ICONFI P-REP NODE

ICONFi launched its public service earlier this year. Since our launch, we have developed several innovative services for ICON users. These include ICX Auto Staking, airdrip support for DeFi ICON projects, BALN and OMM, and a token swap service for obsolete ERC-20 ICX tokens.

The ICONFi team is now ready to take on another level of responsibility within the ICON community.

Gateway to ICON

The ICONFi application has become a major gateway for new users to join the ICON ecosystem.

To-date, they have focused on attracting the countless number of users who hold four of the largest digital assets in terms of market capitalization and adoption. You may recognize these from the ICONFi mobile application — BTC, ETH and major stablecoins (USDT and USDC). They have onboarded many of these large-cap crypto investors by incentivizing them with competitive interest rates on their holdings.

Once onboarded onto the ICONFi application, many of these users have naturally moved towards ICON-related services. Through ICONFi, many of these large-cap crypto investors have gone on to stake ICX and receive airdrip tokens of OMM and BALN — two DeFi projects that are part of the ICON ecosystem.

P-Rep

During first six months of operation, the ICONFi team was focused on the development of the ICONFi application. Throughout this period, they received a substantial amount of ICX votes through ICONFi’s ICX staking function. They delegated these votes evenly to up to 78 P-Reps. P-Reps, using votes, had the opportunity to gain exposure within the ICON community and make a positive impact.

However, by dispersing ICX votes to so many P-Reps, each P-Rep was limited in their capacity to create incremental impact. Given the small number of votes received by any individual P-Rep, the best option for some of these P-Reps was to sell off their incremental voting rewards.

Going forward, staking through the ICONFi application will result in votes being directed towards the ICONFi P-Rep. With these votes, objective is to create a greater impact within the ICON community.

Transparency around funds and capital reserves is critical to the success of any distributed ledger project. To enhance confidence around how they manage user funds, we will be using our ICX voting rewards to accumulate and maintain a pool of ICX reserves. These reserves will serve to protect against any potential security breaches of the ICONFi platform.

ICONFi has experienced significant growth throughout 2021. Their platform has served as a gateway for crypto enthusiasts to learn about ICON. They will continue to expand in this role by broadening our operations to include new asset types and services. They are excited to establish themselves as a P-Rep and generate more impact for the ICON community as a beacon of stability.

What is ICONFi?

ICONFi is a digital asset savings platform that provides simple & intuitive earn products so that anyone can easily multiply crypto assets. ICONFi aims to simplify the complicated processes often associated with crypto assets and offers a sleek, straightforward user interface which supports saving, staking and airdrop activities at the palm of your hand.