By Shiela Bertillo
Plenty DeFi, the leading decentralized exchange on the Tezos blockchain backed by venture studio Draper Goren Holm-Backed, gets its token listed yesterday on CoinMarketCap, a price-tracking website for crypto assets. The listing pushes the token for further growth taking the lead on decentralized exchange on Tezos.
According to DappRadar, Plenty DeFi has shown in Tezos blockchain exponential growth over the past few months with in terms of Total Value Locked (TVL) of around $60 million dollars, $2 million dollars daily trading volume, and most contract calls of any DeFi App.
Tezos is a global open-source platform that addresses key barriers facing blockchain adoption. Recently TZ APAC, the leading Tezos ecosystem adoption firm in Asia, announced its strategic commitment to the Asia Pacific region. (Read more on: TZ APAC Announces Strategic Commitment to Increase Tezos Adoption in Asia Pacific)
Though its first applications will be swapping, yield farming, and staking, $PLENTY offers a variety of different use cases defined in the roadmap.
“I hope Plenty creates that initial snowball effect for DeFi in onboarding capital from other networks to Tezos. Plenty was designed with the modern-day user in mind, taking advantage of the network’s low gas fees and energy efficiency by design – it’s perfect for the next wave of mass adopters.” Founding Partner at Draper Goren Holm, Josef Holm, stated.
Plenty was also listed on Coingecko.
Tezsure co-founders Om Malviya and Bernd Oostrum noted that liquidity is the backbone of DeFi, wherein “Plenty incentivizes liquidity providers from other chains to try Tezos; the most technologically advanced of all blockchains to date with near-zero fees and on-chain governance.”
Neither Tezsure nor DGHLabs will have exclusive control over the direction the Plenty DeFi will be taking as the holders of xPlenty will govern the community with votes on new features, token burning, and general direction.
DGH Labs is a Dubai-based blockchain incubator powered by Draper Goren Holm.
This article is published on BitPinas: Fintech Venture Draper Goren Holm-Backed Plenty DeFi, Built on Tezos Blockchain, is Now Listed on CoinMarketCap