Chainalysis recently reported that decentralized finance was responsible for more than $2.8 billion in losses. [DeFi]In 2021, rug pullings will exceed 1%. A colloquial term for “scam”, rug pulls account for 37% of the scam revenue for the aforementioned year, a whopping increase in percentage from its 2020 report of 1%.

The failure of these projects can be attributed to the inability of these organizations to adopt a sustainable reward system. There is a need for a solution. The DeFi industry has seen a slew of new protocols that offer long-term, sustainable rewards to farmers. One such protocol is the ProtoFi Protocol.

ProtoFi Protocol

ProtoFi, the first user-powered community-powered automated market maker, was created from careful observation, calculated study, and active participation in multiple protocols across various networks. [AMM]Fantom Opera blockchain (NASDAQ) is used to build this platform. This Blockchain places an emphasis on sustainability, long-term existence and value creation. ProtoFi, which aims to offer these features, will permit investors per the project paper to have a portion or a part of the protocol and, by extension, all the generated profits.

Blazing off on an untrodden path on the Fantom blockchain, ProtoFi seeks to achieve this unprecedented feat through a dual token system—the PROTON [PROTO]ELECTRON [ELCT] tokens.

According to the founder team, PROTO token can be bought, sold, staked and used for different purposes. This token can only be owned and staked.

ELCT is a symbol of participant in the protocol. Holders of this token will earn a yield as long as they keep it. ProtoFi generates the income directly through deposits fees, token swap fee fees and other revenue-generating activities.

“ProtoFi … has the power to turn ponzi scheme-modeled projects into sustainable, long-term protocols”

ProtoFi has integrated the “Quantum (NASDAQ:) Supply” feature which is a system that adjusts the PROTO release rate in conformity with the present market conditions. Fission Pool (NASDAQ) was created to protect investors against the actions of unsavory people and ensure the longevity of the protocol. It also helps combat market manipulations. Fission Pool will be the new method for fee distribution. Investors can deposit ELCT to receive phenomenal rewards in stablecoins. There are plans to allow owners of the token ELCT to participate in the governance process.

The infamous BSC-based, decentralized application is being backed by the famous piggyback. [DApp]Moneypot has been remodeled by ProtoFi’s development team. This ensures a more secure and efficient solution.

Dispelling the power large holders or “whales” have on the crypto market, as evident in the current market movements, ProtoFi as a next-generation solution to DeFi problems has implemented ProtoShield—an advanced transaction watchdog that sets a limit to the number of PROTO tokens that can be sent in a single transaction. ProtoFi has also implemented ChronoLock as a way to control bots’ and APRs’ practices. It is a mechanism which sets limits on how often a farm can be harvested.

ProtoFi will create an NFT pool in order to fulfill its mission to provide enormous rewards for token owners and protocol shareholders.

Pre-sales spots were filled in within 44 minutes. A software audit was conducted by CertiK. ProtoFi through Fission Pool creation and associated features such as Quantum Supply and ProtoShield has the potential to transform ponzi-scheme-modeled projects into long-term, sustainable protocols.

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