Author: Baking Bad Blog

Continuous improvements to the functionalities and tokenomics are crucial for the longevity of the Plenty protocol. Today, the first amendment proposal is launched on https://plentydefi.com/vote. Voting is possible until Wednesday, December 22, 2021.PIP-001: Minting rate reductionSummaryImplement a minting rate reduction from 50 PLENTY/block to 30 PLENTY/block. A reduction of the minting rate results in a new reward distribution scheme, as seen in the specification, for the PLENTY farms.MotivationAlmost half of the maximum supply of 62,000,000 PLENTY is minted already, and at the current rate all tokens will be minted around August 2022.The goal of this proposal is to reduce the amount of PLENTY that leaves the circulation, by reducing the newly incoming supply. In the short term, this will lower the APR of the farms. However, by reducing the minting rate, the sell pressure of the PLENTY token is reduced as well.SpecificationUpdate the storage of tokensPerBlock from 50000000000000000000 to 30000000000000000000Update farm ratesVoteTo be eligible to vote, a user must hold xPLENTY at the time of the deployment of the Plenty Improvement Proposal (PIP).Plenty Governance: how does it work?The Plenty Protocol is currently governed by a multisig setup. This is now expanded by a lightweight governance process. As of today, all xPLENTY holders are able to express their vision on-chain in a transparent manner. The first governance proposal on Plenty consists of the following sequence of phases:propose > discuss > conclude > vote > executeProposeThe first version of the first proposal can be found here in the proposal section of the Plenty forum.DiscussThe discussion went on for 4 days. Based on the discussion, no modifications were made to the proposal.ConcludeA definitive Plenty Improvement Proposal (PIP) was written by the core team, as seen in the article above. Only users who had xPLENTY in their wallet before the proposal was deployed on-chain are eligible to vote.VoteThe weight of your vote is calculated based on your xPLENTY balance at the block the PIP was inserted on-chain. Users can cast their vote for the duration of one week.ExecuteIf the amount of “yay” votes concludes > “nay”, the core team will execute the PIP within 3 days.The future: Murmuration DAOPlenty Governance is still in its early days and will be subject to updates that further improve utility and decentralization. The intended governance process that shall govern the Plenty Protocol at a later stage will be based on the Murmuration DAO of Kolibri. This type of DAO takes a lambda and will execute the code in the lambda if the vote passes. With this feature, programmed code can be directly reviewed and implemented on-chain exactly as proposed after it has passed voting.Official linksWebsite: https://www.plentydefi.com/Telegram: https://t.me/PlentyDeFiDiscord: https://discord.gg/9wZ4CuvkuJTwitter: https://twitter.com/plentydefiTime to vote. The first Plenty Improvement Proposal is live! was originally published in Plenty on Medium, where people are continuing the conversation by highlighting and responding to this story.

By utilizing Integro Labs’ now-ubiquitous TezTools technology, Plenty streamlines the process for listing Tezos tokens on CoinMarketCap and CoinGecko.Lowering barriers for Tezos based tokensSo you’ve officially minted your shiny new Tezos token — now what? For teams and creators behind new projects on the Tezos network, one of the most crucial steps toward legitimization is getting listed on CoinMarketCap and CoinGecko, the two largest data aggregators in the cryptocurrency space today. With so many people relying on these entities as their primary resources to research potential coins and tokens to invest in, CoinMarketCap and CoinGecko have evolved into de facto “gatekeepers” for projects that (eventually) also want to be listed on centralized exchanges like Coinbase, Binance, or KuCoin. Unfortunately, the combination of “soft” and technical requirements to be successfully listed on one or both of these “Big Two” aggregators can be incredibly overwhelming and time-intensive — especially for projects lacking dedicated developers. Enter Plenty and get started right away!A Game-Changing Tool to Streamline Integration EffortsAs one of the largest Automated Market Makers (AMM) on Tezos, Plenty leverages its reputation to help remove barriers for starting projects on the Tezos blockchain. Through a partnership with Integro Labs (the organization behind TezTools, a suite of Tezos-based tools and services), Plenty will be launching a new set of APIs (specifically, Uniswap V2 subgraphs) as self-service