Unleashing DeFi on Telos — Bringing the full DeFi Composability to Telos
As members of our growing community, you are all aware of recent events related to the bridging solution within our ecosystem, Multichain bridge. Numerous ecosystems and projects within the space have been impacted by this incident and we urge all our users and community members to exercise a high degree of caution. We will be announcing partnerships with other bridge providers shortly.
Despite recent negative occurrences, we are still witnessing a continuous evolution of the DeFi ecosystem on Telos and would love to share these updates with all of you. At The Telos Foundation we are all committed to fostering growth and adoption of Telos, and we have made significant strides in our commitment to grow DeFi on Telos.
Over the past few months, our DeFi ecosystem has shown signs of robust growth without significant capital deployment, mostly relying on organic growth. This is a testament to the hard work of our colleagues at The Telos Foundation, our ecosystem participants, and our community members. Moreover, our aim is to ensure that our community and ecosystem gets regular updates on the state of our DeFi ecosystem.
Here we would like to highlight specific types of dApps and Infrastructure provides we have onboarded and will be announcing shortly:
1. Oracles: We will be shortly announcing to the community that we have partnered with SupraOracles, one of the industry leaders within the space
2. Bridges: By the end of July, we expect to have a novel bridge deployed on Telos and we will have an announcement around it. In addition, towards the end of Q3, we will be partnering with another bridge provider and white labeling their solution. This will ensure that we have enough diversification within our ecosystem.
3. DEXs and DEX Aggregators: Since the departure of ApeSwap, our colleagues at Telos Foundation and our community have been relentlessly working to fill in this gap within the ecosystem, and ensure that there are solid alternatives for our community. We have onboarded following projects to Telos DeFi ecosystem:
- IceCreamSwap, a multichain DEX (deployed on Telos)
- Airswap, a community DEX (governance proposal passed: https://typefully.com/t/n6Ub6nN)
- Izumi Finance, a general AMM (in the process of deployment)
- 2 Balancer forks
In addition, Swapsicle has partnered with Algebra protocol to enable concentrated liquidity, built in farming and dynamic fees functionalities.
4. Lending and Borrowing Platforms
Telos Foundation and our ecosystem participants are still on the lookout for amazing lending & borrowing protocols that could potentially be forks of Aave and / or Compound. We are in touch with some of the builders and are currently at the assessment stage.
5. Stablecoins
Amidst volatile crypto markets, stablecoins play a vital role within the DeFi ecosystem, since they enable more users to get involved with DeFi applications confidently. We are searching for distinct alternatives and currently in discussion with a project working on collateralized stablecoin with privacy preserving transactions.
6. Yield, Yield Aggregators, and Other Products
These DeFi pieces are imperative since they reward users for providing liquidity to certain protocols, which can result in high returns on their assets. In addition, users search for products that they could trade on distinct chains to maximize their returns and hedge. Telos Foundation is actively pursuing projects within this vertical in order to enable full DeFi composability for its users and community
7. Insurance, Asset Management, Liquidity Management Protocols
Insurance protocols such as Nexus Mutual provide cover against smart contract failure, slashing conditions, or validator issues, which are common risks within the DeFi space. Asset management platforms enable users to optimize investments based on various strategies, helping them to achieve the best possible return on investment. These protocols are also crucial for Telos DeFi ecosystem to accommodate our growing community and user-base.
If you are building exciting products, which include but are not limited to the applications above, please reach out to us, since Telos is committed to supporting a wide variety of DeFi projects and solid teams. We are truly excited about our growing DeFi ecosystem and looking forward to seeing innovative dApps on the Telos chain.
Furthermore, to strengthen the growth of Telos DeFi ecosystem, The Telos Foundation will also drive following initiatives to, attract developers, educate users, and grow its community.
- Grants and Incentives: Telos Foundation will continue provision of grants to talented teams and builders. In addition, it will be providing funds for liquidity incentives to the performing teams to support the growth of its DeFi ecosystem.
- Education and Awareness: Many people are still unfamiliar with Telos and DeFi space in general. Aim is to educate both the existing community and potential users about Telos, its DeFi ecosystem, and its differentiating points. Telos Foundation has started doing it through educational content, town halls, workshops, and community engagement initiatives.
- Hackathons and Events: Telos Foundation members and its community are attending numerous developer-focused events with the intention of connecting with projects and builders. In addition, there are plans to organize offline / online hackathons to ensure growth of its developer community.
- User Experience: The focus should be on enabling builders to build DeFi applications that are user-friendly and intuitive. A positive user experience will encourage more users to join the Telos DeFi ecosystem, fostering its growth.
At The Telos Foundation, we would like to reiterate our commitment to do everything in our power to further fuel the growth of our DeFi ecosystem. We would like to express our gratitude to you, our ecosystem and community. Your contributions, from developing applications, to giving feedback and educating others, have been invaluable. Your continued engagement and participation are what truly drive the success of Telos and our DeFi ecosystem. Let’s continue to create the opportunities and build a vigorous and composable DeFi ecosystem together.
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The Telos Foundation is a decentralized, independent and not-for-profit organization that spearheads the advancement and governance of the Telos blockchain. Since the network launched in 2018, Telos has demonstrated unparalleled reliability with over five years of uninterrupted service. In 2021, Telos released the tEVM — the fastest Ethereum Virtual Machine — operating in parallel with the native Telos Network. After a unanimous decision brought about by a recent community-led vote, Telos is now shifting development into a Layer 0 network, placing an emphasis on scalability, security, and decentralization. In an ever-evolving world, Telos is focused on advancing decentralization through reliable, eco-conscious and trustless technology while providing solutions that can lead to greater adoption of blockchain technology globally.
