Known for his mantra “I test in prod”, controversial inventor of Yearn Finance and numerous other DeFi protocols, Andre Cronje is set to launch a new platform. Cronje is calling the project ve(3, 3) which is designed to be an Automated Market Maker (AMM) with a “protocol of protocols” structure.
The AMM is designed to easily integrate with other platforms in order to incentivize liquidity without any tradeoffs.
Existing AMMs can integrate the new AMM (ve(3, 3)) into their own design, still accruing all fees to their own systems without losing out any fees, volume, or liquidity.
Cronje explains in his official post.
From primarily serving as a tool for liquidity providers to serving as an addition to projects, Cronje believes that AMMs utility has evolved. In this sense, ve(3,3) seeks to satisfy the needs of AMM users, as well as other protocols.
Ve (3,3) makes adding token incentives to a protocol’s liquidity easier, makes it simpler for projects to earn fees from incentives, and operates as a permissionless platform. The Yearn Finance developer said:
With the above in place, any protocol or project can easily incentivize their own liquidity, be it for their token, their stable coin, or even other derivatives, and while doing so, they fully accrue fees.
In addition to natively supporting swaps between closely correlated and uncorrelated assets, Cronje’s new protocol will support Uniswap v2 compatibility, which will allow projects to use the interface, and permissionless creation of pools, gauges, and bribes.
The protocol will operate with a 0.01% fee to be paid in base assets. Cronje’s protocol for protocols will let other platforms support delegation, increase “holdings proportional to emission”, and conduct locks with capital efficiency, amongst many other features.
Will Andre’s Disruption Take AMM To The Next Level?
As an additional incentive for projects to implement Cronje’s protocol, the platform will reward them with ve(3,3) tokens. Those projects that occupy the top 20 by total value locked (TVL) will receive these rewards two weeks after the protocol launches.
The launch could take place next week, as Cronje announced via Twitter. By the end of next week, the platform will take a snapshot to determine the projects that will receive a percentage of the 2,000,000 ve(3,3) available for rewards. Cronje added:
It is up to them (the selected projects) to decide what they will incentivize, be it their own token, stable coin, or other liquidity. The timeline for this will thus be 2 weeks post protocol launch until distribution starts.
Final commit sent off for peer reviews, audits, and third party reviews.
Target of TVL snapshot end of next week.
One week for voting (and bribes), and then emission starts.
Website will be up next week.
Launching on 👻
— Andre Cronje 👻🐸 (@AndreCronjeTech) January 11, 2022
As of press time, Yearn Finance native token YFI trades at $32,139 with a 2.7% profit in 24-hours.
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
