Extra Finance


What is Extra Finance?
Extra Finance is a community-driven leveraged yield farming (LYF) and lending protocol built on Optimism.
By offering up to 7X leverage, Extra Finance enables users to farm a diverse range of farming pools on Velodrome and other Dexes. Users can customize their farming strategies with options like re-investing, market-neutral, and long/short farming strategies.
In addition to LYF, Extra Finance also functions as a lending protocol. Users can deposit funds into its lending pools to earn interest on their deposited assets. This feature provides users with a way to earn passive income.
Who is behind Extra Finance?
The core development team comprises experienced professionals with solid finance and software development backgrounds, particularly in native DeFi protocols.
Dev Team:
Ceylon Phoker - Product Manager, discord: Ceylon Phoker#1051
Ben - Contract Dev, discord: Ben Satoshi#8308
Martin White - Full-stack developer, discord: Martin White#1864
Karman - Front-end Dev, discord: Karman#9912
Operation Team:
Cecilia - Operation & Community Manager, discord: Cecilia_ExtraFi#5880
Scarlett - BD & Operation Manager, discord: ScarlettEF#4928
Eeight - Community Manager & Ecosystem Relationship, discord: ExtraE8#5481
Security designs in your smart contract?
Constrained Admin Access
  • No fund withdrawal function is reserved for admin in smart contracts.
  • Multi-sig authentication is implemented for contract configurations, such as parameters like protocol fee, liquidation threshold, reserve rate, etc.
  • Upgrades on contract configurations are subject to a governance process, which includes a set of procedures and guidelines. This process involves multiple levels of review and approval from various stakeholders and serves to ensure transparency and consistency in managing changes to contract configurations.
Price Protection
  • The Time-Weighted Average Price (TWAP) model is implemented in Extra Finance's smart contract to safeguard against abnormal price fluctuations and potential malicious price manipulation.
Is Extra Finance audited?
  • Yes, Extra Finance is audited by PeckShield. The report could be found here.
  • A Bug bounty program on an external platform is also planned.
Is Extra Finance open-sourced or not?
The smart contract of ExtraFi is now partially open-sourced and verified on Etherscan, which can be tracked here, and Extra Finance is continuously working on transparency.
(Update: Newly open-sourced code on Jul 2023)
(More in the schedule along with additional audits and bug bounties)
If I farm/lend on Extra Finance, where is my asset exactly kept?
Extra Finance ensures that users have complete control over their assets when they open a farming or lending position. The assets remain in the user's control in the smart contract.
Neither the dev team nor any third-party protocols can access, freeze, or transfer them. In addition, users' assets are not deposited into any third-party lending protocols.
How can I gain $EXTRA token on your platform?
We will incentivize lending pools on Extra Finance with our native governance token at the mainnet launch.
Details about our emission plan could be found on our blog or Twitter.
Detailed tokenomics of Extra Finance can be found here.
What is the frequency of re-investment (or auto-compounding) for farming positions?
ExtraFi has an exclusive real-time re-investment mechanism:
  • Each transaction made on ExtraFi triggers auto re-investment.
  • In addition, off-chain bots trigger re-investment every 1-2 hours, guaranteeing that re-investment always takes place.
Why is the 'PnL' greater or smaller than the value of 'Farmed'?
The 'PnL' (Profit and Loss) can be greater or smaller than the value of 'Farmed' due to various factors. Here are some reasons:
  1. 1.
    Impermanent Loss: Impermanent loss occurs when the value of the underlying assets in a liquidity pool changes relative to the value of the same assets held outside the pool. If the impermanent loss is significant, it can result in a lower 'PnL' compared to the 'Farmed' value.
  2. 2.
    Price Variation of Underlying Asset(s): The 'PnL' is influenced by the price movement of the underlying asset(s) in the farming position.
  3. 3.
    Borrowing Interest: If you have borrowed assets (leveraged) to participate in the farming position, the interest you need to pay on the borrowed assets will reduce your 'PnL' compared to the 'Farmed' value.
  4. 4.
    Swap Cost: The 'swap cost' refers to the fees charged by DEX and potential slippage when converting your initial deposit into LP tokens. These costs are subtracted from the 'Farmed' value to calculate the 'PnL', so they can impact the final result.
All information about EXTRA
How to get EXTRA?
How to track the Price / MarketCap / Circulating Supply of EXTRA?
Where is EXTRA listed?
  • ​Velodrome​
  • No CEX has been officially listed yet
What is veEXTRA and what's the utility of veEXTRA?
👉 ve-Mechanism & Utility​