Friendly Market is bringing DeFi to the Casper ecosystem, including an NFT marketplace, an AMM, a launchpad, and more.
Friendly Market is a one-stop shop for Casper, providing users with access to several DeFi products all in one convenient place. The project recently launched the mainnet of its decentralized exchange (DEX).
Friendly Market acts as a vehicle for beginners to enter the DeFi space through the Casper network, enabling users to utilize multiple products through a single accessible and easy-to-navigate ecosystem.
Following the official launch of the DEX, the team has begun conducting an airdrop which rewards liquidity providers. The airdropped tokens will be allocated by calculating the basis of the USD value and the period that it has been supplied to liquidity pools. The airdrop is being distributed in the native REI tokens.
The platform also gives users access to the DotOracle bridge to move liquidity from other chains to the Casper Network. To secure the bridge, the project plans to run a validator node on the DotOracle network.
On top of the project’s DEX, the project is also working on an NFT marketplace, the Friendly Lottery, and a launchpad.
In addition, Friendly Market has built an automated market maker (AMM) – a significant part of the DeFi system’s sustainability – which sets buying and selling prices for digital assets on Casper. The project recently launched the AMM, labelled the Friendly Swap AMM, allowing users to buy and sell digital assets on the Casper ecosystem instantly.
Friendly Market has had its smart contracts reviewed by blockchain security firm Arcadia to ensure the safety of user funds.
The Friendly Network Platform
Friendly Market is dedicated to its DeFi support for Casper. The project offers its users a large selection of products that grants access to some of the most prominent DeFi applications. Each application is connected by one token, allowing different products to come together to create one ecosystem that benefits end-users while at the same time making them all easily accessible.
The project’s ecosystem is comprehensive and constantly growing. Here is a quick look at some of the ecosystem’s upcoming additions:
- NFT Marketplace – Buy, sell, create, and discover NFTs on the first-ever NFT marketplace for the Casper Network.
- Launchpad – Curated projects and investors are connected through the Friendly Market launchpad, to ensure that quality projects get the attention they deserve.
- Predictions – Easily speculate and trade on the fluctuations of CSPR price movements through the predictions platform – correct predictions are rewarded.
- Options Trading – A comprehensive options trading platform for traders, regardless of their experience, allows users to trade quickly from their wallets.
REI and superREI
REI is Friendly Market’s official token allowing holders to take a portion of the platform fees. To receive platform rewards, users also need to hold superREI tokens, which are obtained by staking your REI.
All of the fees collected from the platform are swapped to REI periodically, then distributed pro-rata to superREI holders.
On top of access to staking, holders of REI also benefit from numerous other exciting features, including:
- Launchpad – Holders get early access rights to project launches on the platform’s soon-to-be-released launchpad.
- NFT Marketplace – Holders have lower fees for NFTs sold in REI.
- Lottery and Predictions – Holders get exclusive access to both lottery and predictions.
The tokenomics around REI will be announced a bit further down the line.
More on Friendly Swap AMM
The Friendly Market AMM was designed using the constant product formula x*y=k to determine token prices.
The Friendly Swap AMM will charge a 0.3% fee on every trade executed on it; 0.25% of these charges go to liquidity providers, while the rest is split evenly between superREI holders and the platform treasury.
Yield farming will be added to the platform later, giving liquidity providers the chance to earn more yield on top of the trading fees from providing liquidity.