Extra Finance PriceEXTRA

What is Extra Finance (EXTRA)?

Extra Finance (EXTRA) is a leveraged yield farming and lending protocol built on Optimism. It is described as a community-driven lending and leveraged yield farming protocol that provides users with 3X or higher leverage, enabling customised farming strategies or deposits into lending pools to earn lending interest. The platform is also positioned as a digital asset management platform offering access, investment and trading services across a broad spectrum of financial products, rooted in the DeFi 3.0 movement.

The protocol operates on the Optimism blockchain and is tagged under both the Optimism Ecosystem and Base Ecosystem. Its smart contract address on Optimism is 0x2dad3a13ef0c6366220f989157009e501e7938f8. Extra Finance launched its testnet on March 23, 2023, followed by its mainnet launch on May 9, 2023.

The EXTRA token has a maximum and total supply of 1,000,000,000 tokens. On-chain supply minus burned tokens is 845.698M. Circulating supply is reported as 0 in the static registry, while on-chain supply minus burned tokens is 845.698M; the difference reflects tokens not yet in public circulation. The project uses a dual-token system comprising $EXTRA, an ERC-20 utility token, and $veEXTRA, an ERC-20 governance token. Adoption metrics such as active markets, holders and TVL are shown live on data platforms and should be checked at the time of reading.

Key Specifications & Tokenomics

• Name: Extra Finance
• Ticker/Symbol: EXTRA
• Blockchain/Platform: Optimism
• Contract Address: 0x2dad3a13ef0c6366220f989157009e501e7938f8
• Token Standard: ERC-20
• Category: Leveraged Yield Farming & Lending Protocol
• Max Supply: 1,000,000,000 EXTRA
• Total Supply: 1,000,000,000 EXTRA
• Total Supply (Onchain supply - burned tokens): 845.698M
• Token System: $EXTRA (utility) and $veEXTRA (governance)
• Community Allocation: 60% of total $EXTRA supply allocated to community members who borrow tokens or use the protocol
• Official Website: https://app.extrafi.io/
• Documentation: https://docs.extrafi.io/extra_finance/tokenomics/introduction-to-tokenomics-v2
• Block Explorer: optimistic.etherscan.io
• CMC Unique ID: 27603
• CMC Slug: extra-finance
• CMC Listing Date: 17 July 2023
• Source Code: https://github.com/ExtraFi
• CertiK Rating: 3.1 (out of 5, issued by CertiK)

Who created Extra Finance?

Extra Finance is described as a community-driven protocol; governance is exercised through $veEXTRA, and official updates are published via Twitter/X (https://twitter.com/ExtraFi_io) and Medium (https://medium.com/@ExtraFinance). Community discussion also takes place on Discord at https://discord.gg/extra-finance.

How does Extra Finance work?

Extra Finance operates as a leveraged yield farming and lending protocol on Optimism. Users can access yield farming pools with 3X or higher leverage, allowing them to implement customised farming strategies. Alternatively, users can deposit assets into lending pools to earn lending interest. The protocol also provides access to lending pools with a high utilisation rate, a feature reserved for $veEXTRA holders.

The token system is central to the protocol's operation. $EXTRA is used for rewarding liquidity providers through emissions. Any $EXTRA holder can vote-escrow their tokens to receive $veEXTRA in exchange. $veEXTRA serves as the governance token, giving holders voting power in the on-chain governance process to cast for or against community proposals.

Holders of $veEXTRA receive multiple benefits, including APR rewards sourced from both protocol fees and $EXTRA token incentives. The protocol fee comprises various tokens collected into the treasury and is shared once per epoch. These fees are used to buy back $EXTRA tokens from the market and distribute them to $veEXTRA holders. A portion of the $EXTRA tokens allocated to the community is also assigned to $veEXTRA holders subject to a specific emission plan. Rewards accumulate at the end of each epoch. Additionally, $veEXTRA holders can unlock up to 4x leverage for yield farming pools and gain access to high-utilisation lending pools.

What makes Extra Finance unique and valuable?

Extra Finance distinguishes itself through its leveraged yield farming model, offering 3X or higher leverage that allows users to implement customised farming strategies. This approach enables users to potentially amplify their yields compared to standard farming protocols. Leverage amplifies both gains and losses: with 3X or higher leverage, a fall in the underlying asset price can erode or wipe out the deposited collateral, and yields are variable rather than guaranteed. The dual-token system creates a structured incentive mechanism where $veEXTRA holders receive protocol fee distributions through token buybacks, aligning long-term holder interests with protocol growth.

