The collaboration will see Plenty DeFi creating a $PLENTY pond in which users can stake $PLENTY tokens to earn $WRAP governance tokens as rewards. Simultaneously, Wrap Protocol will create a $WRAP pool on Plenty DeFi, where users can stake $WRAP governance tokens to earn $PLENTY tokens as rewards.

Wrap Protocol is a decentralized bridge between the Ethereum and Tezos blockchain that allows anyone to wrap ERC20 tokens into FA2 tokens for use on the Tezos blockchain. Since its launch on April 26, 2021, Wrap Protocol has recorded tremendous growth to hit US$10 million TVL just three months after its initial launch.

Plenty is a next-generation DeFi platform on Tezos. Incentivizing liquidity providers from other chains, Plenty rapidly emerged as the most used DeFi platform on Tezos, with over US$25 million TVL in only two months. After the successful launch of yield farms, pools, and ponds, Plenty is currently in the final stages of releasing an Automated Market Maker (AMM), further expanding DeFi use cases on Tezos in their all-in-one DeFi platform.

This collaboration between Wrap Protocol and Plenty DeFi marks a momentous dual-incentive program within the Tezos DeFi ecosystem in which users can earn incentives in $WRAP token and $PLENTY tokens. Now, users within Tezos’ DeFi ecosystem can earn cross-protocol rewards due to the collaborative efforts of the two DeFi projects.

From a philosophical standpoint, the collaboration further advances Wrap Protocol’s mission to build an open financial system and sets an example for open-source collaboration between individuals and companies, not competing, but rather collaborating to accelerate the growth of the Tezos ecosystem and DeFi as a whole.

Hugo Renaudin, Co-Founder and CEO of Bender Labs stated, “Bender is building an open decentralized financial future on Tezos. Open source and community are massive drivers for us to get there, and so is collaboration. Plenty and Wrap are two of the very first DeFi protocols on Tezos, and our shared mission is to grow the broader DeFi ecosystem on Tezos. We believe in building a collective tsunami and a bigger pie for all Tezos DeFi projects, and want to do it in a collaborative way with all the good actors of the ecosystem. We’re very excited to collaborate with such a talented team as the one behind Plenty. “

Bernd Oostrum, Co-Founder of Plenty DeFi, continued, “Launched only two months ago, Plenty Defi made an overwhelming start becoming one of the most popular DeFi platforms on Tezos in a very short timeframe. We believe that partnerships are an essential step towards a thriving DeFi ecosystem on Tezos. As such, we are thrilled to announce this partnership with Bender labs, which is undoubtedly among the most reputed developers in the Tezos ecosystem. We foresee a very bright future in this collaboration, incentivizing users from other blockchains to explore user-friendly and sustainable DeFi on Tezos with negligible transaction fees.”

About Wrap Protocol:
Wrap Protocol is a decentralized solution that makes Ethereum tokens usable on the Tezos blockchain by enabling anyone to wrap ERC20 tokens into native FA2 tokens on the Tezos blockchain. Wrap Protocol is created by Bender Labs, a team of entrepreneurs, engineers, and former executives all sharing the same ambition: leading the change of paradigm for finance by developing an open financial system running on public blockchains.

About Plenty DeFi:
Plenty DeFi emerged from a collaboration between Tezsure and DGH Labs, a Dubai-based Blockchain incubator powered by Draper Goren Holm. Plenty is the biggest DeFi platform on Tezos in terms of the most unique active wallet users, with $PLENTY being the most liquid token on Tezos. After the successful launch of yield farms, pools, and ponds, Plenty DeFi is currently putting the final touches on an Automated Market Maker (AMM), further expanding DeFi use cases on Tezos towards a full scale decentralized financial ecosystem.

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