Proposal: Add FACT as collateral and borrowable asset to Lenfi

Proposal: Add FACT as collateral and borrowable asset to Lenfi

Proposal Description

I would like to add FACT to Lenfi as a collateral and borrowable asset.

  • Approve
  • Disapprove
  • Abstain
0 voters

Short Summary

FACT is one of the tokens that is going to be used by a vast majority of DeFi applications on Cardano as decentralized and open-sourced Oracles are needed for the whole ecosystem. Having the utility token of one of the most promising Oracle project on Cardano listed on Lenfi will benefit both Lenfi and Orcfax users.

Motivation

  1. Who is posting the proposal?

A community member.

  1. Project and token overview

Orcfax is a second-generation oracle service for the Cardano blockchain that publishes data about real-world events into Cardano transaction datum.These are made available as on-chain data inputs to smart contracts, scripts, and dApps that are running on the Cardano blockchain. Orcfax data is made available in Cardano’s native eUTXO format using our Cardano Open Oracle Protocol (COOP).

  1. Explain the positioning of the token in the Cardano ecosystem. How will it benefit the protocol?
  • Users will be able to supply and borrow FACT on Lenfi
  • Suppliers will be able to earn interest on their FACT without selling their tokens
  • Borrowers will be able to take advantage of different strategies involving FACT token like for example earning passive interests provided by the ORCFAX protocol thru the form of FACT tokens and Orcfax customers’ fees
  1. What’s the asset’s utility?
  • Payment for on-demand, oracle data publication
  • Staking by data validator nodes
  • Reward payments to FACT non validators stakers
  • Reward payments to validators
  • Voting power in Orcfax DAO governance decisions
  1. Token data

This paragraph may include metrics regarding the underlying token, such as:

  • Tokenomics

  • Distribution

  • Total Supply – 1B

  • Current circulating supply - 274.73M (27.5%)

  • Exchanges - Minswap, Wingriders, Sundaeswap

  • Market cap – 10M ADA

  • Holders - 1985

  • 24h Volume – 60k ADA

Conclusion

Adding FACT as borrowable and collateral asset to Lenfi is a key move as Orcfax has the potential to be the leading decentralized and open-sourced oracle on Cardano.

References

8 Likes

To be honest what infrastructure project isnt a viable candidate to add to the platform… Oracles are a must I APPROVE this proposal. :love_you_gesture: :star_struck:

7 Likes

Definitely worth doing imho. Let’s get this done! :slight_smile:

3 Likes

Would like to see $FACT as collateral and borrowable asset.

4 Likes

Should be good for both projects

3 Likes

#Fact… Yes #Fact we need to see #Fact as collateral and borrowing Asset.