Description: Stake your COMET-FTM LP in the Farm to earn METEOR rewards. Then stake your earned METEOR in the Masonry to earn more COMET! The $COMET algorithmic token serves as the backbone of a rapidly growing ecosystem aimed towards bringing liquidity and new use cases to the fantom network. The protocol's underlying mechanism dynamically adjusts $COMET's supply, pushing its price up or down relative to the price of $FTM. Inspired by the original idea behind Basis as well as its predecessors (bDollar and soup), Comet Finance is a multi-token protocol that consists of the following three tokens: Comet ($COMET), Meteor ($METEOR), Comet bond ($CBOND).
What issue does COMET solves?
For us at Comet Finance, creating a fork for the sake of it to mimic success is not our goal. We wish to build a sustainable decentralized reserve currency with the purpose of locking in liquidity for our protocol. Recently, Tomb has repeatedly went under peg despite its bonding mechanism in place. This creates uncertainty over investors - when will it go above peg again? At Comet Finance, we aim to create Protocol Owned Liquidity (POL) regulating the price of $COMET, keeping it always above bond. Sound familiar? Yes! An amalgamation between Tomb and OlympusDAO.
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