Lenfi needs more borrowable and collateral assets in order to grow TVL, volume, and protocol fees at a faster rate.
Proposal Description
Whitelist FREN as a borrowable and collateral asset on Lenfi.
Short Summary
- Add FREN as a borrowable and collateral asset on Lenfi.
- Provide traders with the opportunity to short or use it as a collateral asset on Lenfi.
- Leverage Lenfi’s secure protocol to facilitate safe and efficient trading.
- Approve
- Disapprove
- Abstain
Motivation
1. Project and token overview
$FREN is a established meme coin on Cardano that launched in December of 2023,
FDV
6.99M ₳
Liquidity
1.22M ₳
Circ Supply
316.03B
Total Supply
389.53B
2. Explain the positioning of the token in the Cardano ecosystem. How will it benefit the protocol?
Integrating $Fren as a borrowable and collateral asset on Lenfi offers multiple benefits:
-
Trading Opportunities: Adding FREN as a borrowable and collatoral asset will provide traders with the opportunity to use the asset as collateral or borrow the asset to short, diversify their trading strategies, and potentially benefit from market movements.
-
Increased Engagement: Memecoins are currently very popular to trade on cardano whitelisting FREN will help increase TVL/volume/fees on Lenfi
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Protocol Utilization: By offering FREN as a borrowable and collateral asset, Lenfi can showcase its secure and efficient protocol, attracting more users who seek to take advantage of these features.
3. What’s the asset’s utility?
- Primarily serves as a meme coin within the Cardano community.
- Provides a humorous and engaging way for users to participate in the Cardano ecosystem.
- Generates significant trading volume and engagement within the community.
Conclusion
Adding FREN as a borrowable and collateral asset on Lenfi will leverage the meme coin’s popularity and provide traders with new opportunities to engage with the Cardano ecosystem. This integration will enhance Lenfi’s appeal to a broader range of users, showcasing the protocol’s security and efficiency while capitalizing on the viral nature of FREN.
References
X - [x.com ] @FREN_ADA
Linktree - peepos | Twitter | Linktree
