THE FUTURE OF DEFI:
NFTS & MODERN DEFI STAKING
New generation DeFi models combined with NFT technology like DeFiFarms can overcome the shortcomings of traditional finance and become popular globally.
Decentralized finance or DeFi is no stranger to the crypto community. It’s a corner of the cryptocurrency industry representing a wide range of lending, trading, and staking activities carried out almost entirely on blockchain networks using tokens as proceeds and collateral.
DeFi only became more popular last year when the value of coins in this group spiked. Thanks to its permissionless allowing easy access for global users, anonymity, transparency of transactions, and significantly lower costs than traditional finance, DeFi is forecasted to be the next trend of the cryptocurrency market.
Defi Key Asset Value Soars
According to Coingecko, the total decentralized finance market cap is $142 billion. This is an impressive number, but it does not accurately reflect the performance of the DeFi market.
Instead, experts often refer to the value of user assets deposited into the DeFi platform to earn a profit. Specifically, the total value of locked assets (TVL) in DeFi to date has reached more than 100 billion USD.
Ethereum is the launchpad for the DeFi trend. This blockchain platform is also the first place where famous entrepreneurs commit to operating. DeFiPulse data shows that TVL on Ethereum is now around $60 billion, four times what it was at the beginning of 2021.
Although launched later, Ethereum’s direct competitor, Binance Smart Chain, is gradually being considered the promised land of DeFi. According to DeFiStation, the current TVL on it is $38 billion, led by PancakeSwap and currency markets and derivatives that play a similar role.
DeFi on BSC has grown much faster than Ethereum. It just hit $1 billion in TVL at the end of January.
DeFi market is getting more and more exciting
Although the 2020 bull run is called the “DeFi Summer”, many experts say that the DeFi market is much more active today. That view is verified throughout DeFi’s development journey.
In February 2020, TVL in DeFi, in general, broke $1 billion for the first time. By September, it continued to surpass the $10 billion mark on Ethereum. Earlier this month, the P2P crypto exchange market Compound alone broke $10 billion in TVL on its own.
Recently, Richard Chen, an analyst at 1Confirmation, also published a report showing that at least 2 million wallet addresses have interacted with DeFi protocols. While it is difficult to confirm the exact number of users, the amount of money changing hands shows these applications are real businesses.
Crypto Fees website tracked the usage fees charged across various DeFi apps. The top DeFi apps it lists (Uniswap, SushiSwap, and Compound) show an average seven-day collected daily prices ranging from $1 million to $4 million.
DeFi represents a much more reliable business because it shows products with simple returns and provides a way for people to earn impressive yields on deposits rather than making wild bets and hope.
DeFiFarms: DeFi Solution Combined with NFT
DeFiFarms (DeFiY) is the first decentralized finance project to use the ERC-721 standard token for yield farming on Binance Smart Chain. It is rated as an advanced model of DeFi staking. Instead of being tied to a fixed wallet address, the Non-Fungible Token (NFT) stakes are transferable.
With DeFiFarms, users can forget about having to create a hot wallet to stake and receive rewards. DeFiFarms staking protocol offers a unique NFT for each stake so you can safely store it in a more secure wallet, burn to unstake or sell on DeFiFarms marketplace.
“We believe that 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 the masses see this potential,” developer DeFiFarms explained in a document. “The crypto-sphere moves fast. Before anyone knows it, NFTs will be implemented in every new DeFi project”.
When participating in staking on DeFiFarms, users have to pay a 5% deposit fee. Of which, 1% will be deposited into the development fund and the remaining 4% will be distributed to DEFIY holders through DeFi Factory to encourage the holding of the ecosystem’s governance token.
DeFi Factory acts as a farming pool allowing to stake DEFIY and get other tokens. We plan to open two DeFi Factory (DEFIY-BUSD & DEFIY-BNB) at the time of launch. A 4% deposit fee will be added to these two farming pools.
DeFiFarms also features a unique “Harvest Lockup” mechanism to limit the frequency of harvesting. It can detect and prevent farming bots from continuously harvesting and dumping. Harvest Lockup only locks the farming part for a certain time, users still have the right to withdraw tokens at any time.
In addition, the Anti Whale mechanism is designed to limit the situation of speculative whales. DeFiFarms automatically rejects transactions worth 0.5% of the total supply (when incremental supply increases. Thereby, DefiFarms developer ensures benefits for everyone, including small investors.
To encourage users to invite friends to join the farming, DeFiFarms offers an attractive commission system. Just go to ttps://defifarms.org/referrals and unlock your wallet to get the referral link and send it to your friends. Every time they get a reward from the farms, the system will automatically pay you a 1% referral commission.
These advantages make DeFiFarms a haven for entrepreneurs looking for a financial system that is not tied to any government or corporation.
DeFiFarms is expected to go into operation on July 22, 2021, officially. The DeFiFarms developer will then apply for listings on Coinmarketcap, Coingecko, DappRadar, BscScan, etc.
Please visit DeFiFarms communication channels for project updates:
⦁ Website: ⦁ https://defifarms.org
⦁ Twitter: https://twitter.com/DeFiFarmNFTs
⦁ Telegram: https://t.me/DefifarmsNFT
⦁https://www.reddit.com/r/DeFiFarms/
⦁ Github: https://github.com/defifarms
✅Contract : https://bscscan.com/token/0x2307DfB065CF1c9c5bC0f3435b49830C0AB86847