- Summary:
- The Fountain Protocol has launched liquidity mining on Oasis, and raised more than $10 million in 24 hours. We tell you about it.
Fountain Protocol, the decentralized cross-chain lending platform, has launched a liquidity mining program on the Oasis mainnet. The launch saw Fountain’s TVL clock $10 million in just 24 hours, becoming the most valuable lending and lending protocol on Oasis public chain. YuzuSwap, the native Oasis exchange, has listed the FTP token following the launch.
Additionally, Fountain is now the third most valuable project on the Oasis public chain. In the immediate aftermath of the launch, Fountain’s native token, FTP, saw a 500% increase in its price. In the future, Fountain is likely to attract more users, thanks to its high APR for borrowers and liquidity suppliers. Also, its attractiveness is based on the fact that it got a clean bill health from reputable auditors, Peckshield and Verilog.
Fountain’s success has, perhaps, not come as a surprise to many users, going by the reception it got during the beta testing stage. More than 30 users participated in the beta stage, showing immense interest in the market. Fountain intends to retain the Fountain Lending Pool as the backbone of its operations following its successful launch. Also, it will branch out to other blockchains as part of a diversification strategy for its revenue streams. Specifically, it has already singled out cross-chain lending and staking as the next frontier for its business model.
“Borrowing and lending protocols are important for the development of DeFi, and Oasis is a perfect blockchain for our protocol,” said Fountain Protocol COO. The decision to use Oasis is because of its low transaction fees, which are just 10% of the Ethereum’s. This makes it appealing to many users.
About Fountain Protocol
Fountain is a decentralized cross-chain lending platform built on Oasis. It boasts of multiple revenue streams, with the Fountain Lending Pool as the core business. The platform offers its users highly efficient management of digital assets, with the Oasis network enabling low transaction costs and high transaction speeds.