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Plenty DeFi And Wrap Protocol Are Merging Into The Plenty Network

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.

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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. 

Disclaimer

Nature of Content: All content published on https://xtz.news, whether written, auditory, or visual, is for informational purposes only. Opinions expressed therein are solely those of the individual authors and do not reflect the views of XTZNews or its management.

Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.

Accuracy and Completeness: While XTZNews makes every effort to ensure the accuracy and reliability of information, we do not warrant or guarantee the timeliness, completeness, or accuracy of the information presented. The website may contain errors, omissions, or inaccuracies. We disclaim all warranties, both express and implied, regarding the information, including but not limited to, any warranty of merchantability or fitness for a particular purpose.

Endorsements: References to specific entities, products, services, processes, or other information does not constitute or imply endorsement, sponsorship, or recommendation by XTZNews. Blockchain technology is in a developmental phase, and the engagement with the technology and its associated entities carries inherent risks.

User’s Responsibility: Users are encouraged to conduct their own research and due diligence and to seek the advice of qualified professionals before making any investment or decisions related to content on this site. Engaging with blockchain technology, cryptocurrencies, and associated applications should be undertaken with caution, understanding the inherent risks involved.

Limitation of Liability: Under no circumstances will XTZNews or its affiliates, partners, officers, directors, employees, shareholders, agents, or licensors be liable for any direct, indirect, incidental, special, consequential, or punitive damages, including without limitation, loss of profits, data, use, goodwill, or other intangible losses, resulting from (i) your access to or use of or inability to access or use the site; (ii) any content obtained from the site; or (iii) unauthorized access, use, or alteration of your transmissions or content, whether based on warranty, contract, tort (including negligence), or any other legal theory, whether or not we have been informed of the possibility of such damage, and even if a remedy set forth herein is found to have failed its essential purpose.

Seek Independent Advice: Before undertaking any financial investments, potential investors are advised to seek guidance from independent financial, legal, and tax professionals.

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