Manifold Finance launched the FOLD token. What does it offer?
Manifold Finance launched its native token recently, aiming to raise $159,000 by trading 50,000 FOLDs. The ICO price is $3.18. This project offers solutions encompassing the middleware market for decentralized finance protocols and applications for both usability and scaling purposes.
According to the team, its mission is to help users with scaling the Ethereum ecosystem. That’s where the idea of “middleware strategies” comes from, as well. Manifold Finance’s solutions are essentially an “APY strategy.” Users might find them similar to something like Yearn Finance. However, instead of providing capital, the team creates applications that provide services generating revenue. However, the project’s main offering is YCabal.
What is YCabal, and how does it work?
YCabal is an aggregation strategy, which the team created for scaling layer one. To do that, the platform uses a mix of MEV and smart contract techniques and scales services like SushiSwap for end customers.
The inspiration for the name YCabal came from the ‘Backbone Cabal.’ The latter was a scaling solution in the mid-1980’s USENET days.
The cabal was initially created in an effort to facilitate reliable propagation of new Usenet posts. In the 1970s and 1980s, most news servers only operated during nighttime as they tried to save on the cost of long-distance communication. Still, servers of the backbone cabal were available all day long. As a result, the administrators of these servers gained substantial influence in the otherwise anarchic Usenet community. They were able to push through controversial changes, like the Great Renaming of Usenet newsgroups during 1987.
Manifold Finance’s YCabal uses services like KeeperDAO, FlashBots, ArcherDAO, etc., and it provides transaction settlement.
YCabal offers scaling solutions within the Yearn Finance ecosystem. Whenever users submit a trade on Sushi.com, they will get a notification if their trade is eligible for getting its transaction cost refunded. Even if their trade is not eligible, the platform will immediately submit it through a private RPC layer. So, users will still get the benefit of a protected trade submission. They won’t get a transaction rebate, though.
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