Exotic Markets raised $5 million in December 2021 as it looked to launch its DeFi protocol.
The DevNet will allow users to test the features and supports five tokens- Bitcoin (BTC), Solana (SOL), Serum (SRM), Raydium (RAY) and USD Coin (USDC).
The protocol’s mainnet is expected to go live at the end of March.
Exotic Markets, a decentralised wealth management protocol on the Solana blockchain, went live today, Friday, 18 February 2022 on DevNet.
With this launchExotic Markets unveiled the first-ever dual currency notes and accumulators, allowing for access to a wide range of payoffs for users within the growing decentralised finance market.
What’s dual currency?
Dual-currency notes make it possible for DeFi participants to deposit their tokens and in turn earn rewards paid as per the deposited token’s performance. Users seeking diversification can add to their portfolios by leveraging the protocol’s Accumulator feature, which helps holders access given tokens when they hit low price levels.
The alpha version of the protocol’s technology also allows users to test its flexible structured products. In mainnet, the pre-packaged investments will provide for yields in stablecoins, rather than in governance tokens.
In DevNet still, users can monitor their investments and even manage swaps, with ease of use enhanced by the platform’s compatibility with popular Solana wallets such as Phantom and Solflare.
NFT vouchers to best and worst performers
Users will have access to a real-time leaderboard where they can track performances, with the worst-of feature allowing worst performers to receive NFT vouchers as rewards alongside best performers and most active users.
Initially, the DeFi protocol will support five tokens on its DevNet, including Bitcoin (BTC), Solana (SOL), Serum (SRM), Raydium (RAY) and USD Coin (USDC).
As for future plans, Exotic Markets targets going live on Mainnet at the end of March 2022. It’ll also launch its EXO token.
Multicoin and Ascennsive Assets led a $5 million private investment round in December 2021, with the token sale also contributed to by Animoca Brands, Morningstar Ventures, Alameda Research and Solana Capital.
Image credit: Exotic Markets