Plenty, a Tezos-based DeFi protocol, recently launched its routing feature, a move which should make DeFi on Tezos an easy-to-use and smooth experience, the company said. It offers yield farming and a decentralized exchange and allows onboarding from other blockchains. Its protocol allows users to trade trustlessly, peer-to-peer, with liquidity that is supplied by other users. The architecture is based on Uniswap V2.
Plenty DeFi launched May 31 after a collaboration between Tezsure and DGH Labs. Its goal is bringing more liquidity and users to the Tezos DeFi ecosystem. Since its launch, new upgrades have been delivered, including the Automated Market Maker in August. Recently, lightweight analytics, router functionality, and new farming methods have been introduced.
With the launch of the router, lightweight analytics, and ctez are in place. The next goals are introducing governance with the Plenty DAO, facilitating limit orders, and launching a public API.
To scale DeFi on Tezos, Plenty facilitated the development of ctez in collaboration with Bender Labs. Ctez is a synthetic version of the native Tezos token tez (XTZ) and is designed to have the same value as tez. While ctez can be used for DeFi purposes, individual users stay in control of their native tez tokens to participate in governance and continue to receive staking rewards. Ctez is purely mechanical and works without any oracle or governance system. It was originally proposed by Tezos co-creator Arthur Breitman.
For the next two months, the Plenty Global Hackathon 1.0, the first Tezos DeFi hackathon to date, takes place with more than $30,000 in prizes. Plenty is inviting students, developers, entrepreneurs, and crypto enthusiasts from all blockchains to participate. Registrations are open at hackathon.plentydefi.com.
Submissions are open for the hackathon, which is organized in collaboration with Tezos India. There will also be potential grant opportunities up to $50,000. The theme of the hackathon will be sustainability.
“Our mission is to build a thriving DeFi ecosystem on Tezos. The DeFi community on Tezos is rapidly expanding, with projects like Plenty leading the charge. With new protocols launching every few weeks, we foresee a very bright future for DeFi on Tezos. We invite users from other blockchains to explore user-friendly and sustainable DeFi on Tezos with negligible transaction fees,” said Bernd Oostrum, co-founder of Plenty DeFi.
