ProtoFi is a community-driven, user-owned automated market maker that runs on the Fantom Opera network. It gives users a chance to own a portion of the protocol and, as a result, earn dividends. You can also earn all the revenue generated by the ProtoFi protocol, which is attained through its dual token system; the Electron token and Proton token.
ProtoFi overview
The platform includes the following features:
- Dual token system
The protocol has two native tokens, PROTO and ELCT. You can buy and sell the former token on the market, while the latter one is only obtained when you stake PROTO in nucleus pools.
- Quantum supply
This is a functionality that modifies the emission rate of PROTO according to the prevailing market conditions to safeguard users from bad actors, manipulation, and support PROTO’s price in the long run.
- ChronoLock
This refers to a protective mechanism normally employed on farms or pools to restrict the Harvest frequency permitted. As a result, arbitrage by bots, exploitation of APRs, and harvesting and dumping of PROTO regularly is avoided.
- ProtoShield
ProtoShield is a transaction monitoring system that restricts the number of PROTO tokens a user can transfer in one transaction. This serves to safeguard the ecosystem from sharp price variations resulting from big investors “dumping” significant token amounts at once.
How does ProtoFi work?
The DEX supports the following actions:
- Staking
- Creation of fission pools
- Swapping tokens
- Farming boosted pools
- Providing liquidity
What can you buy on ProtoFi?
Here is a list of the assets you can trade with on ProtoFi:
- Proton Token (PROTO)
- Electron Token (ELCT)
- xPROTON
- veELCT
Is ProtoFi safe?
The vendor assures us that ProtoFi is a safe investment for several reasons. Firstly, it is entirely open-source and created by highly experienced DeFi veterans. Secondly, it is integrated with features and protection mechanisms meant to protect users’ funds. Thirdly, the whole code has been written by qualified software engineers and audited by Certik, a leading smart contract security company. Lastly, the infamous migratory code has been removed to enhance the DEX’s security.
Still, the vendor warns that hackers may try to meddle with $PROTO or ProtoFi through Sybil attacks, spoofing, malware attacks, DDoS attacks, smurfing, etc. Also, third parties may deliberately or accidentally introduce weaknesses to the $PROTO/ProtoFi, which could affect the platform in a negative way.
ProtoFi fees, compatible wallets, and transactions
ProtoFi is only compatible with a single wallet, namely Metamask. The ecosystem’s fee system includes the following:
- 0.15% fees on all swaps, of which 0.15% goes to Fission (MoneyPot), 0% to the team, and 0% to LP providers. According to the vendor, the swap fees could reduce over time.
- 0.5% deposit fees on non-native farms.
- A 5% fee on each transaction involving the buying and selling of ELCT using PROTO.
What are the ways to trade on ProtoFi?
The platform provides the following trading options for users:
- Staking
You can stake the PROTO token, earn ELCT as a result, and own a portion of the protocol’s revenues.
- Swapping
ProtoFi allows you to stake one token for another, and when the value of the token changes, you stand to earn passive income as a result.
- Creating fission pools
A core innovation in this DEX, a fission pool, enables users to deposit ELCT and earn interest in StableCoins, which is a representative of a share in the protocols and gives holders the right to receive dividends.
Customer support
For customer support, message the team directly with your concerns through email. The company’s Telegram channel is closed for now and is only used for announcements. But you can still get support through other social media channels like Medium, Twitter, and Discord.