Fluidity Money, a decentralized finance (DeFi) protocol that serves as a spend-to-earn system, has announced its launch on the Ethereum (ETH) mainnet.
In a statement shared with Finbold on December 19, Fluidity noted that the blockchain incentive rewards users for swapping, trading, or performing any on-chain transaction with Fluid-wrapped assets.
In this line, Fluidity’s wrapped assets (Fluid Assets) refer to stablecoins that users can redeem anytime. After the launch on Ethereum, the project is targeting the Solana (SOL), Arbitrum, and Polygon (MATIC) blockchains.
Users already stress-testing
Currently, Fluidity has been operating on the Solana devnet beta and Ethereum testnet, hosting about 50,000 users or ‘Fluiders.’ Ahead of the Ethereum mainnet launch, the users have already stress-tested the system via transacting and swapping.
Fluidity Founder Shahmeer Chaudhry noted that 50-70% of all transactions would be yield-bearing, attracting a rewarding split of 80:20 between senders and receivers.
Furthermore, Chaudhry shared the potential of the DeFi space holds. According to Chaudhry:
“Four or five years ago, everybody said DeFi could be the use-case that brings in a billion users to crypto – but it actually turned out to be NFTs and GameFi. At Fluidity, we want to gamify how people think about spending money, and our long-term goal is to re-shape how people approach spending.”
Fluidity Money funding
It is worth noting that since the launch of Fluidity in 2021, the platform has continued to receive support from established entities like Multicoin Capital, Solana, Circle, and Lemniscap. Part of the support has come from seed funding to the tune of $1.3 million, alongside $100,000 in development grants.
Under the Fluidity spend-to-earn protocol, users can trigger rewards and pay for bills such as rent alongside interacting with a decentralized exchange (DEX) or non-fungible tokens (NFTs) marketplace and participating in blockchain gaming.