DefiFarms - Creating a Sustainable DeFi Infrastructures for Crypto Users
Introduction
The flexibility of Decentralized Finance (DeFi) has made it a step above the traditional method of finance. Users now have total control of their funds, make transactions without central authority or consents, and able to track their spending on the blockchain technology. All these was not possible with the traditional finance as people are restricted due to multiple of regulations especially in a very stringent country. Another feature of DeFi that makes it stand out, is the eradication of middlemen. The middlemen are just a stumbling block between users and the service providers. They acquire very high amount of fees before any services can be rendered. DeFi is a platform that simply removes the involvement of middlemen intermediaries and replace it with fast and cheap fees, sometimes zero fees which are very much lower when compared to traditional finance.?
However, DeFi has its own challenges looming in the crypto space which are needed to be mitigated without much ado. Popular DeFi platforms had tried their best in the past, but still lack some important Components necessary to achieve a better decentralized ecosystem. Introducing DefiFarms; built on Binance Smart Chain is meant to mitigate the issues pertaining to DeFi features such as AMM exchange, liquidity providing, NFT protocols, yield farming and much more.?
What is DefiFarms?
DefiFarms is the first NFTs Protocol Powerful Automatic Liquidity Acquisition Yield Farm and AMM decentralized exchange running on Binance Smart Chain with lots of unique and creative features that let you earn and win. – Whitepaper
DefiFarms is a DeFi platform that tends to create a sustainable and easy-to-use environment for all users in the crypto space. Users don’t have to worry about their finances anymore. It’s a win-win situation for users and the platform. The platform provides all necessary financial tools for users to maximize profits, while the platform keeps growing to compete with the top DeFi platforms in the crypto world. DefiFarms took the pain to study and understand the problems of DeFi, and propose a model that is tested working to eradicate these challenges.?
Watch the video to get an insight about DefiFarms
What are some issues with DeFi platforms??
Even with the turn over with DeFi platforms – boosting a huge total value lockup, people still fall victim of issues related to DeFi in many cases. Some challenges faced by DeFi include but not limited to;?
The issue of decentralization – DeFi platforms are meant to be totally decentralized, but it won’t come as a surprise that vast majority of lending platforms for Blockchain Assets are not truly decentralized but centralized which are prone to traditional trust-based concerns. The degree of the Decentralization is equally different from one platform to another.?
Trust issues – The trust issues was exactly what had discouraged users from moving out of traditional finance to DeFi. However, some DeFi platforms had carted away user’s investment without notice. People don’t even know which platform to trust anymore. This has been a major challenge in the crypto space.?
Security issue – Security of the platform is very important as all user’s funds depends solely on it. It is of no surprise that we have seen DeFi platforms having ddos attacks and hacks that have affected users negatively in the past.?
Scalability and Liquidity issue – The issue of scalability and Liquidity has been a major concern in DeFi space. Transferring crypto assets from one Blockchain to another can be somehow complicated. Also, many DeFi platforms find it hard to cope with liquidity.
DefiFarms Solution and How it will work
DefiFarms, a new DeFi protocol solves these challenges by providing an impeccable, community-driven, simple interface DeFi solution where users may manage their entire banking and trading services for fiat and Cryptocurrencies. Below are description on how it will work.?
Automatic Liquidity and burning – All transactions of DEFIY will incur an 8% transfer tax. 6% transfer tax will be added to the DEFIY-BNB liquidity pool via the contract, while 2% transfer tax will automatically burned immediately. This will reduce the token in circulation, hence an increase in demand and price. The liquidity will be locked and inaccessible by anyone. Before DEFIY token is launched on the AMM dex, liquidity would initially be launched on Pancakeswap swap, thereafter on DefiFarms.?
Harvest lockup – This is a unique feature developed by DefiFarms, where rewards are locked for a specific period of time before it can be harvested. This is to reduce and remove farming arbitrage bots from harvesting and dumping.?
Anti Whale – Any transfer more than 0.5% of the total supply will be automatically rejected. Although this rato will be reduced as the total supply grows. The current ratio is 0.15%. This is to circumvent any dumping plans by the whales which can affect the token price.?
