Proposal: Add $SOC as a collateral asset to Lenfi
Proposal Description
I would like to add the $SOC token as a collateral asset to the Lenfi protocol.
- Approve
- Disapprove
- Abstain
Short Summary
TAS is a collection of 7,000 NFTs in the Cardano ecosystem, creating an ideal aristocratic society with many family tiers and unique names. The project aims to support builders, evangelists, and those with creative ideas that can push the entire Cardano community forward. The project defines itself as “the Web3 country club, the one-stop-shop for all NFT and DeFi enthusiasts”.
- Project and token overview
The Ape Society aims to be the ultimate ticket for Web 3 enthusiasts, professionals, and collectors. The project aims to be a destination where holders can reap the benefits of all potential aspects of a decentralized community.
The Ape Society token known as $SOC is a utility token that can be used for all transactions within the ecosystem.
- Explain the positioning of the token in the Cardano ecosystem. How will it benefit the protocol?
$SOC users will borrow assets on Lenfi using $SOC as collateral allowing them to access high liquidity and efficient interests rates. TAS being the main NFT project on Cardano with a strong community adding $SOC as collateral will also benefit Lenfi in terms of volume and TVL.
- What’s the asset’s utility?
- Frame to Earn: Buy Frames with $SOC in order to stake your Ape NFT or non-Ape NFT and earn daily rewards (check). Holders can also upgrade Frames to increase their $SOC rewards.
- Medium of Exchange: $SOC is the only medium of exchange in The Ape Society ecosystem. Through the upcoming marketplace, Cabin holders will be able to purchase and sell assets with $SOC.
- Landmarks: The $SOC token will always be needed to interact with Landmarks. We will support ADA as a secondary currency in certain landmarks, but ultimately, it will be converted to $SOC. All the rewards distributed to holders through Landmarks will be in the form of $SOC.
- Token data
Market Cap (Taptools): 39.8M ₳ (14.02.2024)
Circulating Supply (Taptools): 442M - 86.2% (14.02.2024)
Total Supply (Taptools): 513.1M
TVL (Taptools): 7.2M ₳ (14.02.2024)
Volume 24h (Taptools): 93K ₳ (14.02.2024)
Conclusion
Adding $SOC to Lenfi as collateral is a win-win move allowing the access to Lenfi liquidity to one of the strongest community on Cardano while bringing more users to the Lenfi protocol and showing the Cardano community can win together.
References