Themis Pro, the FVM Defi ecosystem, announced that it has officially launched on May 20th, 2023
According to official sources from Themis Pro, the Defi project on FVM in the Filecoin ecosystem has officially launched on May 20th. As the core product of Themis Protocol, Themis Pro will provide Filecoin holders and the crypto community with more diversified services and experiences along with its series of ThemisSwap, Themis Pool, stablecoin, and other Web3 products.
The Filecoin ecosystem has been quiet for a long time. Can Themis Protocol use actual actions and progress data to stimulate the activity of the Filcoin ecosystem financial layer?
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Since Bitcoin’s price hit an all-time high of $69,000 on November 10, 2021, the crypto market has experienced a long bear market, and many crypto practitioners and investors have left the industry.
The bear market has not only shrunk the assets of crypto practitioners and investors, but has also brought more blows to confidence in the crypto industry. On May 9, 2022, the LUNA incident triggered a series of chain reactions that affected bankruptcies of crypto exchanges FTX, crypto market maker AlamedaReserch, and large-scale crypto lending platforms Celsius, which further elongated the bear market cycle of the crypto market. The crypto industry has seen many wealth creation effects since its development, and the industry has never lacked hot topics such as the recent explosion of meme tokens and the hype of BRC20 concepts.
Before getting in touch with Themis Pro, the author was also thinking about why Themis Pro chose the relatively “obscure” Filecoin track for development. As a senior crypto media practitioner, the author is not unfamiliar with Filecoin and has some SP friends in the industry, but after contacting the Themis Pro team a few times, the author has gained more knowledge about Themis Pro and Filecoin in terms of its vision and thinking in deploying the FVM ecosystem.
Here are some recent data officially released by Themis, let’s take a look at the trend of Themis protocol’s progress:
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“The April IDO activity attracted more than 3,000 participants, with a participation amount exceeding $1.5 million, of which about 18% of users participated in the IDO with Filecoin tokens on the FVM chain, with a participation number exceeding 85,000 FIL. The Themis FVM chain IDO contract address holds the third-highest number of FIL in the FVM network.”
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“On May 7th, the Themis Protocol Chinese community held an offline meet up event salon, with over 100 community participants.”
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On May 8th, the official Themis Protocol launched an 8-day public beta test aimed at testing the product’s strengths and weaknesses from the user’s perspective before it is officially deployed. The public beta attracted over 5,000 testers, with over 3,500 testers completing all of the testing experiences. After the public beta ended, the number of valid feedback received exceeded 3,000, and the official will further optimize the product’s functionality and user experience based on this feedback.
Based on the official data released, it is not difficult to find that participants were enthusiastic, with more than 3,000 people participating in the IDO. In the current bear market environment of cryptocurrency, this cannot be said to be rare, at least in terms of IDO amount, breadth of user participation, and consensus, it is still worthy of recognition.
According to information disclosed by the Themis Protocol, Themis Swap, an AMM-type spot exchange based on FVM, went live on May 10, 2023; while Themis Pool is the Themis LSD business system, based on Themis’ underlying technology, which will provide FIL holders with high annualized returns. In addition, Themis will also launch a US dollar stablecoin collateralized with FIL, similar to DAI, which is expected to go live in July-August 2023.
Themis Pro, which went live this time, is a new generation of decentralized encrypted asset spot and derivative aggregate trading platform built on the FVM public chain based on the Ve(3,3) model. It incorporates the advantages of DeFi protocols such as Curve, Olympus, and GMX and introduces unique advantages such as asset pool asset adjustment mechanism, zero slippage trading mechanism, strong platform revenue feedback capability, and high capital utilization rate.
The financial innovation part of Themis Pro is still worthy of recognition. Except for the fact that the contract trading function is not yet open, all other functions can be experienced. Since the contract trading requires higher public chain performance, the specific launch time of the contract trading section of Themis Pro will be determined based on the FVM-IPC public beta and official launch time.
As an important member of the Filecoin ecosystem, the most direct value of the Themis Protocol for Filecoin is how the Themis Protocol can lock up more FIL tokens, which is related to FIL’s deflation and the price of FIL, which is the most concerned issue for many Filecoin community members.
The Themis Protocol will also spare no effort to provide channels and methods for this value locking. Assuming normal development of the protocol, the Themis Protocol will lock up at least $90 million worth of FIL at the one-year anniversary of the protocol’s launch on FVM. Based on the current price of $4.5 per token, this is equivalent to approximately 20 million FIL tokens.
