Plenty DeFi And Wrap Protocol Are Merging Into The Plenty Network

by | Feb 2, 2022 | Adoption, DeFi, Latest

Plenty Network will be a one-stop DeFi platform on Tezos for farming, trading, XTZ wrapper-token cTez, and bridging.

WRAP and PLENTY tokens will be swapped into PLY tokens which will be the governance token for the entire platform.

Plenty DeFi And Wrap Protocol Merge

Plenty Network will be a one-stop DeFi platform on Tezos for farming, trading, XTZ wrapper-token cTez and bridging.

WRAP and PLENTY tokens will be swapped into PLY tokens, which will be the governance token for the entire platform.

“Tezsure and Bender Labs decided to merge their protocols in an effort to realize an all-in-one DeFi experience on the Tezos blockchain.

Tezsure is the team of engineers behind Plenty and Bender Labs is well-known for building the first bridge from Ethereum to Tezos through Wrap Protocol.

The merger of both communities, tokens, and liquidity will happen in phases to assure a smooth transition.”

Plenty Platform will include all current features that are now live on Plenty DeFi and Wrap Protocol. Additionally, new features will be added. Amongst the new features will be a flat curve DEX, lending & borrowing and new bridging opportunities.

Currently, Wrap Protocol enabled the first bridge from Ethereum to Tezos. Eventually, Plenty Network will also enable a Polygon & Binance Smart Chain bridge to Tezos.

PLY governance token

In the current form, the tokenomics of the governance token stayed behind. The ambition is to make improvements in this field.

“This merger offers the opportunity to rethink and redesign the tokenomics of Plenty according to the newest DeFi standards, and allows us to continue our mission with an improved and future-proof governance token.”

The transition

The transition will be taking place in phases.

Phase 1

  • The Tezsure team takes over the lead and the management of the governance of the Wrap Protocol, including the Signers Quorum.
  • Redirecting the Wrap community to Plenty.

Phase 2

  • Launch Avalanche bridge on Plenty with the Wrap Protocol. Bridged assets will follow the <bridged_asset>.<source_chain> name convention. So USDC wrapped from Avalanche will be named USDC.a.
  • Launch audited XTZ – ctez flat curve to improve the onboarding of users to ctez.

Phase 3

  • Rebranding of wrapped assets from Ethereum. Change token name from w<bridged_asset> to <bridged_asset>.<source_chain> by deploying a new FA2 contract. For example, wUSDC changes into USDC.e.
  • Launch flat curve AMMs with bridged assets from Avalanche and the rebranded bridged assets from Ethereum. For example USDC.a – USDC.e.
  • Launch AMM pairs for rebranded bridged assets, for example USDC.e – ctez.

Phase 4

  • WRAP and PLENTY holders will be able to swap their tokens for PLY.
  • Relaunching as one platform for bridging, swapping and earning with a new website: plenty.network.
  • Wrap Protocol’s online presence will discontinue. 

Post Disclaimer

Any content found on this website named xtz.news is an opinion of the author who produced the content and is for information purposes only. Any information, or content found within the website xtz.news is not intended to be investment or financial advice. Find our full disclaimer here.