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Neo Global Development has announced that Saffron Finance has been accepted into the N3 Early Adoption Program. Saffron is a peer-to-peer risk management platform that will distribute yields according to liquidity deposits in particular tranches and offers an insurance fund that generates yields. As part of the program, Saffron will receive funding, technical support, and other incubation opportunities from NGD.
Saffron offers its users a selection of risk profiles for it supported liquidity pools. There are three tranches that depositors can utilize: senior, junior, and fee. If an event requires funds to be covered, such as a mass liquidation event, assets from the junior tranche and insurance fund will cover the senior tranche first, then the junior tranche. Junior tranche deposits receive a higher portion of the platform’s earnings in exchange for their lower coverage priority.
The Saffron ecosystem utilizes a governance token, Spice (SFI), which liquidity providers must stake in order to gain access to higher-yield tranches. Alongside access to tranches, SFI is used to vote on governance proposals regarding the Saffron protocol. When Saffron Finance v2 launches, SFI stakes will also receive fees from swapping and staking activities on the protocol.
NGD Head of Eco Growth, John Wang, said, “Through Saffron, it will be possible to transfer billions of dollars of income financial products from centralized financial institutions to a decentralized, open-source network. This unique ‘bridging’ role is significant for the entire Neo N3 ecosystem.”
Looking forward, Saffron intends to launch a liquidity mining service on Flamingo Finance. FLM tokens that are added to the Saffron pool will be deployed to Flamingo and earn interest.
Saffron Finance joins Defina Finance, Rentfuse, TranslateMe, Humswap, and TOTHEMOON in the N3 Early Adoption Program.
N3 Early Adoption Program Details
NGD’s Early Adoption Program has allocated US $10 million in grants for qualified teams and individuals. The goal of the program is to increase overall participation in the Neo ecosystem. NGD hopes that new ecosystem entrants building on Neo N3 can optimize the network through real-world use and testing. Ultimately, NGD believes the program can help establish Neo N3’s infrastructure while simultaneously bolstering awareness.
The NGD team hopes to see a variety of dApp and product ideas, with a particular interest in the following types of projects:
- Infrastructure for the Neo N3 MainNet (i.e., browsers, compilers, middleware)
- Product development based on NeoID, NeoFS, oracles, and other core components of Neo N3
- Application layer uses (i.e., DeFi, NFTs, and general dApps)
- Concepts with business use cases merging physical and digital worlds (i.e., social media, e-commerce projects)
- Regulation-facing use cases (i.e., payment and traditional financial digitization projects)
More information about applying can be found on the Eco Support section of the neo.org website.