tools to help mitigate some of the most technically difficult and expensive prerequisites to getting listed on CoinMarketCap and/or CoinGecko. In other words, teams and creators will soon be able to utilize the unique APIs offered by Plenty and Integro Labs to reduce a large amount of the administrative and financial burden associated with applying for the “Big Two” — not to mention also carving out a presence on the Plenty decentralized exchange (DEX for short).By making these APIs publicly available for developers and projects to utilize, the Plenty and Integro Labs teams continue to pursue their common mission to elevate the Tezos network. Providing innovative offerings that accelerate the roadmaps of new projects launching on Tezos, developers can focus on actual project development while minimizing administrative distractions. These APIs will be available for usage on the Plenty website early Q1 2022.Looking Ahead to 2022The developer teams of Plenty and Integro Labs have a shared mission to grow the broader DeFi ecosystem on Tezos. Many exciting developments from both teams are coming in 2022. For any questions or to engage further, please feel free to drop by the Integro Labs Discord and Plenty Discord to discuss all things Tezos.Official linksWebsite: https://www.plentydefi.com/Telegram: https://t.me/PlentyDeFiDiscord: https://discord.gg/9wZ4CuvkuJTwitter: https://twitter.com/plentydefi

We are very happy to share that the first Plenty Improvement Proposal (PIP-001) turned out to be a great success! A big thank you to our beloved community! Over 350 xPLENTY holders voted, and with a support of 86% the minting rate has been reduced to 30 PLENTY per block.PIP-001: Minting rate reductionPlenty puts the community first, and with nearly half of the maximum supply minted, there have been plenty of requests to reduce the minting rate, in order to decrease the selling pressure. We have seen an engaged community with fruitful discussions on Twitter, Discord, and the Plenty forum. Based on these discussions, a minting rate reduction from 50 PLENTY/block to 30 PLENTY/block has been proposed in PIP-001. All xPLENTY holders could vote between December 15th until December 22nd, which resulted in 85,6% in favor of PIP-001, 12,5% against, and 1,9% abstained.PIP-001 was implemented shortly after, and Plenty is currently minting at a rate of 30 PLENTY/block. We’re excited to see how this will work out!Lessons learnedCommunication has not been clear regarding which farms are continuing and which ones are closing permanently. The PLENTY/YOU farm has been closed since December 23rd. To claim pending rewards from closed farms, toggle the active/inactive switch on https://www.plentydefi.com/farms.What’s next?Well, that’s basically up to you! Anyone with thoughts on the future of Plenty’s versatile decentralized finance (DeFi) platform is welcome to participate in the discussions or start a conversation on one of our social media channels. The dev team will be happy to engage and pave the way for PIP-002 based on community input. Several topics can be thought of, such as new farms, different fee structures, or more integrations. As soon as we get towards something specific, the dev team will draft a PIP-002 and post it on our forum for a final round of discussions. We’re very much looking forward to the second round of governance, let the discussions begin!Official linksWebsite: https://www.plentydefi.com/Telegram: https://t.me/PlentyDeFiDiscord: https://discord.gg/9wZ4CuvkuJTwitter: https://twitter.com/plentydefi

TL;DRPlenty DeFi and Wrap Protocol are joining forces and relaunch as Plenty Network; an all-in-one DeFi platform for bridging, trading, and earning, governed by a brand new token named PLY.WRAP and PLENTY holders will be able to swap their tokens for PLY according to a release schedule to be announced in the near future.The merger of both communities, tokens, and liquidity will happen in phases to assure a smooth transition.Tezsure and Bender Labs decided to merge their protocols in an effort to realize an all-in-one DeFi experience on the Tezos blockchain. Tezsure is the team of engineers behind Plenty and Bender Labs is well-known for building the first bridge from Ethereum to Tezos through Wrap Protocol.We believe that merging the technology and liquidity of Wrap and Plenty will allow the team to create a complete DeFi experience on Tezos. A single platform for bridging, trading, and earning. This merger is a great opportunity for new and improved tokenomics, with a new token called PLY, which is currently in development. WRAP and PLENTY holders will be eligible to swap their tokens for the new token