DeFiFarms - Great ecosystem on Binance smart network
In recent years, the financial market has been depressed and inflation has raged everywhere. This is the growth opportunity of cryptocurrencies. In other words, this is the golden age of the crypto market. That is why during this time, there are countless cryptocurrencies born, but the most prominent and most interested is probably the DeFiFarms cryptocurrency project.
DeFiFarms considers decentralized finance to be a special and important segment of the blockchain community. DeFiFarms combines the features of Decentralized Profit Farming and Non-Fungal Tokens (NFT). I'm pretty sure most of us are familiar with Yield Farming, a process that provides liquidity and monetization of transaction fees in the AMM dex. Although officially launched recently, can DeFiFarms attract a lot of attention from a wide range of people, can it thrive and gain many bright names in this market development? ? To answer these questions and help people better understand the DeFiFarms project, we have covered them at the end of this article.
NFT is a current trend in the DeFi world. It has grown exponentially since its inception. Since the beginning of 2021, the NFT sector has seen exponential growth, doubling the number of transactions, and this trend has not abated even amid a severe market decline.
DefiFarms is a decentralized finance initiative built on top of the Binance smart chain, the world's fastest growing chain. The DefiFarms project is designed to conquer the DeFi space by extending its already amazing capabilities and leveraging the flexibility of blockchain technology to make DefiFarm interoperable across multiple chains, due to that covers the huge population of the growing DeFi sector without limits. DefiFarms also has a non-fungible token protocol (NFT), which allows DefiFarms users to trade NFTs and bets with their Defifarms and NFT tokens.
Farming Yield
Yield farming is a popular way to make money in the DeFi ecosystem, with different degrees of enticing incentives for users to lend their tokens to the liquidity pool. DefiFarms allows users to earn massive incentives for contributing liquidity to the DefiFarms liquidity pool.
Automated Market Maker (AMM) Of DefiFarms
In the ever-expanding crypto industry, trading cryptocurrencies on exchanges appears to be a lucrative piece of business. For crypto users (like myself), purchasing cryptocurrencies such as Bitcoin, Litecoin, Ethereum, DEFIY, and other altcoins is one thing, but selling them on exchanges is quite another. The primary purpose of crypto users acquiring altcoins is to maximize return on investment by trading them. DefiFarms will offer an AMM model to allow for the rapid exchange of DEFIY tokens for other assets.
How does Staking on DeFiFarms Works?
The process of staking in DeFiFarms is quite different compared to any DeFi Farm. Users would have to pay 5% Deposit fees when staking on DeFiFarms .Out of this amount 1% are deposited into development funds while the rest 4% are distributed to DeFiY token holders through the DeFi Farms Factory . This will encourage holding of DeFiY token . DeFiY token is the native token of DeFiFarm ecosystem . It is a governance token of the ecosystem and it is based on binance Smart chain network. $DEFIY #DefiFarms #DeFiFarmsNFT #NFTs
DeFi Factory is just like the DApps of the regular DeFi platform where users can conduct farming activities which will allows them to earn another type of token in the platform . It is a farming pool where users will be able to provide liquidity which will allow them earn from the transaction fees in the DeFiFarm exchange.Users will also be able to stake their DeFiY token to earn other cryptocurrencies in the platform . DeFiFarm will be opening 2 liquidity pools at launch where investors can provide liquidity and earn NFTs in return DEFIY-BUSD/ DEFIY-BNB Pools. For these 2 farming pools, 3% deposit fee will be charged .
Features of DeFiFarm that makes it stand out
(a) Harvest Lockup : This is a technique devised by the project to prevent massive harvesting and sell off . The mechanism detect and prevent some farming bots from harvesting and dumping in the ecosystem . To solve this problem of massive harvest and dumps the harvest lock up allows harvest to remain locked for a particular period of time till it reach maturity to harvest. All harvested rewards will be sold but it has a time limit based on the period they harvest.
(b) Anti Whale Mechanism : At early stage of DeFi , low scale investors suffers too much from the cruelty of selfish whales. Them small scale investors are just like prey to the Large scale investors. The large scale investors buys token in larger quantity in private Sales and Dump their token massively on small scale investors who bought at high price in public sale or after listing . To prevent this from happening in DeFiFarm platform , the team has developed Anti-Whale Mechanism to prevent this occurrence . Every transactions which is up to 0.5% of the total supply are rejected. This means they cant sell tokens worth 0.5% at a time and selling their tokens in multiple trades attracts a tax of 5% per trade which is beneficial to the token holders.
(c) NFTs Rewards for Staking : DeFiFarms allows NFTs stakes to be moveable . Providing liquidity on DeFiFarms allows users assets converted immidiately to NFTs after staking them . They can as well receive their staking rewards in NFT which can be sold in the platform market directly. Users of the platform dont need to create hot wallet for staking and receiving their rewards since the staking protocol gtives unique NFTs for every stake to allow users to be kept in a very secured wallet , the protocol allows burning of these NFTs to unstake them or selling them directly on DeFiFarm marketplace. NFTs is a new Financial instruments with unlimited potential
Roadmap Of DefiFarms
Q2 2021
Deploy Contracts
Build Website
Launch Presale
Q3 2021
Launch Platform
IDO/Liquidity Pool
Exchange Listings
Q4 2021
Partnerships
NFT Art
Governance
Q1 2022
Updating
Team Member
Conclude :
As known before, cryptocurrency is a product of technology, it not only makes transactions convenient and fast, but also helps us manage money and assets. most convenient and accurate.
Cryptocurrency tokens, on the other hand, work on a blockchain, they act as a means to create and support decentralized applications and smart contracts, and it is these tokens that make the exchange becomes possible. Transactions just got easier. great is the DeFiFarms Protocol that incorporates these cross-chain features for the project. It seems investors are also excited to hear about it.
In general, the cryptocurrency market was born when our economy turned a new and better page. I believe this project will continue to bring us more
Get more details:
Website: https://defifarms.org/
Twitter: https://twitter.com/DeFiFarmsNFTs
Telegram: https://t.me/DefifarmsNFT
Linkedin: https://www.linkedin.com/company/defifarms-ltd/
Medium: https://defifarmsnfts.medium.com/
GitHub: https://github.com/defifarms
Author:
Bitcointalk Name: Mahadel
Profile Link: https://bitcointalk.org/index.php?action=profile;u=2754204
Telegram: @Journame
Bsc Wallet: 0x8Fc11017ce1Da90EE7F1f69C039579877EBD4d4e
Judging by the language, the impossible is still possible! It's great!
Good work and the project team is fine too, check those docs.
Looks like a good project you can try
The project is generally a treadmill, and this is their second time launching Bounty, and this time it was so successful, they raised money.
An interesting combination for those who are just starting to master the unusual world of cryptocurrencies
The time has come to organize such a community, while blockchain is growing rapidly.
This project is definitely the future.
Thank you very much for the information about the project...
It is worth taking a closer look at the project...