Euphoria is an algorithmic reserve currency protocol on Harmony based on the WAGMI token. Each WAGMI token is backed by a basket of assets (e.g. DAI, UST, WAGMI-DAI LP Tokens, WAGMI-UST LP Tokens, etc) in the Euphoria Treasury, giving it an intrinsic value that it cannot fall below. Similar to Wonderland and Olympus, Euphoria also introduces economic and game-theoretic dynamics into the market through staking and purchasing bonds.
In addition, we intend to bridge the gap between DeFi 1.0’s liquidity mining mechanisms and DeFi 2.0’s protocol owned liquidity mechanisms. ViperSwap and Euphoria can both be utilized to introduce new and unique mechanisms and products. We aim to combine the best that DeFi 1.0 has to offer with the best that DeFi 2.0 can offer.
As part of the VenomDAO ecosystem, Euphoria can work synergistically with VIPER.
Since VenomDAO already has an established treasury which has grown since ViperSwap was launched in March 2021, we have bootstrapped $192,766 into the initial Euphoria protocol without the need for prolonged whitelisting processes or having to rely on backdoor deals with VC:s. The protocol was announced, and initial liquidity was added to ViperSwap on November 7th 2021.
This is the only way a truly fair launch can happen where Discord insiders or VC:s don’t have an upper hand and can dump on market participants.
Eight months ago we fair launched ViperSwap on Harmony. Eight months later we’re still here, still pushing DeFi forward on Harmony.
And now we intend to lead the Harmony ecosystem towards the path of DeFi 2.0.
