Genie Protocol Launches GNP, A New DeFi Solution of Native M…
(MENAFN– Newsfile Corp) Genie Protocol Launches GNP, A New DeFi Solution of Native Multichain Tokens, Thanks to AI
‘GNP will change the DEFI,’ the words of Founder Alfonso Santitoro
Dubai, United Arab Emirates–(Newsfile Corp. – January 21, 2022) – The Genie protocol is a DeFi protocol for the purchase of sets or ‘funds’ of tokens governed by Genie Dao and is the first protocol for the purchase of sets or ‘funds’ of native multichain tokens via artificial intelligence (BSC and Ethereum at launch).
Genie Protocol
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The GNP token is the governance token of the Genie Dao and will be used to decide the evolutions of the Genie Protocol.
The Genie Dao, through the vote, will be able to launch through Genie Protocol ‘funds’ or sets of ERC20 and BEP20 tokens that the user can buy with a single transaction. The ‘funds’ or sets composed of different tokens (10, 20 or more tokens) will be able to replicate the performance of the most capitalized tokens by category and therefore will be ‘funds’ or sets of indices (eg: top DeFi, top lending, top NFT) or will be managed directly by Genie Dao or by particularly qualified users (‘funds or managed sets’) and in the future also by a specially formed AI.
User-managed funds will have a number of limitations to minimize the risk of adverse selection and moral hazard by managers, such as limits on exposure to certain tokens, which will become more stringent the smaller and less capitalized the token chosen by the manager.
Genie’s 5-years vision
GNP wants to become the reference player in the market and position itself as the player that will help the masses to enter the world of crypto and diversify their risk. Genie hopes to help people to easily diversify their assets every day; dozens and hundreds of new projects come out and Genie will give investors the chance to select the best projects. Then Genie’s community of holders will choose the best projects and close them within certain thematic indices (e.g. metaverse or NFT) and less experienced people will be able to diversify their capital easily. Everything will be possible through the app in a very simple way.
Santitoro also says, ‘The five-year long-term vision is to be the market player for not only retail, and therefore small buyers, but to become the market player that will also bring in institutional through our platform and therefore who will buy in our indices a bit like Dow Jones Nasdaq. Genie is already talking to several hedge funds to work with these indices.’
When a user uses Genie Protocol to purchase a ‘fund’ or set of tokens, they will be charged a membership fee. Similarly, at the time of divestment, the user will be charged a performance fee.
Entry and performance fees will be used, in addition to paying the cost of gas, to repurchase tokens from the GNP/BUSD liquidity pool on Pancakeswap and to redistribute purchased tokens to holders through staking.
From the early stages of the launch of the Genie protocol, 4 different staking pools will be available to gradually distribute GDP governance tokens to the community. The four staking pools will have lock-in periods of 30, 90, 180, and 360 days, distributing multiple tokens for the same amount of time to the longer pools.
In particular, considering a 30-day period for the four pools, for every 100 GNP allocated in the first 30-day pool, 200 GNPs will be allocated in the 90-day pool, 400 GNP in the 180-day pool and 800 GNP in the 30-day pool, the 360-day pool.
Essentially, in the same time period, the pools will have these multipliers: x1 the 30-day pool, x2 the 90-day pool, x4 the 180-day pool, and x8 the 360-day pool.
If Genie Dao so wishes, the Company can proceed to burn all or part of the tokens purchased through the fees generated by Genie Protocol through the repurchase, making the GDP potentially deflationary.
Just 3 months after its launch, today Genie Protocol has a market capitalization of nearly 100M USD.
Media Contact:
Genie Protocol Press Office
Dubai – UAE
Dassi Project
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