Punk Protocol Announces Its Testnet Launching on Kovan Network
San Francisco, CA / SEAPRWire / June 04, 2021 /- Punk Protocol, a decentralized annuity protocol, announced its testnet launch on Kovan network on Friday, May 28th. Punk Protocol is the world’s first DeFi 401k (a representative pension plan from the United States) with optimal strategies to generate high yield.
According to the OECD’s report – PENSION MARKETS IN FOCUS 2020, assets in retirement savings plans have exceeded $50 trillion(USD) in 2019. The Total Value Locked in DeFi market reached over $157 billion(USD) in May 2021 (source provided – DefiLlama). With over 4,000 cryptocurrencies ushering in the explosive wave, there was no such product as decentralized pension or annuity until Punk Protocol is introduced.
Punk protocol is operated by a decentralized autonomous organization(DAO) and signifies the following features: community-led and voting-driven. The protocol is redesigned with a pension-generating format, laying its foundation on vault services. The vault includes services such as Yearn Finance or Harvest Finance. In order to establish a pension-generating structure, Punk protocol utilizes high-yield producing strategies with automated investments to multiple DeFi protocols like Compound.
Through the testnet release, the service will take finalizing steps to stabilize investment strategies and debug all possible errors.
The service will be officially released on its main network after thorough testing and completing its smart contract audit.
The contributors are developing their plans on producing more profitable models to deploy leverage and presenting diverse investment strategies that are resistible in a bear market. Punk protocol launches their product on the Ethereum network and plans to expand its service to other chains, including BSC, Solana, and Polygon, in the future.
SOURCE: Punk Protocol
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