Punk Protocol Announces its Testnet Launching on Kovan Network

SAN FRANCISCO, June 04, 2021 (GLOBE NEWSWIRE) —  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.

Media Contact

Company: Punk Protocol

Contact: Media Team

E-mail: hello@punk.finance

Website: https://punk.finance/

About the author

Brent Dixon is the owner of E-Crypto News and an early adopter of cryptocurrencies. He is a Book editor- that has edited numerous books on Cryptocurrencies. He has been a writer for more than 30 years. Covering everything from Jazz Music to Blockchain Technology. He currently lives with his wife on Miami Beach, Fl.

Related Posts

For a Hedge Against Inflation - Click the Rocket!

E-Crypto News Executive Interviews

Blockchain/Cryptocurrency Questions and Answers

Crypto Tax
Crypto Tax Software Developers Get Serious about Standards
February 2, 2023
What Is The Nexo Coin (NEXO)?
What Is The Nexo Coin (NEXO)?
February 2, 2023
Stressed about crypto
The Worst Places in the World to Buy and Hold Crypto
January 27, 2023
What Are Crypto Index Funds?
What Are Crypto Index Funds?
January 19, 2023
money
Can You Make Money Anymore With Crypto in 2023?
January 13, 2023

Automated trading with HaasBot Crypto Trading Bots


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin23,879 0.42 % 3.26 % 3.01 %
Ethereum1,680.3 0.53 % 6.14 % 4.06 %
Tether1.002 0.14 % 0.01 % 0.03 %
BNB283.64 0.09 % 0.32 % 2.79 %
USD Coin1.000 0.44 % 0.25 % 0.18 %
XRP0.4687 0.46 % 4.02 % 4.38 %
Binance USD1.000 0.15 % 0.14 % 0.18 %
Cardano0.4045 0.09 % 5.56 % 8.08 %
Dogecoin0.09362 0.66 % 2.43 % 7.56 %
Polygon1.240 0.35 % 12.43 % 24.31 %

bitcoin
Bitcoin (BTC) $ 23,820.38
ethereum
Ethereum (ETH) $ 1,676.79
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 328.16
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.415176
binance-usd
Binance USD (BUSD) $ 1.00
cardano
Cardano (ADA) $ 0.40485
dogecoin
Dogecoin (DOGE) $ 0.093393
matic-network
Polygon (MATIC) $ 1.23