Optimism Leveraged Income Aggregation Protocol Extra Finance Announces Incentive Plan

Extra Finance is a community-driven leveraged income aggregation protocol based on the Optimism ecosystem. Extra Finance empowers users to participate in various mines on Velodrome and other decentralized trading platforms by providing leverage of 3 times or higher and a series of customized income strategies. Pool and the ability to obtain higher returns. In early May, Extra Finance was launched on the Optimism mainnet. As of early June, Extra Finance’s TVL has exceeded $2 million.

Before the mainnet went live, Extra Finance announced its Token economics. The total supply of EXTRA is 1 billion, using the veToken model. EXTRA holders can vote to host their Token and obtain veEXTRA, and veEXTRA holders can obtain a series of privileges such as APR rewards, voting governance rights, priority unlocking of higher leverage and product functions.

This week, Extra Finance announced that it will launch the EXTRA incentive plan on June 15. The initial stage will be to stimulate liquidity, and it will be committed to the prosperous and sustainable development of its agreement in the future. In the first week, users who deposit USDC can get additional EXTRA liquidity incentives, and the total incentive pool is 1 million EXTRA.

Why choose the long-term liquidity incentive plan?

During the development of Extra Finance, the utilization rate of the USDC pool has exceeded 60%, and has remained at a high level for a long time. On the one hand, it shows that its protocol provides APY with certain market competitiveness, which has attracted many leveraged income enthusiasts; on the other hand, it also shows its lack of liquidity. Through the long-term liquidity incentive plan, Extra Finance can increase the availability of leveraged assets and bring more opportunities for passive income to asset providers.

In addition to the original loan APY, issuing additional incentives in the form of Tokens can not only effectively reward users for their valuable contributions to liquidity, but also help the protocol maintain loyal participants and strengthen the ecosystem.

Liquidity Incentive Program

The Extra Finance liquidity incentive plan focused on the lending pool in the early stage, and it will be adjusted according to the operating conditions of the agreement later.

The initial incentive lasts for one month, and the agreement will recurse the incentive plan every week. Liquidity incentives will start at 8:00 on June 15th. Users who deposit USDC in the first week can share an additional EXTRA liquidity incentive pool with a total of 1 million pieces.

At present, Extra Finance has initiated the collection of subsequent incentive proposals in the community, and it is expected that the rest of the lending pools except USDC will be opened one after another.

Once the liquidity incentive is activated, users can start accumulating and claiming EXTRA rewards.

In addition, Extra Finance has made it clear in its Token Economics that it will issue airdrops to early project participants, community members and other leveraged income enthusiasts. This time they also made it clear that airdrops will be open for application soon.