Proposal: Add Baby Snek as a borrowable and collateral asset to Lenfi
Proposal Description
Whitelist Baby Snek as a borrowable and collateral asset on Lenfi.
Short Summary
• Add Baby Snek as a borrowable and collateral asset on Lenfi.
• Baby Snek has been added to Levvy finance
• Adding Baby Snek as a borrowable and collateral asset will give Lenfi exposure to Real World Assets (RWAs) / customers.
- Approve
- Disapprove
- Abstain
Motivation
Project and token overview
Baby Snek is a project that has developed new methods for removing coins from circulating supply utilizing real world items. Baby Snek allows any project to utilize our services to lock, load or burn their own native tokens in order to reduce the circulating supply in a new and innovative method. Our first demonstrator item is a Baby Snek plushie launching in just a few weeks but it is the process and not the plushie that counts. We have multiple items launching from now through fall that will all reduce circulating supply. Baby Snek doesn’t look like much, but has substantial financial backing and will continue to develop product as time goes on.
Explain the positioning of the token in the Cardano ecosystem. How will it benefit the protocol?
Positioning in the Cardano ecosystem:
It is incredibly difficult to develop RWA on the blockchain as this requires substantial capital, advertising and connections to be able to execute such a difficult task. Baby Snek will be one of the first in the Cardano blockchain to create truly unique assets that represent various projects throughout our blockchain and hopefully increase their visibility to the general masses. Every new product sold will bring new users and wallets to Cardano.
Integrating Baby Snek as a borrowable asset on Lenfi offers multiple benefits:
• RWA exposure: As Baby Snek grows in size more people will use its token and Lenfi will benefit through fees related to the trading of RWA physical assets.
• Trading Opportunities: Adding Baby Snek as a borrowable asset will provide traders with the opportunity to short the asset, diversify their trading strategies, and potentially benefit from market movements. This will generate more fees for Lenfi.
• Increased Engagement: As Baby Snek deploys more RWAs and brings on additional customers it will drive increased engagement and activity on the Lenfi platform.
• Protocol Utilization: By offering Baby Snek as a borrowable asset, Lenfi can showcase its secure and efficient protocol, attracting more users who seek to take advantage of these features.
• Enhanced Liquidity: By enabling Baby Snek as a collateral asset, more liquidity will flow into Lenfi, fostering a more diversified and robust lending and borrowing environment.
What’s the asset’s utility?
• Is locked, loaded and burned within RWAs with minimum amounts imbedded per item to ensure usage
• Develops real world assets that help teams in the Cardano ecosystem by reducing circulating supply. Can also be expanded beyond the ecosystem to other ecosystems.
• Meme coin within the Cardano community.
• Brings external $ to the Cardano ecosystem
• Increases wallet / user base numbers
Conclusion
Baby Snek has proven that it is a durable asset within the Cardano ecosystem backed by multiple companies and fully doxed founders. Adding Baby Snek as a borrowable and collateral asset will help Lenfi onboard the new users that RWA’s are going to bring, and increase Lenfi fees generated. Outside capital is essential to the growth and sustainability of the Cardano / Lenfi ecosystem and Baby Snek. Items on store shelves, that are bought in outside funds, and bring new wallets are uniquely positioned to help us all expand together.
References
X: x.com
Discord: BabySNEK Token 🐍
Telegram: Telegram: Contact @BBsnek
Website: https://babysnek.io/