Fantom Jumps 36% on Geist Finance DeFi Launch 

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The FTM token has put in double-digit good points following the launch of the DeFi protocol Geist Finance. 

Geist Finance Launch Boosts Fantom 

Fantom has stunned merchants with one other parabolic rally.

The FTM token is up over 36% Thursday following the profitable launch of the lending and borrowing protocol Geist Finance yesterday afternoon. 

Fantom Price Chart (Source: CoinGecko)

According to the Geist Finance website, the protocol has already amassed $3.8 billion in whole worth locked (TVL) inside 24 hours of going stay. Users seem like exchanging and shifting funds onto the Fantom community to work together with the brand new protocol, thus driving up the worth. 

Geist permits customers to lend and borrow numerous crypto belongings inside the Fantom ecosystem. It features equally to the DeFi blue chip Aave, which is at present the second-largest blockchain dApp with over $15.7 billion TVL throughout Ethereum, Polygon, and Avalanche.  

The largest issue attracting customers to Geist is the beneficiant GEIST token rewards distributed to lenders and debtors by way of its liquidity mining program. Currently, customers can earn GEIST tokens for taking out loans by way of the protocol, making them basically free. 40% of the GEIST provide is allotted for distribution this fashion, with early adopters standing to earn the lion’s share of the rewards. 

Additionally, Geist has introduced a token airdrop to holders of Aave and stkAave, drawing extra customers to the protocol. Michael Chen, the previous CMO of the Fantom Foundation, has additionally dedicated FTM incentives to Geist, permitting customers to earn FTM for staking their GEIST on the protocol. 

Using token incentives has confirmed to be an efficient technique to bootstrap liquidity for DeFi protocols. Earlier this yr, Ethereum scaling answer Polygon introduced a joint liquidity mining program with Aave, distributing $40 million of MATIC tokens to debtors and lenders. The transfer helped Polygon’s TVL develop to over $10 billion in June.

Disclaimer: At the time of penning this function, the writer owned BTC, ETH, and several other different cryptocurrencies. 

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