PLY.The merger of Wrap Protocol with Plenty’s Automated Market Maker (AMM) and the upcoming roadmap (which contains flat curves, bridges, and features of checker) are the perfect ingredients to foster one of the most advanced and complete DeFi protocols on Tezos, bringing unparalleled value to token holders and the Tezos ecosystem!Merging with Wrap ProtocolWe’ve always been close friends with the Bender Labs team and have had successes together in developing Tezos DeFi solutions like ctez. We have discussed the possibility of merging our protocols for the benefit of our communities and DeFi on Tezos, and are excited to share the first details!What will happen to the current Wrap protocol?Tezsure will take over the lead and the management of the governance of the Wrap Protocol, including the Signers Quorum.Bender Labs will transfer control of the key technology and admin of Wrap Protocol to Tezsure and provide ongoing technical support and assistance.WRAP and PLENTY holders will be able to swap their tokens for PLY during a certain time period per a new release schedule, to be announced in the future.Relaunch timelineMany exciting new features for the Plenty Network are currently in development and will launch as soon as possible after thorough security checks including audits. After the relaunch, PLY governance participants will be able to use on-chain governance to decide on the long-term vision of Plenty. The merger of both communities, tokens, and liquidity will happen in phases to assure a smooth transition.Phase 1The Tezsure team takes over the lead and the management of the governance of the Wrap Protocol, including the Signers Quorum.Redirecting the Wrap community to Plenty.Phase 2Launch Avalanche bridge on Plenty with the Wrap Protocol. Bridged assets will follow the <bridged_asset>.<source_chain> name convention. So USDC wrapped from Avalanche will be named USDC.a.Launch audited XTZ — ctez flat curve to improve the onboarding of users to ctez.Phase 3Rebranding of wrapped assets from Ethereum. Change token name from w<bridged_asset> to <bridged_asset>.<source_chain> by deploying a new FA2 contract. For example, wUSDC changes into USDC.e.Launch flat curve AMMs with bridged assets from Avalanche and the rebranded bridged assets from Ethereum. For example USDC.a — USDC.e.Launch AMM pairs for rebranded bridged assets, for example USDC.e — ctez.Phase 4WRAP and PLENTY holders will be able to swap their tokens for PLY.Relaunching as one platform for bridging, swapping and earning with a new website: plenty.network.Wrap Protocol’s online presence will discontinue.Rethinking Plenty: The Plenty NetworkDeFi on Tezos has seen enormous growth since April 2021. The launch of Wrap Protocol kickstarted the growth in Tezos liquidity, and with the launch of Plenty DeFi in May 2021 this growth accelerated exponentially. Tezos DeFi reached its Total Value Locked (TVL) peak of more than 200 million USD in the Autumn of 2021.ReflectionInitially Plenty launched as a yield farm experiment. The goal was to find out if it was possible to attract liquidity from Ethereum to Tezos with the help of Wrap Protocol: the bridge from Ethereum to Tezos. This experiment was an amazing success.Ever since, the scale of the project increased significantly while the tokenomics of the governance token stayed behind. This merger offers the opportunity to rethink and redesign the tokenomics of Plenty according to the newest DeFi standards, and allows us to continue our mission with an improved and future-proof governance token.We thoroughly reflected all major developments of the past year, and realized that our communication did not always match our idealism and vision. We have recalibrated our vision and specified the purpose that we want to communicate, now that decentralized finance on Tezos is starting to form and continues to develop at a rapid pace.The visionPlenty is scaling decentralized finance on Tezos by building an all-in-one DeFi platform for bridging, trading, earning, and lending & borrowing, governed by the community.By combining bridges, AMMs, Arthur’s flat curve, ctez, and features of checker, we believe Plenty is on route to becoming one of the most complete DeFi protocols on Tezos.We view Plenty and Tezos as long-term projects — where a solid technical foundation and a strong community are key to winning the marathon race to global adoption.Embracing ctezThe concept of delegation on Tezos can render certain smart-contracts tricky, especially when assets from multiple participants are pooled together. A wrapped version of tez is useful in those situations, if we can achieve the following properties:fungibility: