DeFi’s Spend-to-Earn Protocol Fluidity Money to Launch On Ethereum
Adelaide, Australia, 19th December, 2022, Chainwire
DeFi protocol Fluidity has announced that it will go live on the Ethereum mainnet on December 19.
The blockchain incentive layer, which rewards users for swapping, trading or performing any on-chain transaction with Fluid-wrapped assets, will initially be released on Ethereum with Solana, Arbitrum and Polygon to follow.
Built around a completely safe, audited system, Fluidity functions as a spend-to-earn protocol, turning the traditional yield-bearing model on its head: rather than lending, staking or locking up digital assets for an extended period to earn yield, users receive randomly paid yields and large dividends that can range from cents to millions, simply for sending, receiving or swapping a Fluid-wrapped asset.
“Four or five years ago, everybody said DeFi could be the use-case that brings in a billion users to crypto – but it actually turned out to be NFTs and GameFi,” says Fluidity Founder Shahmeer Chaudhry. “At Fluidity, we want to gamify how people think about spending money, and our long-term goal is to reshape how people approach spending.”
Fluidity’s wrapped assets (Fluid Assets) are stablecoins, meaning they are backed one-to-one with the underlying currency and can be redeemed by users at any time. According to Chaudhry, some 50-70% of all transactions will be yield-bearing, with rewards split 80:20 between senders and receivers, the latter of whom can include service providers. Dividends generated by the protocol derive from the cumulative yield created by every principal token deposited and lent on money markets.
Users of the spend-to-earn protocol can thus trigger rewards through everyday endeavors, such as paying for food, rent or petrol, interacting with a decentralized exchange (DEX) or NFT marketplace, or participating in blockchain gaming.
The fast-growing DeFi protocol has been operating on both the Solana devnet beta and Ethereum testnet, with 50,000 users (known as ‘Fluiders’) having already stress-tested the system through transacting and swapping.
Conceived by game designer Shahmeer Chaudry in 2021, Fluidity has received seed funding to the tune of $1.3 million from backers including Multicoin Capital, Solana, Circle, and Lemniscap. Prior to its funding rounds, the project also welcomed over $100,000 in development grants from protocols such as Compound, Solana, Polygon, Aave, Lido and RMIT Blockchain Innovation Hub.
About Fluidity Money
Fluidity Money is an innovative spend-to-earn protocol that rewards users for transacting with stable Fluid-wrapped assets. Launching initially on Ethereum before transitioning to multi-chain, the protocol has been audited by Bramah Systems, Verilog Solutions and Hashlock, and received backing from Multicoin Capital, Solana, Circle and Lemniscap. Fluidity reimagines yield farming/liquidity mining, replacing it with a sustainable utility mining model that incentivizes genuine users to explore different aspects of the protocol.
