Phiat – decentralized multi chain defi borrowing and lending. Find out more about the ecosystem and its website.
Phiat is a fork of AAVE V2 protocol.
This protocol is a community owned decentralized protocol that gives individuals the option to deposit or borrow tokens through a non-custodial market protocol for liquidity.
Phiat, its characteristics:
Built for RH Ecosystem participants and operating on multiple blockchains, Phiat operates independently of major governance or venture capitalist influence, instead opting for a revenue-sharing mechanism that benefits both token holders and liquidity providers.
The platform is open-source, offering unrestricted access to all users and has undergone multiple security audits. With Phiat, you can borrow, earn, hedge, leverage, and short your favourite RH Ecosystem coins and more with ease.
How do I engage with Phiat Protocol?
Using the Phiat protocol is simple. All you need to do is provide your desired (supported) asset and quantity in a Metamask wallet. Upon successful provision, you’ll earn passive income based on the demand for borrowing. Additionally, your assets will serve as collateral to secure loans. The interest earned from your provision compensates for the interest charged on borrowed funds.
What is the cost of interacting with Phiat protocol?
Using the protocol involves making transactions, which incurs transaction fees on the Ethereum blockchain based on network traffic and the complexity of the transaction.
$PHIAT is the platform’s utility and governance token. The goal of the tokenomics is to incentivise the protocol’s supporters and help long term growth of the community.
$PHIAT token has a fixed supply of 55,555,000.
$PHIAT token holders essentially hold the voting power of the protocol governance.
$PHIAT token has an additional staking function with below main features:
- $PHIAT staking will be implemented as PHIAT protocol launches on mainnet.
- The Interest paid by borrowers are classified as the platform fees
- 50% of the platform fees goes to lenders
- 50% of the platform fees (net fees) will be distributed to $PHIAT
In short, thanks to this new ecosystem, you’ll be able to: Borrow, Earn, Hedge, Leverage and Short.