The protocol's focus on community-driven governance and the allocation of 60% of the total $EXTRA supply to community members who borrow tokens or use the protocol reflects a commitment to decentralising ownership and rewarding active participation. The planned integration of CLAMM (Concentrated Liquidity Automated Market Maker), advanced strategy vaults and social farming features further demonstrates the project's ambition to expand its DeFi service offerings.

Extra Finance is also positioned within the broader DeFi 3.0 movement, aiming to provide a comprehensive suite of digital asset management services. Adoption metrics such as active markets, holders and TVL are shown live on data platforms and should be checked at the time of reading.

What is Extra Finance used for?

$EXTRA serves as the utility token of the protocol and is primarily used for rewarding liquidity providers through emissions. It can also be vote-escrowed to obtain $veEXTRA. $veEXTRA functions as the governance token, enabling holders to participate in on-chain voting on community proposals.

Beyond governance, $veEXTRA provides tangible financial benefits. Holders receive APR rewards from protocol fees and $EXTRA token incentives. Protocol fees collected in the treasury are used to buy back $EXTRA from the market and distribute them to $veEXTRA holders once per epoch. A portion of community-allocated $EXTRA is also directed to $veEXTRA holders according to a specific emission plan.

Additionally, $veEXTRA holders gain access to enhanced protocol features, including unlocking up to 4x leverage for yield farming pools and accessing lending pools with a high utilisation rate. These utilities create a multi-layered incentive structure designed to encourage long-term holding and active participation in the protocol's governance and growth.

How Is the Extra Finance ecosystem developing?

Extra Finance has outlined a roadmap covering multiple phases of development. In 2023 Q3, the project planned to integrate CLAMM, launch one-click yield farming templates and release a yield farming simulation and calculation tool. In 2023 Q4, the release of Advanced Strategy Vaults was planned. For 2024 Q1, the roadmap included Social Farming, which enables user-to-user yield strategy following, and Extra Finance V2.

The project publishes tokenomics documentation at docs.extrafi.io covering $EXTRA and $veEXTRA. The protocol launched its testnet on March 23, 2023, and its mainnet on May 9, 2023, showing steady progress from testnet to mainnet and subsequent feature rollouts.

The ecosystem operates on Optimism and is tagged under both the Optimism Ecosystem and Base Ecosystem. Adoption metrics such as active markets, holders and TVL are shown live on data platforms and should be checked at the time of reading.

How are EXTRA rewards earned?

EXTRA has no mining mechanism; it is an ERC-20 token on Optimism distributed through emissions to liquidity providers, with protocol fees collected in the treasury used to buy back EXTRA for $veEXTRA holders once per epoch. The protocol allocates 60% of the total $EXTRA supply to community members who borrow tokens or use the protocol.

To maximise returns, users can vote-escrow their $EXTRA tokens to receive $veEXTRA. This provides access to APR rewards from protocol fees and $EXTRA token incentives, which are distributed once per epoch. $veEXTRA holders also benefit from protocol fee buybacks of $EXTRA tokens and a portion of community-allocated tokens subject to the emission plan.

Additionally, $veEXTRA holders can unlock up to 4x leverage for yield farming pools and access lending pools with a high utilisation rate. These mechanisms incentivise active participation and long-term holding within the Extra Finance ecosystem.

How to keep your Extra Finance Coin safe?

Security is a critical consideration for any cryptocurrency holder. Security should be assessed through verifiable evidence such as published audit reports, the auditing firm and date, and any bug bounty programme; a third-party score alone is not proof of safety. Always verify you are on the official site at https://app.extrafi.io/ before connecting a wallet.

Best practices for keeping EXTRA tokens safe include using hardware wallets for long-term storage, verifying smart contract addresses before interacting with any protocol, being cautious of unsolicited messages or links on social media, and regularly reviewing wallet permissions. Since the official contract address is 0x2dad3a13ef0c6366220f989157009e501e7938f8, users should confirm this address when adding EXTRA to their wallets or interacting with the token contract. Staying informed through official channels such as the project's Twitter/X and Medium accounts can help users avoid scams and stay updated on security-related announcements.