Pre-launch of Geist Finance
Geist Finance is a lending and borrowing market on Fantom based on one of the largest DeFi protocols: AAVE.
🍀Utility
As GEIST has no governance or ownership, there is also no protocol treasury. Instead, 50% of the revenue generated through borrowing is distributed directly to users who stake GEIST. Both lenders and borrowers receive GEIST rewards to incentivize protocol use.
GEIST liquidity mining employs a mechanism first introduced by Ellipsis Finance on BSC. Rewards are vested for 3 months, but may be claimed immediately for a 50% penalty. The penalty is then distributed to users who choose to lock GEIST for 3 months. This mechanism ensures steady rewards for those who actively commit to the protocol by locking their tokens.
GEIST stakers receive protocol fees, GEIST lockers receive protocol fees as well as exit penalties from users who exit their vests early.
🍀Assets
Geist will launch supporting the following assets:
- FTM
- WETH
- WBTC
- FUSDT
- USDC
- DAI
The launch airdrop will target several communities:
- stkAAVE holders on the Ethereum blockchain
- EPS stakers on the Binance Smart Chain
- An initial airdrop will be distributed to veCRV and CVX voters who vote to enable a gauge on the upcoming Fantom gPool on Curve Finance
- LobsterDAO NFT airdrop receivers which is known to be one of the most active and engaged DeFi communities
📰 INFO
https://medium.com/@geistfantom/pre-launch-announcement-geist-finance-fbfb938afd2f
