Pre-launch announcement: Geist Finance

2 min readOct 3, 2021

Overview

Geist Finance is a lending and borrowing market on Fantom based on one of the largest DeFi protocols: AAVE.

Motivations and Goals

AAVE has grown to become one of the most respected and secure protocols in the space but Geist wants to do things differently. The Geist protocol has no governance and no VCs, instead it features a revenue earning token sharing platform fees between token holders and liquidity providers. The protocol will always be permisionless for everyone to use on the same basis.

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

Tokenomics

Total supply: 1,000,000,000

40% given as incentives for lenders and borrowers, released over a period of five years
20% given as incentives for GEIST/FTM liquidity providers, released over a period of five years
20% allocated for airdrops and incentives to related DeFi communities, happening over a minimum of one year (including Curve gauge bribes and others listed below)
20% to the team, released linearly over one year

Launch Airdrop

The launch airdrop will target several communities:

stkAAVE and AAVE 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

Further details will be announced before launch… in the coming days

Links

Twitter: https://twitter.com/GeistFinance

Telegram: https://t.me/geist_finance

Telegram Announcements: https://t.me/geist_finance_ann