option for borrowing.
Short Summary
AnetaBTC is a fully on-chain, decentralized protocol that allows Bitcoin to be directly wrapped on the Ergo and Cardano blockchains.
Motivation
Project and token overview
AnetaBTC is a research-driven protocol, bringing Bitcoin, wBTC, REN, Ergo, and Interlay concepts to Cardano. The project’s primary goal is to enable Bitcoin holders to use their assets on the Cardano blockchain in a secure and efficient environment. Along with its NETA Ergo equivalent, cNETA serves as the utility and governance token for anetaBTC.
What is the positioning of cNETA in the Cardano ecosystem? How will it benefit Aada?
cNETA is Cardano’s governance and revenue-sharing token of AnetaBTC. It allows users to participate in the project’s decisions and profit from the revenue shares. Adding the cNETA token to Aada as collateral option will extend the roster of supporting high-quality projects on the platform.
What’s cNETA’s utility?
- Governance - gives cNETA holders the right to vote on anetaBTC DAO proposals.
- Fees - cNETA holders are eligible for 100% of the revenue shares from the protocol transactions.
- NETA Liquidity Fund - 100% ownership of the NETA Liquidity Fund through LISO.
- Double Farm - users can farm cNETA by providing liquidity on Minswap.
cNETA token data
The total cNETA supply is 1,000,000,000 tokens. As of 03.08.2022, the cNETA circulating supply is ~140,000,000 with a market cap of ~$15,231,931 and a daily volume of around 14,000 cNETA.
Conclusion
AnetaBTC is a crucial infrastructure to progress blockchain technology and decentralization — true decentralization, without any third-party intermediaries. Using AnetaBTC as a collateral on Aada for borrowing will benefit both projects and the whole cardano community