Popular altcoin Phantom is up more than 40% at the Geist Finance DeFi Launch. The launch attracts new users to the Fantom ecosystem. The FTM token posted double-digit gains following the launch of DeFi protocol Geist Finance. Details of the developments cryptocoin.comYou can follow from
Altcoin project ramps up at Fantom Geist Finance Launch
Phantom surprised investors with another parabolic rally. The FTM token rallied above the 40% levels on Thursday after the successful launch of lending and borrowing protocol Geist Finance yesterday afternoon.
According to the Geist Finance website, the protocol has raised a total of $3.8 billion in locked value (TVL) within 24 hours of going live. Users seem to exchange and transfer money on the Fantom network to interact with the new protocol, which drives up the price. Geist allows users to lend and borrow various cryptocurrencies within the Fantom ecosystem. It operates similarly to DeFi blue chip Aave, which is currently the second largest blockchain dApp with over $15.7 billion TVL across Ethereum, Polygon and Avalanche.
What appeals to users?
The biggest factor that attracts users to Geist is the generous GEIST token rewards distributed to lenders and borrowers through the liquidity mining program. Currently, users can earn GEIST tokens to receive credits through the protocol, making them essentially free. 40% of the GEIST supply is thus allocated for distribution, and early adopters continue to receive the lion’s share of the rewards. Additionally, Geist announced a token airdrop to Aave and stkAave holders that attracts more users to the protocol. Michael Chen, former CMO of the Phantom Foundation, also gave Geist FTM incentives, allowing users to earn FTM for staking their GEIST on the protocol.
Using token incentives has proven to be an effective method to load liquidity for DeFi protocols. Earlier this year, Ethereum scaling solution Polygon announced a joint liquidity mining program with Aave and distributed $40 million worth of MATIC tokens to borrowers and lenders. The move helped Polygon’s TVL raise over $10 billion in June.
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