Hundred Finance is pleased to announce its latest chain deployment! This week, we shall be deploying our dApp on Gnosis Chain, in addition to bootstrapping HND token liquidity with a Swapr-based incentive program!

We happy to also follow up this announcement with several major news items, including the launch of our new, specialized Lendly deployment on Fantom that uses Solidly as a price oracle to facilitate HND and USDC borrowing and lending markets, as well as our creation of a 50k HND bribe for those who choose to vote for the HND-FTM Solidly pool using their SOLID tokens. Furthermore, following our discovery and resolution of a bug in the USDT gauge of our Moonriver deployment, we are pleased to be able to also announce in this post that Hundred Finance has now been redeployed on Moonriver and we will restart HND emissions there simultaneously with those on Gnosis Chain.

Gnosis Chain: An Introduction

Gnosis Chain is an EVM compatible blockchain designed for fast and inexpensive transactions managed by the Gnosis DAO, a collective that guides the development of the wider Gnosis ecosystem. Since 2017, Gnosis has been responsible for the creation of hugely popular applications in DeFi. Some well known examples of these include Gnosis Safe, a multi-signature wallet currently managing billions of dollars in digital assets, and CowSwap, a DEX aggregator that does away with the risk of miner-extracted value (MEV) through its innovation in Coincidence of Wants (Cow) order management. The Gnosis merger with xDAI means that these applications and more have a super-fast transactional layer in the Gnosis Chain.

Why use Gnosis Chain for your DeFi activities?

• Fast transaction times (5 seconds) & low transaction fees (500 tx for $.01).
• Digital cash. A stable chain is ideal for real world value exchange where 1 xDai = 1 US Dollar.
• A stable token for transactions & gas fees.
• A green, energy-efficient and ecologically aware blockchain network.
• Permissionless delegated Proof-Of-Stake based consensus with public POSDAO.
• Wide-ranging Community Support.
• Growing ecosystem designed to support stable person-to-person transactions, micro transactions, conference currencies, community currencies, DeFi, NFTs, DAOs, games and more.
• Borrowing and lending provisioned by Hundred Finance!

Hundred Finance users have access to the entire Gnosis ecosystem simply by loading their browser wallet with the correct RPC settings and sending enough DAI (that becomes xDAI on Gnosis Chain) to their wallet to pay for transaction fees. This is done in the same manner ETH is used on mainnet. We are excited to see our community dive in and start exploring the many dApps available on Gnosis Chain, especially those that they’re able to interact with through assets borrowed at the incredible rates offered by Hundred Finance!

Assets can be easily bridged over using a variety of applications listed within our documents. As for HND itself, the token’s Gnosis version has now been incorporated within Multichain and cross-chain transfers through the application are now available.

Gnosis HND Emissions

On Thursday, February 24th, at 00:00 am UTC, we will begin our Gnosis Chain liquidity incentive program and start rewarding all those who supply select assets to the platform and stake. As always, these rewards will be emitted specifically to those who lend stablecoins, in Gnosis’ case these are xDAI and USDC.

The distribution of emissions across these two markets will initially be set at a combined 50,000 HND per week. After the first week their distribution across the two gauges will move from being equal to being subject to veHND token voting, with the 50k HND week figure potentially being adjusted following the conclusion of the first two epochs. HND holders will be free to stake their HND token rewards for veHND and use these to vote where HND rewards go, all the while simultaneously boosting their APRs on the relevant assets.

HND-xDAI Liquidity Incentive Program on Swapr

In addition to the stablecoin incentives being offered, we are also offering rewards to liquidity providers who join the HND-xDAI pool on Swapr. 20,000 HND will be made available to liquidity miners over the course of the first month. Like our stablecoin pools, these will reward participants based on their proportion of the pool’s added liquidity staked in the Swapr reward contract.

To be clear, once HND and xDAI have been added to the pool on Swapr using the link that follows, the liquidity tokens received must then be staked in the reward contract in order to accrue the rewards. Failure to stake the LP tokens will result in only the accumulation of trading fees and exposure to impermanent loss. Please ensure that tokens are correctly staked in order to enjoy the HND and SWPR tokens emitted.

Add liquidity to Swapr: here

Stake liquidity tokens: here

Lendly Launch

Lendly is a new and special deployment of the Hundred Finance dApp available on the Fantom network. It uses the Solidly DEX to provide a price oracle that facilitates the borrowing of USDC against HND collateral. This deployment has been launched primarily in order to allow those who wish to support the project to supply USDC, which the team will then borrow using HND as collateral to farm SOLID using our extensive HND treasury reserves. As the benefit of compounding will be especially high during the earlier stages of SOLID emissions, this will allow the project to more rapidly accrue SOLID and “solidify” our position (pun intended). While this has not yet been finalized, we are considering paying out HND rewards for USDC depositors to incentivize the initiative.

Due to its divergence from our standard practice of using only Chainlink Price Feeds, we would like to emphasize that Lendly has unique characteristics and risk profile, relying as it does on a non-battletested source of price data. We thus anticipate the Lendly deployment having its liquidity provided principally by those with whom the Hundred Finance team has established or establishes a direct relationship.

50k HND Solidly Bribe

Staying on the topic of Solidly, this Thursday the long awaited start of SOLID token emissions will arrive. We have chosen to use our veNFT to vote fully for the HND-FTM pool, and thus it will receive SOLID equal to the proportion of the TVL of the Top 25 Fantom projects at the point at which Andre Cronje took his snapshot (unless other veNFT holders choose to vote against our pool). In order to encourage the receipt of further vote weight from new SOLID once emissions begin, we have decided to offer 50k HND in bribes to those who vote for the HND-FTM pool. As we anticipate many of our current community members to be participating in the Solidly launch, we encourage you to consider combining farming SOLID with increasing the revenue stream of the project.

Conclusion

Hundred Finance’s launch on Gnosis marks an expansion to a chain growing in importance in the field of DeFi due to its excellent technology and innovation in the provision of essential DAO applications. We on the Hundred Finance Team would like to thank Gnosis DAO, Swapr and our community for being with us as we distribute HND and Hundred Finance’s services throughout the blockchain space. What is more, the coming week looks to be an interesting one in light of the continued attention Solidly is receiving, so we hope you’ll join us in buckling up and seeing what’s in store for crypto.