Konomi Network Partners with DAFI to Enable Synthetic Token Rewards
We are over the moon to announce that Konomi Network and DAFI Protocol are partnering to integrate DAFI’s synthetics protocol into Konomi’s staking platform, enabling synthetic token incentivization for Konomi token holders!
This collaboration with DAFI unlocks numerous valuable use cases that will benefit Konomi token holders. Firstly, DAFI’s synthetic protocol will be used to create dKONO tokens pegged to the network demand, meaning rewards will grow as adoption for the Konomi network, allowing us to finally support long-term users and growth.
In addition, these synthetic tokens will help prevent the hyperinflation of Konomi’s native token, whereas before DAFI, the only way to reward a network was to release large volumes of native tokens directly.
Synthetic Use Cases for the Konomi Staking Program
DAFI rewards networks based on their adoption, creating long-term users through synthetics. These synthetics are distributed to users in a reduced quantity initially to protect the network from hyperinflation. Longer-term users are later rewarded when network demand has grown and maintains scarcity when demand is low.
Konomi will create our flavor of synthetic dKONO tokens that can help limit token supply and reward users for their long-term commitment of aligning with Konomi’s vision. That is, to enable financial applications to connect to the Polkadot ecosystem seamlessly and to provide the users with a complete asset management experience — from liquidity agreements to the lending market to the management of ecosystem assets.
Together, DAFI and Konomi have committed to synergizing their mutual efforts to make DeFi a more accessible place for new assets in the Polkadot ecosystem, assisting the widespread adoption of blockchain technology.
About DAFI Protocol
DAFI reinvents how every decentralized network is rewarded. By creating synthetics pegged to different decentralized networks, every blockchain and cryptocurrency can create a dToken flavor to reward their early users while still enhancing scarcity when demand is low. DAFI can reward a network even when demand declines by issuing synthetics that will reward user’s later — instead of earlier. This approach will change the foundation of all staking, liquidity, and even social reward systems for the entire decentralized world.
Want to know more? Check out DAFI’s socials below:
About Konomi Network
Konomi is a decentralized money market protocol built using Polkadot’s Substrate. Konomi is working to provide active money markets across the entirety of the Polkadot ecosystem, as well as expand and integrate into cross-chain networks. By introducing a fluid market for cross-chain crypto assets, Konomi hopes to provide an overall better user experience that is accessible regardless of the native network the end user prefers.
Stay in touch with us through:
Telegram Announcements: https://t.me/konominetworkchannel
Telegram (Vietnam): https://t.me/konominetwork_vn