Tides are changing!
Modularity is set to break complex apps into efficient modules.
At the forefront, Manta, having 871.9M in TVL, settling transactions on Celestia
Position yourself in this fully-fledged DEX before the modular wave takes off π§΅
The modularity thesis has gained traction, providing a fresh perspective on capturing value in applications.
Traditionally, processing all transactions and settlements on a single chain creates a dilemma for dApps due to high maintenance costs.
However, by unbundling complex applications into specialized modules, protocols can enhance their performance and reduce costs, showcasing the potential of the modularity thesis in the blockchain space.
This is where @FireFlydexZK shines, a key protocol in this arena, envisioning a fully-fledged modular architecture built on @MantaNetwork.
They leverage data availability with @CelestiaOrg to store transaction data off-chain.
This modular DEX has amassed $2.32M over the last few months, 434,534 24hrs trading volume, and has exemplified how modularity can revolutionize blockchain applications, through its scalable infra.
Key Features of FireFly
- OrderBook Approach & Limit Order: FireFly uses an OrderBook to match orders, bringing market participants together.
It also provides unique limit order features to guide traders' positions and increase profitability.
Additionally, it encompasses diversified Liquidity Types including:
β’ Concentrated Liquidity: Define the sell price range of assets in liquidity pools.
β’ Single-sided Liquidity: Provide just one token in a pair (e.g., only BTC or only USDC in a BTC-USDC pair).
β’ Flexible Liquidity: Provide liquidity in varied ratios (e.g., 90:10, 25:75).
Furthermore, FireFly has also emphasized a community-first approach similar to Jupiter, providing 24/7 support and rolling out several incentive programs aimed at rewarding liquidity providers and promoting engagement within their ecosystem.
Let's take a closer look at the Current Initiatives program on Liquidity Competitions:
FireFly will be distributing 17.5% of its $FLY tokens (17.5 million tokens) to users in two phases in this program:
β’ Phase 1: 7.5% of the total supply of tokens will be awarded to those who provide liquidity over one month.
β’ Phase 2: 10% of the total supply of tokens will be distributed in a subsequent liquidity provision event following Phase 1, lasting 30 days, followed by a 39-day maintenance period.
Eligibility and Strategies:
To become eligible for these rewards, users can follow these strategies:
Provide Liquidity in Eligible Token Pairs in Various token pairs such as MANTA, ETH, USDC, wUSDM, STONE, wBTC, USDT, FLY, TIA, Lab.M, stMANTA, and soon ZERO.
Additionally, you can include wUSDM, STONE, or ETH with ASM, GAI, GOK, and MaticXβspecific combinations of ETH, Stone, weETH, wstETH, and rETH to boost your eligibility.
This program also comes with Multipliers to boost your on-chain activities:
β’ 1.5x multiplier for Manta, USDM, Tia (Celestia), stManta.
β’ 1.25x multiplier for STONE.
Top TVL Depositors Reward
5% of the total supply (5 million $FLY tokens) will be awarded to the top 1,000 total value-locked (TVL) depositors in the following Manta dApps: LayerBank, ShoeBill, ZeroLend, QuickSwap, ApertureSwap, and IzumiSwap.
This allocation is based on the total TVL deposited on March 26, 2024, at 15:00 UTC. Users need to claim their points and tokens based on past activity.
Partnerships:
FireFly has forged several key partnerships:
@Bifrost: To include $vMANTA in their 30% airdrop, offering 120% APR and a 1.5x multiplier for vMANTA pools.
@ShoebillFinance: To airdrop 5% $FLY tokens to the top 1,000 ShoeBill power users.
@zerolendxyz: To airdrop 5% $FLY tokens to the top 1,000 Zerolend power users
Conclusion
FireFly DEX has positioned itself as the leading modular dApp on Manta, having amassed $3.7M over the last few months.
With modularity gaining traction and Manta at the forefront, it is only a matter of time before FireFly's potential is fully realized.
Now is the opportune moment to explore this innovative protocol.
That's a wrap