Dev Update: Routing, Token Stats, and Governance

A token page, router functionality, and new ways of farming have been introduced on plentydefi.com. More features are in development! Expectations are high for a lot of cool new Tezos DeFi features to be designed by the community during the upcoming hackathon!

4 min readNov 19, 2021

Data From the Plenty Protocol

To improve the usability of the Plenty protocol, the token page has been developed. Users can review the price, 24h change, 24h volume, liquidity, and the 7 day price graph of every token traded on the Plenty protocol.

Try it on plentydefi.com/tokens

Farming with Youves

To incentivize liquidity of the youves tokens, 10,000 YOU tokens are allocated per week to Plenty farms. uUSD is listed against wUSDC from Bender Labs and against YOU and uDEFI.

These pairs are listed on Plenty with the respective incentives on their farms.

A new feature: Routing

Not every trade has a direct token pair. To facilitate trading between tokens that don’t have a direct token pair, a router has been developed.

The new router is a smart contract used to interact with liquidity pools of the Plenty protocol. A router is stateless, meaning it doesn’t hold token balances. Therefore, it can be replaced for a more efficient router in the future.

The router goes live on plentydefi.com early next week, and can already be tested on beta.plentydefi.com/swap.

Swap your favorite tokens at the best price

A new farming experiment — Ctez extravaganza

To give the liquidity of ctez a boost a lot of new pairs will be deployed on Plenty.

All tokens will be paired with ctez. All pairs will have a farm with 8000 PLENTY for a month!

The new pairs will have farms that will run for 80,000 blocks, which is around a month. This results in a reward rate of 288 PLENTY / day for each farm! Launch date will be announced soon.

Why ctez?

The Tezos blockchain is built to evolve continuously. Therefore, Tezos has a unique governance system that allows the blockchain to upgrade seamlessly, without the need for inconvenient hard forks. Anyone can participate in Tezos governance, although voting on protocol upgrades requires ownership of the native Tezos token tez (XTZ). To stake tez, most users ‘delegate’ their tez to a baker, meaning that the bakers will vote on protocol upgrades on behalf of the users.

With the rise of DeFi on Tezos, an increasing amount of tez is being locked into smart contracts and pooled. This raises the question: who’s baking? In addition, the pooling of large amounts of tez in a single smart contract may also introduce the risk of centralization. This is where ctez comes into play, which is essentially a synthetic version of tez designed to have the same value. While ctez can be used for e.g. DeFi purposes, you’ll stay in control of your native tez tokens for governance and baking rewards.

Closing of farms

The following farms will close in 9 days:

PLENTY / UNO LP
PLENTY / QUIPU LP
PLENTY / SMAK LP

The Plenty DAO is in development

Thanks to our partner Youves, we are able to launch the first implementation of Plenty governance quicker than expected. More details will be shared in the coming weeks. The Plenty forum will be opened soon to discuss governance!

The first proposal for the Plenty DAO will be a reduction of the minting rate.

Plenty Hackathon 1.0

With over USD 24,000 in prizes and USD 50,000 in potential grants! Applications for the two month long Plenty hackathon will open from Nov 20th, 2021.

The hackathon aims to establish a wider range of use cases for decentralized finance on Tezos by empowering traders, liquidity providers, and developers to actively participate in an open decentralized financial marketplace.

We are looking for volunteers! Help us organize the best hackathon that #DeFi has ever seen! Join the Plenty Community and tag the @team.