COMET FINANCE aims to create a sustainable decentralized reserve currency with the goal of locking in liquidity for the protocol.
At Comet Finance, the team aims to create protocol-owned liquidity (POL) guiding the price of $COMET, keeping it always above the bond.
The $COMET algorithmic token is serving as the backbone of a rapidly growing ecosystem, focused on providing liquidity and new use cases for the Fantom network. The underlying mechanism of the protocol dynamically adjusts the $COMET supply, raising or lowering its price, relative to the $FTM price.
Inspired by the original idea of Basis as well as its predecessors (bDollar and soup), Comet Finance is a multi-token protocol that consists of the following three tokens:
| 1. | Comet ($COMET). |
| 2. | Meteor ($METEOR). |
| 3. | Comet bond ($CBOND). |
Buy $COMET and exchange for $CBond. You can split LP to exchange $COMET for $CBond. If you are in the $COMET-FTM LP auto-compounding vault, you are creating buying pressure on $COMET. If you are in $METEOR-FTM LP Auto-Accrual Vault and you also hold $METEOR elsewhere, Auto-Accrual Vault will suppress its price as it sells $METEOR constantly.
one way to measure the value of the CometFinance Protocol and shareholder confidence in its ability to keep $COMET close to the peg. During the epoch extension, the protocol mints $COMET and distributes it proportionally to all $METEOR holders who have staked their tokens in Milkyway. METEOR owners have voting (governing) power over protocol improvement proposals and future use cases in the CometFinance ecosystem.