Protocol Overview

Why COMET? Tomb.. with a twist!

WHAT IS COMET FINANCE?

The $COMET token serves as an algorithmic stablecoin pegged to the price of 1 FTM. The protocol's underlying mechanism dynamically adjusts $COMET's supply, pushing its price up or down relative to the price of FTM. This project was built by people who were rugged and wanted a better system in place to be profitable.

OUR MOTIVATION FOR CREATING COMET FINANCE

As with all successful projects, we tend to see a huge number of projects forking the base project. The case in point, Tomb has seen a huge number of aspiring projects forking its codebase in an attempt to mimic its success. In the case of Tomb, Tomb aims to solve Fantom Opera's liquidity issues by creating a mirrored, liquid asset that can be moved around and traded without restrictions, all while benefiting from the price appreciation of the native $FTM token. Tomb's project is a purposeful one, where the ultimate goal of the project is - to become the primary utility token of the Fantom ecosystem

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.