EcoFi: The Future of DeFi
The cryptocurrency markets are evolving and changing at an alarming rate. New projects are created on a daily basis in support of change from the old monetary system we have all come to know and hate. Immutable code, applications, decentralized governance entities and exchanges are bringing out the best of blockchain, but sometimes these projects start off with a loud eruption of activity and volume only to fade slowly when development ends or hits a standstill, or even when a clone with more innovation becomes more popular. This is a common problem in the cryptocurrency space that has effectively created and then terminated thousands of legitimate projects and ideas looking to make a difference in this new uncharted world of cryptocurrency. Innovation always catches up, this time in the form of EcoFi.
EcoFi bills itself as "an open-sourced, permission-less and censorship-resistant protocol built to power safe and responsible innovation in the Decentralized Finance space." EcoFi is focusing on putting an end to the vicious cycle or life and death of new projects by rewarding the communities strength and adoption. It plans on accomplishing this by creating a unique marketplace that builds on the principles of DeFi token pairs and an exclusive marketplace that is housed on the EcoFi website.
The EcoFi economy will consist of 3 tokens: ECO, EcoFi Genesis Token (EGT), and Sprout (SPRT) to bring about an active and innovative marketplace.
ECO has a total supply of 10,000,000 tokens and this supply is capped. ECO is earned during limiting periods which will allow you to farm it. ECO presents an opportunity to pair it with other tokens to create new and diverse liquidity pools. Staking Liquidity tokens via the EcoFi website, users can earn SPRT tokens as rewards. These tokens can also be purchased on Uniswap. ECO's other utility will include using it to obtain unique farm-able NFT's along with curation of NFT's along with other algorithmic-ally backed assets.
EcoFi Genesis Token (EGT) will act as the governance token for the EcoFi ecosystem. It will allow holders to vote and help decide on future development, integration, and decision making in regards to the future of the ecosystem. EGT will also be utilized as a tool to receive airdropped ECO. The DAO Governance platform will be released at a later date. Early adopters and utilizers of the EcoFi economy will be rewarded in both EGT and ECO for helping share the EcoFi vision and helping build its community.
Sprout (SPRT) is the token that is rewarded for staking your ECO. As your yield begins to sprout up from staking, you will be eligible to earn highly unique NFT's not available for purchase. These NFT's will vary in scope, but will include connections to real world assets and even rare easter-egg NFT's.
The EcoFi tokens will be distributed as described below:
- 50% will be given away for public contributions
- 10% will be set aside for use as Eco Genesis Tokens
- 20% will be utilized for airdrops and farming
- 15% will be used for the Ecosystem and marketing
- 5% will be sent to the core development team
It is important to note that from 10/23/20 to 11/3 is the EGT airdrop period. During this period, users will be airdropped 1 ECO for every 100 EGT owned. The public contribution period will also last during the same time period and it will include an ECO member sale of 5,000,000 ECO. After the DAO is live, you will be able to use your EGT to vote.
The team behind EcoFi includes a diverse group of developers, artists, traders, and investors that have been a part of the Forex and Cryptocurrency landscape since 2014 with a focus on Ethereum’s blockchain and environment. The team has top level Ethereum development skills which will allow for a productive and smooth launch.
Creating a sustainable and active Cryptocurrency ecosystem is difficult over time. Providing a solution via community building/tokenomical development via a decentralized self governance reward system can be the answer to the well known project burnout problem. Unique tokenomics are a very big draw for EcoFi. Adding in unique NFT’s while also planning for the implementation of real world NFT use is not only innovative but setting EcoFi up for a strong competitive build which could potentially pave the way for further NFT usecase. Following the EcoFi community and contributing may turn into one of DeFi’s biggest gamechangers.
Pertinent EcoFi Links:
- Litepaper: https://ecofi.io/ECOFI_LITEPAPER.pdf
- Contact: firstname.lastname@example.org
- Medium: https://medium.com/@EcoFinance/ecofi-eclisping-the-possibilites-of-defi-64b7dcf23fc1
- Website: https://ecofi.io/
- Twitter: https://twitter.com/finance_eco
- YouTube: https://youtube.com/channel/UCn_pnNgrKWTsLSP5Jhi7MaQ
- Telegram: https://t.me/EcoFiOfficial
- Airdrop: https://t.me/ecofi_airdrop_bot
(I write articles and reviews for legitimate, interesting, up and coming cryptocurrency projects. Feel free to PM me to review your project. Thank you!)
Disclaimer: This is not financial advice. The sole purpose of this post/article is to provide and create an informative and educated discussion regarding the project in question. Invest at your own risk.