Back at It Again Daniel Reddit
Damnnn Daniel(eastward), Back At It Again with the Frog Nation: An Overview
What is Frog Nation?
Frog Nation is a group of projects spearheaded by Daniele Sestagalli and his team of masterminds with the ultimate goal to #OccupyDeFi.
"Together, these protocols and teams seek to #OccupyDeFi: They will accomplish this by taking the idea of decentralized finance from the Venture Capitalists who desire to control it, the traditional finance players who want to centralize it, and the mercenary liquidity providers whose only aim is to turn a profit from it."
About #OccupyDeFi
#OccupyDeFi is a social move that seeks to denounce what it perceives as the continued centralization of blockchain projects. On the steering wheel of this movement is Frog Nation, a group of fast-growing decentralized finance projects that includes Abracadabra.Money, Wonderland.Money and Popsicle Finance. Frog Nation is built around the principle that decentralization remains the fundamental to the future of engineering science.
Based on tweets from Abracadabra.Money's co-founder Daniele Sestagalli, the movement seeks to "keep DeFi decentralized, open and censorship-resistant." He goes on to say that "making finance open will definitely brand the world a improve identify." The same thread goes to state that #OccupyDeFi is for everyone irrespective of whether you are "not-crypto, belong to the Frog Nation, or to the suits."
Team
Daniele Sestagalli
Daniele has been in the blockchain infinite for quite some time. Based on his past interviews, he started interacting with blockchain through Bitcoin in 2011. He was the CEO of Zulu Commonwealth, a blockchain project supposed to run on Ethereum in 2018. The project never took off, but the idea was to " make it easier for people to bring together the crypto revolution and empower them to take accuse of their fiscal lives while focusing on an unparalleled user experience ."
Other key members
Another notable fellow member goes by the alias @squirrelcrypto on Twitter. His recent tweets are all nigh #OccupyDeFi, and he recently told Defiant that he believes that MakerDAO's process of minting DAI is a perfect case of decentralized finance becoming centralized.
Protocols
Magical Net Money ($MIM)
MIM is Abracadabra'due south native stablecoin. Abracadabra is a lending protocol where users typically deposit interest-begetting tokens to borrow Magical Net Coin (MIM). As a result, there is deeper liquidation and novel yield possibilities from the interest-earning collateral. Alchemy leverages Kashi tech from @SushiSwap to provide isolated lending markets, thus assuasive every collateral to function independently. Depositors will thus suit their leverage and their take chances level for each collateral.
Leverage is based on these factors: Loops and LTV.
Loan-to-Value is the amount of borrowing vs. collateral.
Loops follow this route:
- Number of times collateral received
- Magical Cyberspace Money is minted
- Magical Internet Coin is converted into tokens
- The tokens are deposited into a vault that earns involvement
- Tokens are re-deposited into Abracadabra
However, the LTV+Loops combination is not i:1 with leverage. The number of loops you run with your called LTV will determine your leverage. Depositors tin even choose to infringe MIM without leverage and depression-chance liquidations.
Abracadabra ($SPELL) — the cross-concatenation stablecoin
$SPELL is the second token on the Alchemy ecosystem. Users can stake this token to earn $SPELL tokens, where holders are entitled to voting rights and protocol fees. Users usually pale for 24 hours. The voting rights are non-binding at the moment. Protocol fees are auto-compounded, and they are accumulated from borrowing fees, 10% of liquidation fees for sure markets, and loan interest.
Popsicle.Finance ($ICE) — the cross-chain market place maker and yield optimizer
Popsicle.Finance is a side by side generation platform for yield enhancement that focuses on AMM (Automatic Market-Making) Liquidity Providers. Popsicle.Finance proposes a world where the entire blockchain space works together rather than on unlike chains.
$ICE is the governance token on this protocol. The ICE token has diverse functions such as voting on proposals for protocol updates, fee management and pool inclusions. Users on Popsicle.Finance tin can manage and pale liquidity provider (LP) tokens across different platforms. For instance, users can stake Uniswap LP tokens or Sushiswap LP tokens congenital on the Ethereum blockchain. The same users tin can pale Pancakeswap LP tokens that are congenital on the Binance Smart Chain.
Users tin also stake Water ice tokens received from Popsicle Stand up in a bid to receive more $ICE.
Wonderland.Money ($Time) — the cross-chain treasury-backed reserve currency
Wonderland is a protocol that runs on Avalanche blockchain, and $TIME is i of the tokens on this protocol. Transacting on this protocol is piece of cake and cheap and users tin buy tokens on TraderJoe, stake them and also unstake them with considerable fees.
Each TIME token is backed by a collection of assets such as Fourth dimension-AVAX-LP tokens and $MIM that are found in Avalanche treasury, thereby giving information technology an intrinsic value.
Users pale Fourth dimension tokens on Wonderland website and earn rebase rewards, which come from the sale of bonds. These rebase rewards can vary based on reward rate fix by the budgetary policy and the number of TIME tokens staked in the protocol.
Those who stake $Time receive an equal amount of MEMOries. The MEMOries residue automatically rebases at the end of every epoch. The MEMOries are transferable and likewise composable with other decentralized finance protocols.
Conclusion
Fifty-fifty though the original idea of blockchain and cryptocurrencies was to decentralize finance, we have seen various blockchain protocols that are centralized. #OccupyDeFi is trying to modify this narrative where it allows users to mint a liquid asset: MIM after depositing illiquid interest-bearing avails such equally xSUSHI and yUSDT equally collateral. The arroyo opens up opportunities in leveraged up yield farming past making what would have been otherwise illiquid assets liquid or unlocking stranded majuscule.
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Source: https://medium.com/momentum6/damnnn-daniel-e-back-at-it-again-with-the-frog-nation-an-overview-a1cc2e34f0c1
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