Findora founders Support FairySwap, Venice with Ecosystem Fund

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After seeing several leaps forward on the Findora blockchain’s development during 2021, Findora’s founders have helped lay the groundwork for major expansion in 2022.

In October 2021, the Findora Foundation announced a $100 Ecosystem Fund to support the building of privacy-based dApps on its platform, and several notable players have already taken advantage of the opportunity.

The Findora founders have said the fund would help accelerate the growth and development of the platform’s community, and would be part of a “broader community-led commitment to support Findora ecosystem research, development and infrastructure projects building upon Findora’s privacy-preserving technology.”

Two major players have signed on to be part of that community.

FairySwap

FairySwap is an interesting new exchange that has also agreed to build on Findora.

As the first DEX on Findora and a new kind of DEX focused on privacy, FairySwap combines privacy protection through zero-knowledge proofs with radically democratic tokenomics to give users a safe and open platform.

In what the group describes as a “fair-launch initiative,” no tokens are unfairly saved for venture capitalists, insiders, early investors or team members, according to the press release about the announcement.

Instead, 97 percent of all FAIRY tokens will be distributed to the community through liquidity mining, ensuring that the tokens are held by people who truly use the network.

The remaining 3 percent are being used in their Pixie Drop event to launch the product, the press release said. This approach balances a broad distribution of governance tokens for fair representation with widespread market utilization to maintain the value of $FAIRY.

Many new DEXs and protocols that claim to be community-governed still only allocated about 55 percent of their tokens to the community. FairySwap’s commitment to allocate fully 97 percent of their tokens to the community is a notable difference. 

Venice

In December 2021, the Venice AMM DEX partnered with Findora, receiving funding for a $10 million liquidity program that will be used to increase daily activity and users on the Findora platform.

Venice is a chain-agnostic decentralized exchange that uses zero-knowledge technology to enable privacy preservation AMM and which also supports resistance to front-running.

The exchange supports cross-chain liquidity aggregation, which empowers users to easily move liquidity inter-ecosystem — without the need to reveal personal information, the press release said.

“Front-running is one of the biggest challenges that traders face when using DEXs,” Warren Paul Anderson, VP of Product at Discreet Labs, said in the Findora press release. “By building on Findora, Venice can utilize programmable privacy to resist front-running attacks and create a much more fair trading experience.”

In its 2021 State of the Ledger post on Medium, the Findora founders said that they expected many more groups to tap the ecosystem fund and grow their ideas on the Findora platform.

“​​With a growing developer community, an ecosystem fund continually deploying capital towards new and exciting projects, and a perpetually improving protocol, Findora is poised to lead the charge towards institutional adoption of private DeFi, or what we call PriFi,” Findora wrote.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.