Andre Cronje teases Ve (3.3) features on Fantom

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Key takeaways Andre Cronje announced several new features for his ve (3.3) DeFi project on the Fantom blockchain. The project will include an emissions-based incentive structure and an automated market maker (AMM). Cronje did not reveal all of the project’s features this week; he said more information is on the way. Share this article

Andre Cronje has posted a series of blog posts teasing the features of his upcoming project ve (3.3) on Fantom.

Cronje Details Incentive Structure

Cronje revealed last week that he is working on a new project and a new token for the Fantom blockchain. “I’m rolling out a new experience on Fantom this month,” Cronje wrote on Twitter Jan. 1.

Although Cronje is a prominent member of the Fantom team, the project appears to be independent of his official role there. Developer Daniele Sestagalli, the leader of DeFi projects such as Wonderland and Abracadabra, is also involved in the project.

In a series of blog posts over the past week, Cronje dubbed the project “ve (3.3)”. He described the project as involving an ’emissions-based token [that balances] ecosystem participants.

Users will be able to deposit a base token in exchange for a non-transferable token, which will be locked into the protocol. In return, they will receive transferable incentive tokens as a reward.

Issue rates, or the amount of newly created tokens, will be determined by the circulating supply, and the rewards will be greater if fewer tokens are locked across the protocol.

When users lock their tokens, this “lock” will be represented by a non-fungible token, allowing users to circulate those locks.

Unlike some projects, ve (3.3) will encourage charges rather than providing cash. This approach aims to create an optimized system: because those who block funds receive 100% of the fees generated by the pools they vote for, the pools will in turn be able to set high fees.

The project will also include AMM

In his latest post, Cronje noted that a new Automated Market Maker (AMM) will be introduced as part of the protocol.

The project will support exchanges between most types of assets. Transactions will have a fee of 0.01%, paid in base assets.

Cronje noted that the AMM ecosystem is “saturated” and as such this AMM was designed to take a protocol-to-protocol approach rather than serving as a full-fledged concurrent AMM. Existing AMMs will be able to integrate AMM, and AMM will also have a Uniswap v2 compatible interface.

Each week, 2 million new tokens will be made available as an incentive and distributed according to the weight of the votes. However, since there will be no voting initially, the project plans to distribute tokens to the top 20 DeFi projects in order to kick-start the process.

Cronje also noted that the project will not have a DAO, implying that the project will not be governed by votes from token holders.

Users will be able to add pools and cash without authorization. There will be “native support for adding third party tokens and incentives”.

It’s likely that Cronje will reveal more news in the future. He noted that his most recent post listed only “basic features” and that an in-depth explanation “is reserved for a later article closer to launch”.

Fantom is currently the 30th largest blockchain on the market, with its FTM token showing a market cap of $ 5.7 billion.

Disclosure: At the time of writing, the author of this article owned BTC, ETH, and other cryptocurrencies. Andre Cronje is a shareholder of Crypto Briefing.

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