Coke Joins the BSC Fast Food Alliance
cokefinance.com is an open-source AMM lending protocol based on BSC and the first project to introduce the LP Token collateral-mining mechanism, which can create more application scenarios and expand its value for the LP Tokens of AMMs on BSC. Coke provides users with quintuple value-added mechanisms, killing five birds with one stone!
Within 24 hours since the launch, cokefinance.com has already attracted a total of 1.2 million USD worth of LP Tokens as collateral assets, and the USDT lending pool reached the highest TVL of 4.5 million USD.
However, Coke will not let the current rapid growth stop our hard work. Sustainable community development is our ultimate goal. We understand that without a stable and prosperous BSC DeFi ecosystem, the “sustainable development” we mentioned would just remain a slogan. A person can go fast, but a group is able to go further. Coke is lucky because we have found such a group of like-minded peers to forge ahead together!
Today, Coke is glad to announce that we have joined the Fast Food Alliance. Initiated by BurgerSwap, the Fast Food Alliance is a group of Binance Smart Chain-based DeFi projects coming together with the common mission of adding use cases and boosting the development of the BSC DeFi ecosystem.
BurgerSwap is the first self-governed DeFi platform on the Binance Smart Chain (BSC). It is committed to building a completely decentralized DeFi ecosystem. With the strong community support, BurgerSwap becomes the most potential decentralized project on BSC. BurgerSwap developers created the project to solve the challenges Uniswap faced at the time, namely high Gas fees, network congestion, and slow transaction speed. Through the BurgerSwap platform, users can participate in market making, token swap, community governance, and use the Bridge to transfer tokens cross-chain. By providing liquidity and voting, users can also get BURGER tokens as rewards.
Background & Objectives of the Fast Food Alliance
However, it is also noticed that there is still a large portion of idle assets on the Binance Smart Chain, which include untraded, unstaked funds, and LP Tokens. Meanwhile, the APY of many DeFi projects on Ethereum is declining, and their appeal to users is slowly fading.
Binance strives to build one of the largest cryptocurrency ecosystems in the world and is now making huge efforts to enter the DeFi world. The smart chain (BSC) built by Binance has a fixed and low transaction fee, which is as low as 1 cent per transaction, and each block confirmation takes only 3 seconds. At the same time, BSC is compatible with the Ethereum virtual machine, so SOLIDITY developers can join the BSC almost frictionlessly. These are the advantages of the BSC ecosystem.
Based on this, BurgerSwap launched the Fast Food Alliance on October 28, 2020. The Fast Food Alliance is committed to empowering the BSC DeFi ecosystem and ultimately achieving the addition of application scenarios to the entire ecosystem, improving asset utilization rate, and attracting more users and assets to the BSC ecosystem.
The establishment is not only to enable Binance users who want to participate in DeFi and participate in governance but also to bring more benefits to community users and promote the prosperity and development of the BSC ecosystem.
Coke Joins the Fast Food Alliance
The Fast Food Alliance is committed to empowering the BSC DeFi ecosystem, which coincides with Coke's sustainable development goals. After joining the Fast Food Alliance, Coke will cooperate with alliance members in the following aspects:
- Marketing: Coke will regularly conduct joint marketing campaigns with alliance partners;
- Community: Coke will conduct community AMAs with alliance member communities;
- BURGER buyback: In order to empower the BurguerSwap ecosystem and promote the development of the entire Fast Food alliance, Coke will use all the handling fees charged, that is, 10% of the loan interest, to buy BURGER back.
- BUSD lending pool: Launched by Binance, BUSD has already evolved as one of the major stablecoins worldwide. BUSD has BEP-20 version and plays an important role in the BSC ecosystem.
In order to further empower the BSC ecosystem, Coke will add BUSD lending pool at 12pm, Nov. 17, UTC. Meanwhile, from 16 pm, Nov. 18 to 16 pm, Nov. 21, UTC, Coke will increase the lend mining rewards for BUSD pool by 50%, bringing the daily lend mining rewards for BUSD pool to 150 COKE.