- Deepr Finance will soon launch its testnet version for public testing running on the Shimmer blockchain network.
- Its native utility token $DEEPR has its own tokenomics models and a governance model with $DEEPR holders getting voting rights.
The year 2023 has started on a pleasant note for the crypto market and we are already having exciting announcements within the IOTA ecosystem. Decentralized lending platform Deepr Finance announced that they are planning to release the testnet version very soon.
Deepr Finance is currently conducting a few tests on the shimmerEVM testnets and might soon release the test version for public testing, they said in a recent update on Twitter.
Testing, testing …. 1,2,3
— Deepr Finance (@DeeprFinance) January 10, 2023
In September 2022, just around the launch of the Shimmer Network, the decentralized lending platform Deepr Finance came into existence. The goal was to provide unhindered access to lending and borrowing digital assets on the Shimmer Network.
Deepr Finance notes that it would offer an interest-earning facility on idle crypto assets and provide access to loans against the collateral held on the platform. During the crypto winter of 2022, several big crypto lending platforms busted amid the liquidity crisis emerging from several collapses in the crypto space.
Some of the biggest names in crypto lending filed for bankruptcy as they could no longer cater to massive customer withdrawals. With its decentralized architecture of crypto lending, Deepr Finance seeks to clean this space with top-notch security and trust and deliver a safe user experience. It seeks to empower communities to further enhance the Shimmer ecosystem.
Deepr Finance $DEEPR Tokenomics
The Deepr Finance decentralized platform comes with a native utility token $DEEPR and its tokenomics model reflects the core values of fairness, transparency, and equality. With a platform fee revenue-sharing model. holders of the $DEEPR tokens can benefit from different passive earning opportunities.
Furthermore, the token holders can also actively participate in shaping the future of the protocol via governance votes. Users can earn $DEEPR tokens through three major processes.
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- Liquidity Mining: By simply supplying collateral to the platform or borrowing from it, users can earn their share of $DEEPR tokens.
- DEX Initial Liquidity Offering: Before the final launch, DEEPR Finance will announce an opportunity for users to provide liquidity for their $DEEPR tokens through their ShimmerSea partner.
- Airdrop: Deepr Finance said that they would soon be conducting an airdrop for $DEEPR community for participating in the soon-to-be-launched Shimmer EVM Beta and through its partners.
Deepr Finance will initially follow a fair launch model with no VCs or early-stage investors gained through any presales. On the other hand, the Deepr team will initially look at the protocol’s governance. All strategic decisions of collateralization ratio, interest rates, emission rates, etc. will only happen after consulting with the community.
In the entire governance process, the DEEPR token will serve as a utility token with voting functionality. On the other hand, the holders of the $DEEPR tokens will be able to stake their coins and earn passive income from the lending market.
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