Proposal: Add STUFF as a borrowable and collateral asset on Lenfi
Summary
Lenfi’s growth hinges on expanding its pool of borrowable and collateral assets, which can drive higher TVL, increased transaction volume, and boost protocol fees. By integrating STUFF tokens, Lenfi can showcase its adaptability to new token models, which may attract a broader range of projects and users, bolstering Lenfi’s standing within Cardano’s DeFi ecosystem.
With Stuff.io emerging as one of Cardano’s largest projects—and the upcoming launch of its open platform empowering creators to publish digital content—STUFF token usage is poised for a substantial increase. This growth can directly benefit the Lenfi platform and its token holders, fostering greater adoption, liquidity, and visibility across the Cardano network.
- Approve
- Disapprove
- Abstain
1. Project and token overview
The STUFF token is a utility token created by Book.io and Stuff.io, companies focused on merging blockchain technology with digital assets, particularly in the book and collectibles markets. Book.io pioneered decentralized ownership of eBooks and audiobooks using NFTs, aiming to give readers true ownership over their digital content on blockchain networks like Cardano, Algorand, Ethereum, Polygon and BASE.
Investors in stuff.io are INGRAM content group, BDMI and Mark Cuban.
2. Explain the positioning of the token in the Cardano ecosystem. How will it benefit the protocol?
Stuff.io (formerly Book.io) is one of Cardano’s largest and most successful NFT projects, with over 283,000 unique NFTs and 9.87 billion fungible tokens sold. Integrating STUFF as a borrowable and collateral asset on Lenfi presents a range of strategic advantages:
Key Benefits of Integrating STUFF on Lenfi:
- Expanded Utility: Adding STUFF to Lenfi will provide its holders with new, tangible uses for their tokens. They can be leveraged for borrowing, lending, and collateral, increasing their practical value and appeal.
- Boosted Liquidity: Recognizing STUFF as a collateral asset will direct more liquidity into Lenfi, creating a more dynamic lending and borrowing environment that strengthens the platform’s economic ecosystem.
Tokenomics Overview:
- Total Supply: 10 billion STUFF tokens, with 1.66 billion (16%) currently in circulation.
- Liquidity: Currently, 3.25 million ₳ in liquidity supports the token.
- Distribution: STUFF follows a complex 100-year token distribution plan. Notably, 50% of the tokens are allocated for a “Consume to Earn” program to drive engagement, while 26% is designated for team, advisors, and acquisitions, and 9% supports ongoing development.
The entire tokenomic system is planned to transition into a DAO, ensuring community-driven governance and decision-making.
Versatile Utility within the Stuff Ecosystem:
STUFF tokens serve a wide range of purposes within the Stuff.io ecosystem:
- Creators have access to four unique applications of the token.
- Consumers enjoy 11 distinct token use cases.
- DeFi Utility on Lenfi: Now, STUFF can also function as a collateral asset on Lenfi, broadening its scope across the DeFi landscape.
For more in-depth details on STUFF token functionality and distribution, refer to the Book.io whitepaper linked in the proposal.
References
Discord – Stuff.io/Book.io Book.io | Twitter | Linktree
X: x.com
Website: https://stuff.io/ and https://book.io/
Documentation - Stuff.io Whitepaper 1.0. Stuff.io Whitepaper 1.0 | by BOOK.io | Medium