Share about the extremely potential project Defifarm does not need a hot wallet to secure and bet
Coming to today’s post, I want to share with you a very potential project, why am I sharing this with you because I learn about it and feel it has many special features and development. thrive in the future so I wanted to share this amazing thing with you. What is that project?
Defifarm is the project that I want to share with you
So what is defiframe?
DeFiFarms is the first NFT enhanced DeFi productivity farm.
Provided by binance smart chain .
DeFiFarms Non-Fungible Yearn — A DeFi Platform on Binance Smart Chain
DeFiFarms Non-Fungible Yearn — A DeFi Platform on Binance Smart Chain. DeFiFarms Non-Fungible Yearn or DEFIY is a DeFi NFT protocol for utilizing ERC-721 tokens for Yield Farming on Binance Smart Chain. By using NFT tokens, DeFiFarms allow stakes to be more dynamic! Instead of a stake being tied to a user’s wallet address, it is linked to a transferable NFT.
Core features of the project :
1.Manage Your Risk
DeFiFarms Non-Fungible Yearn is a new experimental DeFi protocol. Although the smart contracts have been audited, just like any new experiment, there is risk involved. Before using any features of this protocol, it is advised to make sure you have a full working knowledge of liquidity pools and impermanent loss. APY numbers are variable, and depend on the DEFIY trading platform volume. DEFIY is an experiment in decentralized finance and therefore no returns are guaranteed. APY is based on DEFIY. By using this app, it is an acknowledgement of understanding the risks. Risk only what you are willing or can afford to lose. As rewards from reward vault are disbursed, rewards will be replenished from the fees collected from each transaction of the trading platform. Please realize that these rewards are based on the volume of this platform and the reward vault may be depleted if there in no trading volume on the platform.
2. Liquidity Locking
You can also lock your LP tokens after providing liquidity on a DEX such as PanCakeSwap. When you stake your DEFIY/BNB liquidity tokens in the DEFIY platform, the LP tokens are locked in the staking contract, but the value is not. The protocol will mint an NFT at the time of staking which will wrap the value you have locked in a transferable ERC-721 token. Your stake will be stored on-chain in the metadata of the token. When you decide you no longer want to be a liquidity provider, you can go on the market and trade that NFT for the market value of the LP tokens along with the accrued rewards. Of course you can also unstake if you wish. When you unstake, the NFT is burned and staked funds plus unredeemed rewards will be transferred to your wallet.
3.Staking
The protocol allows a user to stake their various digital assets into multiple different pools to earn DEFIY, the governance token of the platform. The staking process will be the same as any other staking platform however when a user stakes on the DEFIY platform an NFT is minted and the details of the user’s stake will be stored in the NFT’s unique token id. The advantage of using an NFT is the added flexibility of being able to transfer the ERC-721 token along with all the staked tokens wrapped within it. There’s no need to unstake your assets, to cash out you simply sell the NFT right on our marketplace.
4.The Future
NFTs are the New Financial Technology! The potential of NFTs and the ERC-721 standard in DeFi are endless. DEFIY’s goal is to be a pioneer and one of the first to have this potential be seen by the masses. The crypto-sphere moves fast, before anyone knows it NFTs will be implemented in every new DeFi project. Get in now and come along for the ride!
5.Transaction Fees
While there are no transaction fees when transferring DEFIY or any NFT, there will be a small fee in DEFIY when using the trading platform. Since a NFT can not be broken down the fee will be taken from the staked value of the NFT, this means that a fee in DEFIY will taken out before each trade. The breakdown is as follows Trade Fee:
- 5% in DEFIY
- 90% will go to the reward vault
- 10% will go to the DAO
Conclusion :
This is a relatively young and new project with many users, it is very helpful for people to know about this project, although there is a very good and great idea, it needs to be promoted more actively. Moreover, in a project the team is the soul for development because having a passionate and experienced team a long-term development project and strong community character are indispensable. Through my article, you must have felt the great things in this project, why not experience it right away to feel what I share.
► For more details, please visit the link below:
Wed : https://defifarms.org/
Twitter : https://twitter.com/DeFiFarmsNFTs
Telegram : https://t.me/DefifarmsNFT
Medium: https://defifarmsnfts.medium.com/
►The author
Bitcointalk username: ziennakarishma21
BitcoinTalk profile link: https://bitcointalk.org/index.php?action=profile;u=2824865
Proof of Authentication: https://bitcointalk.org/index.php?topic=5348360.msg57505566#msg57505566
ERC20 Address : 0x59c8e8E3c0Af18d1E324A1D0B365e4ADa5ff1ba8
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► Disclaimer
Videos are for informational purposes only and are not calls to action.
⚠️ All responsibility for the safety of your money belongs to you.
⚠️ I am not responsible for your decisions.
