EcoFi Eclipsing the Possibilities of DeFi
EcoFi is an open-sourced, permissionless, and censorship-resistant protocol built to power safe and responsible innovation in the Decentralized Finance (DeFi) space.
The world of financial technology is rapidly undergoing a revolutionary change. Cryptocurrencies based on decentralized blockchains are fundamentally changing the way marketplaces operate by providing a means to bypass archaic fee ladened monetary control systems. These markets are rapidly evolving, resulting in a vibrant ecosystem of Web3 applications, exchanges, platforms, and games that hinge upon the tenets of immutable ledgers, decentralized consensus networks, and autonomous governance.
Today, DeFi represents the next natural step in the evolution of the cryptocurrency ecosystem, serving a marketplace outside of centralized exchanges. DeFi based token swaps offer the benefits of anonymity and rapidity while offering liquidity providers rewards for their share of the market while farming native tokens through staking protocols.
In a relatively short period of time, the phenomenon of token farming has created boom and bust economies where projects surge with popularity only to fizzle out after uncertainty sets, or when development teams go dormant.
EcoFi seeks to put an end to this cycle by creating a DeFi protocol built to reward community strength and participation.
EcoFi will introduce a unique marketplace hinging on the principles of DeFi token pairs and an exclusive NFT marketplace hosted on the EcoFi website. EcoFi will introduce three tokens, ECO, EGT, and SPRT to drive commerce in this digital bazaar.
ECO tokens are a finitely supplied platform capped at 10,000,000 tokens. ECO tokens can be earned during limited farming periods. Participants may pair ECO with other tokens and create liquidity pools. By staking their liquidity tokens on the EcoFi website participants can earn SPRT token rewards. They can also be acquired through UniSwap.
EcoFi will host an exclusive marketplace of NFTs of various tiers, that can be acquired by way of ECO and SPRT tokens. For any ECO tokens spent on an NFT in 50% will be burned while the other goes back to the EcoFi address to be distributed based on platform maintenance requirements. More valuable and digital assets will be available in the elite tiers in exchange for SPRT tokens. The top tier of NFTs will be redeemable for actual physical objects, and EcoFi is partnering with several sculptors, painters, and artists to feature unique one-offs and serialized fine works.
In the future, EcoFi plans that the top tier will encompass additional goods and services, including insurance, real estate, and tokenized gold.
An EcoFi foundation spokesperson says that the platform will fundamentally change the face of DeFi as we know it. “Blockchain makes it possible for technologically demonstrable scarcity in the form of digital assets. Standing at the forefront of this digital evolution is EcoFi, and at the center of DeFi innovation stands EcoFi, driving true value back to the participants who prop this industry up.”
To find out more about EcoFi visit EcoFi.io.
The Public Contribution will commence on October 23rd on the official site.
You can also get involved with the community on Telegram at https://t.me/EcoFiAnn & https://t.me/EcoFiOfficial
Contact: press@ecofi.io
Twitter: twitter.com/finance_eco
Lite-Paper: https://ecofi.io/ECOFI_LITEPAPER.pdf
