By: Geeq on Dec 9, 2020
We have some Great, festively timed news for you Geeqs!
In our endeavor to bring value to our supporters whilst the developer team is hard at work committing code for the release of our mainnet, we have partnered with Saffron Finance to bring you another utility for your Geeq via their fantastic DeFi platform!
Saffron is a protocol for tokenizing on-chain assets, including contracts that otherwise impair access to utilized capital. Tokenized ownership of on-chain assets gives liquidity providers greater flexibility and uninterrupted access to their underlying collateral while enabling leveraged staking and bespoke risk management.
Saffron finance will be utilizing Geeq’s ecosystem and will be building their DeFi risk-adjustment layer on the Geeq platform once our mainnet is available.
Geeq’s limitless scalability means it is constructed so blockchains and their devs have independence. The Geeq platform offers low cost transactions due to the fact every permissionless application is powered by its own permissionless network and is able to keep its transaction costs as low as possible making it perfect for DeFi projects. Applications built on the Geeq platform do not share resources giving Dapps built on Geeq unlimited TPS (Transactions Per Second).
Unlimited scalability is also possible because Geeq does not have a main-chain, so there is no shared overhead and, importantly for DeFi, no congestion that spills from one application to another. Geeq simplifies blockchain accounting and provides honest ledgers. All of Geeq’s blockchains, including blockchain applications built for DeFi, use PoH to validate the application blockchains, offering unrivaled security for any project built on the Geeq platform.
For those who would like to read how PoH, a no-consensus consensus, makes it possible to coordinate securely on a decentralized, correct ledger (more formally, a globally honest and provably canonical ledger), here is a simple Explainer. For the formal details, please see the Technical Paper.
And that’s not the only great news about Geeq and Saffron!
Saffron finance will also be offering an SFI/GEEQ Staking pool as part of their next Epoch starting on Sunday 13th December at 2 PM UTC.
The Epochs are two week periods where liquidity is locked up and deployed to platforms by the system. At the end of an epoch, it is wound down and the interest earned is calculated and can be distributed to LPs according to their proportional tranche ownership. During the wind-down SFI tokens are generated and can be redeemed using the same proportional calculation used to redeem interest.
The system works like this:
1. Liquidity providers add liquidity to the SFI/GEEQ pool.
2. Liquidity providers receive two Saffron LP tokens for adding liquidity in their wallet: principal and dsec (interest).
3. SFI/GEEQ added to the pool is locked until the epoch ends (2 weeks later) LP tokens are regular ERC20 tokens and can be traded freely.
4. At the end of the epoch, Liquidity providers redeem their LP tokens for interest+SFI and principal. Dsec (interest) tokens are redeemable proportionally for interest+SFI and principal tokens are redeemable for the exact amount of SFI/GEEQ.
This Staking program will further incentivize all long term supporters of Geeq with another opportunity, to acquire Rewards should you wish to utilize this platform. It will also reduce volatility and further expand the number of holders of the $GEEQ Token via incentivized opportunities to support the ecosystem. This is a great way for us to Increase Awareness of the project and give something back to the community and early supporters of Geeq from around the world.
Thank you all for being a part of the Geeq community!
We wish all of you a safe and happy holiday season.