those tokens must be interchangeable with each otherdecentralization and trust minimization: they should not benefit any specific baker, nor leave that option open to any governance bodyno opportunity cost from missing out on delegationIt’s fairly easy to satisfy two out of three constraints. If we do not care about missing out on delegation, a simple contract that wraps tez and does not delegate the tez it holds will do the job. If we do not care about fungibility, we can let everyone create their own wrapped token backed by funds they delegated. Lastly, if we do not care about decentralization or trustlessness, we could leave the decision of where to delegate pooled funds to some third party.Ctez can achieve all three properties with a bit of mathematics!To improve the onboarding of users to ctez a flat curve XTZ-ctez AMM will be introduced on Plenty. At equilibrium, 78% of the pool can be bought for a slippage of less than 5%! The smart contract is live on testnet and is undergoing an audit before deploying on mainnet. Play around with the flat curve on testnet, after minting some testnet ctez and receiving testnet tez.A new token: PLYMore details about token distribution will follow soon. Let’s focus on what this new token means for WRAP and PLENTY holders in the first place.Merging Wrap Protocol with Plenty DeFi means merging their value.To this end, we’re excited to be merging the value WRAP and PLENTY into PLY!The WRAP and the PLENTY token will be merged into the PLY token to unlock the value of the combined protocols. PLY token holders will be able to benefit from the success of bridging, swapping, and earning through the new protocol, and participate in governance through PLY.Aligning all stakeholdersThe genesis supply will be allocated to PLENTY and WRAP holders. To ensure Plenty’s longevity, newly minted tokens will be allocated to multiple different stakeholders. There will be allocations for community incentives, a DAO treasury, developer team, and strategic investors.RoadmapNew features are in development and launch as soon as safely possible, after following thorough security procedures, including audits. We are working on:New yield farms with curve-like voting mechanismsA Polygon & Binance bridgeBonding mechanismsLending & borrowingImproving Upgradability and GovernanceAlmost every element of the new Plenty protocol is intended to be upgraded to value Plenty as one of the most innovative DeFi platforms on Tezos.Stakeholders will be able to vote and play a role in the implementation of new features. Governance allows fine-tuning of existing parameters, such as liquidity mining incentives, which can be adapted weekly by integrating voting with vote-escrowed PLY (vePLY). If you are not familiar with this vote-escrowed terminology, you can read more about it here.Governance will have the opportunity to shape the direction of the protocol. As new innovations come to the platform, some of which are already in an advanced stage of development, the tokenomics of the Plenty network can be adjusted. Our community plays an unmistakable and vital role in this process!Of note, for a successful launch of the new platform, the community needs to be seeded with the initial distribution schema and token model. This will be open to feedback in an effort to align our stakeholders to the strategic direction of the protocol. In the next Medium article, we will present the initial distribution schema and token model for the new PLY token to be distributed to PLENTY and WRAP holders. Stay tuned!Developing an EcosystemBy organizing the biggest Tezos DeFi hackathon to date, we made the first steps towards building a broader ecosystem around Plenty. More is coming!We will enable developers to build on top of Plenty by introducing a permissionless design (with a factory contract), open sourced smart contracts, and an SDK.A Grants Program can support independent builders and contributors with resources to experiment with. Providing both funding and feedback, the goal is to cultivate talent that enriches the Plenty ecosystem and pushes Plenty and Tezos towards a path of sustainable and community-driven growth and development.Note: This Medium post outlines the vision of what Tezsure believes Plenty could be and evolve into. It should not be seen as a promise or a guarantee of features, a roadmap, or a timeline. Please feel free to follow the development progress here and stay tuned for more updates on Twitter or Discord.Leveling Up Tezos DeFi: Wrap Protocol and Plenty are merging! was originally published in Plenty on Medium, where people are continuing the conversation by highlighting and responding to this story.