Each product is expected to be locked as follows:
Themis Pro
The Themis Pro treasury pool will accept FIL as one of its minting assets. As the Themis protocol develops, the amount of locked FIL tokens will continue to increase.
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Three months after launch (August 2023), the Themis treasury will accept $3 million worth of FIL (10% of the total assets of the Themis treasury), and at the price of $4.5 per FIL, the Themis treasury will lock about 660,000 FIL.
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Six months after launch (November 2023), the Themis treasury will accept $6 million worth of FIL, and the Themis treasury will lock 1.33 million FIL.
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Nine months after launch (February 2024), the Themis treasury will accept $10 million worth of FIL, and the Themis treasury will lock 2.22 million FIL.
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Twelve months after launch (May 2024), the Themis treasury will accept $20 million worth of FIL, and the Themis treasury will lock 4.44 million FIL.
Themis Pool
Themis Pool is built on the underlying technology of Themis Pro. Compared to the LSD business developed by most SPs, Themis Pool can provide retail investors with up to 30% annualized returns. Themis Pool will receive retail FIL deposits and lend them to top SPs for interest. The interest will be used to mint THS, which will then be staked for more than 2600% annualized returns, enough to support FIL deposit users to obtain over 30% annualized returns.
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Three months after launch (August 2023), Themis Pool will absorb $5 million of FIL deposits, and Themis Pool will lock 1.11 million FIL.
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Six months after launch (November 2023), Themis Pool will absorb $10 million of FIL deposits, and Themis Pool will lock 2.22 million FIL.
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Nine months after launch (February 2024), Themis Pool will absorb $20 million of FIL deposits, and Themis Pool will lock 4.44 million FIL.
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Twelve months after launch (May 2024), Themis Pool will absorb $50 million of FIL deposits, and Themis Pool will lock 11.11 million FIL.
Stablecoin
In July and August 2023, the Themis protocol will launch a stablecoin collateralized with FIL. FIL holders can use FIL to mint stablecoins on the Themis protocol. The Themis treasury will also open up the minting of this stablecoin to THS, which will greatly increase the circulation value of FIL.
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In February 2024, 10 million USD in stablecoins will be issued, locking 2.22 million FIL.
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In May 2024, 20 million USD in stablecoins will be issued, locking 4.44 million FIL.
Based on the official data of Themis Pro, Themis Pool, and Stablecoin, the Themis team has clear goals and directions for the layout of the FVM ecosystem. If the official plan is implemented, it will undoubtedly be the biggest boon to Filecoin holders, SP miners and even the entire Filecoin ecosystem.
The author has also observed that the construction of the FVM ecosystem is currently in its infancy. The FVM public chain has been officially deployed for just over two months. Facing several public chains with high heat in the market such as ZK, SUI, ARB, etc., FVM needs some killer applications to attract more ecological builders to lay out FVM.
In addition, the Themis Protocol has been recognized by the Filecoin official team at this stage and will receive greater support in marketing and grants in the future. At the same time, we observed from ThemisPro’s official Twitter information that the partners who have reached a BlockingrtnerShip with ThemisPro currently disclosed include: the web3 senior media cointime, the ecological partners such as New Web Group and FileDrive, which are deeply cultivating the Filecoin field, and the cross-chain track Bool Network that focuses on cross-linkage, etc.
We learned from the official Themis protocol that more BlockingrtnerShips are still being established and continuously added, and have received some support from the Filecoin official in the future, and will give greater support in marketing and grants. In the near future, it will also receive support from more SP strategic partners at the same time.
Final Words
The author recently read Block Crunch’s long article “Why 2023 is the Year of Filecoin’s Start”, which objectively analyzes the current situation and future development trend of Filecoin from multiple dimensions. I won’t go into too much detail here, interested readers can browse it to get a new understanding of Filecoin. Just as “if criticism is not free, then praise will be meaningless”, most of the voices spread by Filecoin in the encryption industry are criticisms. Perhaps the current Filecoin is not enough to make the user group “sing praises” to it, but it is still recommended that users who criticize it can analyze the essence from a rational and professional perspective. The road ahead is long, and I hope Filecoin can take every step well and not disappoint the community’s expectations.
Finally, it’s worth paying more attention to Themis Pro, which will soon be launching on the FVM ecosystem. After all, projects that are supported by a large community are always worth experiencing.
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