ExtraFi
ExtraFi is a community-driven lending & leveraged yield farming protocol built on Optimism.
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- Auditors
- Please see our FAQ on experienced auditors
- Website
- Token: EXTRA
- Tags: Lending
- TVL: $156M (Rank #75)
- TVL Ranking by Lending: #0
- Blockchain: Base, Optimism
- Chain TVL
- Base: $137.75M
- Optimism: $18.29M
- Code reviewed by several experienced auditors; BlockSec and PeckShield
- Anonymous team reduces transparency
- No documented protocol hacks since launch
- Latest protocol version launched in 2023; maturity over one year minimizes technical risk as smart contracts are well battle-tested
- Top 20% by total value locked slightly reduces risk
- Multisig wallet controls protocol upgrades
- Multisig consists of less than 4 signers, which makes the protocol more susceptible to centralization risks
- No timelock exists or no information documented, which mean a malicious actor could approve upgrades without any delay
- Low voting power concentration reduces risk
- Robust controls to mitigate oracle price manipulation
- Isolated markets enable asset risks to be contained to each individual pool without impacting the entire protocol
- Basic controls in place to prevent risky borrowing
- Solid mechanisms in place to ensure healthy liquidations
- Basic method to accrue protocol reserves
What is ExtraFi
ExtraFi is a decentralized leveraged yield farming and lending platform built on the Base and Optimism networks. It enables users to maximize returns by offering up to 3x leverage on yield farming strategies while also allowing users to lend assets through lending pools to earn passive income. The protocol aims to provide both active and passive income opportunities.
How ExtraFi makes money
ExtraFi allows users to interact with two primary functionalities: leveraged yield farming and lending. Farmers can borrow assets to increase their farming positions, taking advantage of strategies like reinvesting yield or hedging risks with market-neutral positions. On the lending side, users can supply assets to lending pools, earning interest from borrowers. The protocol automates complex yield farming strategies while maintaining transparency and user control through smart contracts.
How you make money on ExtraFi
Users can make money on ExtraFi by participating in leveraged yield farming to amplify returns on their DeFi positions. By selecting different farming strategies, users can optimize their yield based on risk tolerance and market conditions. Alternatively, users can deposit assets into lending pools to earn interest from borrowers, offering a more passive income stream. The dual functionality of ExtraFi provides multiple ways to generate income, catering to both active traders and long-term asset holders.