DefiFarms Ecosystem
DefiFarms allows all users to benefit from Unique DeFi applications deployed on the platform. DefiFarms ecosystem is huge and can be summarized into 5 parts. These sections are described briefly below.
AMM Exchange
Using automated market maker (AMM) model, DefiFarms allows users to swap their crypto assets instantly without delay. When compared to centralized exchanges that requires order book, DefiFarms AMM exchange eliminates the order book and ensure users/traders can swap their digital assets immediately. Additionally, DefiFarms solves the scalability issues by allowing users to trade against cross-chain liquidity pools to settle orders instantly.
Yield Farming
Similar to the traditional banking system, where funds are loaned out to get interest, DefiFarms has a section called?“DefiFarms yield farming” where users have the opportunity to get rewards by staking or lending their digital assets. Why storing your assets in your wallet when it can work for you while you sit back and relax? Additionally, liquidity providers will be rewarded with profits acquired through smart contract efficient management of the liquidity pool, by locking up their tokens. DefiFarms yield farming is deployed on the Binance Smart Chain which supports DeFi with a very low transaction fee.
Staking
To support the security of the network, users can stake their tokens to get more rewards. Rewards will be distributed based on the amount of the locked-up crypto assets. Users can enjoy seamless Proof-of-stake staking algorithms in an easy-to-use ecosystem.
Wallet
DefiFarms wallet is introduced to allow cross-chain transactions from one blockchain to another. The wallet will make trading and storing of digital assets across different blockchains to be easy in a secure and tamper-proof app. The wallet will be available in various version such as Android, IOS and web.
Non-fungible Tokens (NFTs)
As we all know that the development of NFTs has been one of the focal point for the past few years. DefiFarms will create a marketplace where users can create and trade NFTs in a Sustainable environment.
DefiFarms Team
DefiFarms Tokens
DefiFarms platform has two tokens which are built on Binance Smart Chain, namely: DEFIY which is the native token of the ecosystem and DFTC which will be used as the trading rewards on the trading incentive programs. Below is the summary of both tokens;
Token Details
Token Name: DefiFarms Non-Fungible Yearn
Token Symbol: DEFIY
Contract Address: 0x2307DfB065CF1c9c5bC0f3435b49830C0AB86847
Chain: Binance Smart Chain (BEP20)
Max Supply: 100,000,000
Token Distribution?
Seed (8%): 8,000,000
Private (15%): 15,000,000
Public (1%): 1,000,000
Farming/staking/reward (18%): 18,000,000
Liquidity (15%): 15,000,000
Ecosystem (11%): 11,000,000
Team (15%): 15,000,000
Advisor & Partnership (5%): 5,000,000
DFTC token details
Max supply – 1 Quadrillion
Allocation?
10% for DeFi factory farming
80% for trading rewards pool
10% for Dev fund
Transfer Tax fee – 15%
7.5% for Automatic liquidity acquisition
3% burned?
4.5% Resent to the trading reward pool
Token Sale?
Private Sale whitelist Registration is currently ongoing, More than 2000 users have registered already. Register and reserve your spot now before it's too late! Join now : https://odoo.defifarms.org
Watch the video below to have full understanding of the whitelisting
$DEFIY will be listed on PancakeSwap?(27th of July) it will start with a price of $0.2
Token Sale Summary
Conclusion
The idea of DefiFarms is to develop a sustainable and convenient platform where users can easily access DeFi applications necessary to maximize profits and ensure users security. With the development of AMM DeFi exchange, yield farming, staking, NFTs marketplace and much more in the pipeline, crypto users are definitely in the right place to achieve the unimaginable. With DefiFarms, it’s time to change the face of DeFi ecosystem completely.?
For more details, check the links below;
Website - https://defifarms.org/
Twitter - https://twitter.com/DeFiFarmsNFTs
Telegram - https://t.me/DefifarmsNFT
Medium - https://defifarmsnfts.medium.com/
Github - https://github.com/defifarms
Author - jerryco