Decentralized finance (DeFi) protocol VenomDAO has announced the launch of its latest product, Comfy Money. VenomDAO, which has been accelerating DeFi adoption on the Harmony ecosystem, introduced the product to add more use cases to the network. Comfy Money allows projects on the Harmony ecosystem to easily access liquidity in a secure environment.
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Comfy Money’s native token $COMFY acts as a 1:1 peg to the $ONE token. It will be a medium of exchange on the ecosystem, while two other tokens $CSHARE and $CBOND will act as a governance token and reward token respectively. Inspired by Tomb.Finance, Comfy Money will help to stabilize and secure the Harmony ecosystem by being a viable alternative to the $ONE coin.
What Is VenomDAO?
VenomDAO is a cross-chain decentralized finance (DeFi) protocol that is domiciled on the Harmony blockchain. It is a community-driven, fair-launched protocol that has been one of the major driving forces behind the popularity of the Harmony network. VenomDAO was behind the first popular DeFi protocol on the ecosystem – ViperSwap – sparking in its wake massive support for Harmony.
Since its launch in March 2021, VenomDAO has released a number of products to expand the use cases and reach of the ecosystem. With the launch of ViperSwap, VenomDAO successfully brought the first AMM/DEX offering incentives for providing liquidity and popularizing yield farming on Harmony.
July 2021 saw the introduction of CobraSwap on the Binance Smart Chain, marking the first move into a multi-chain ecosystem.
Algorithmic reserve currency Euphoria was then launched in the last quarter of 2021. Euphoria was one of the first protocols on Harmony to integrate Chainlink Price Feeds. With this launch, VenomDAO closed the year on a high note. Comfy Money is the next in its long line of impressive products.
What’s Coming In 2022
VenomDAO has started off the year strong with the launch of Comfy Money. However, this is only the beginning of what is looking to be an incredibly successful year for the protocol. Back in January, the project announced a strategic DeFi partnership with OIN Finance to promote the best use cases of the $oneUSD stablecoin on the Harmony ecosystem.
The protocol has a suite of products that will go to market this year as well as updates to existing products. Its AMM/DEX ViperSwap, is getting a makeover complete with a new UI, a pivot to veVIPER, and a decentralized reward allocation system using gauges, gamification, and NFTs that allow users to unlock unique functionalities.
New products include a money market that will help provide deeper liquidity within the VenomDAO ecosystem and capture additional TVL for Harmony, as well as expand use cases for existing tokens like VIPER and WAGMI.
The Launchpad is a platform that will allow projects to bootstrap and own their own liquidity using WAGMI PRO right from the moment they launch. VenomDAO will also launch a Stableswap platform and a perpetual/leverage platform for leveraged trading/yield farming.