BiFarms network: DeFi made easy

otto11 (53)in #bifarms • 2 years ago (edited)

“The poor and the middle class work for money. The rich have money work for them.”

Robert Kiyosaki; Rich Dad, Poor Dad.

Hey there cryptosapien, Otto11 here and I believe you are well?

So recently I found out about a project and thought about discussing and sharing with my readers what I understand about it.

The project name is BiFarms and today we'll be talking about the content listed below

Contents;

• What is BiFarms?

• Common DeFi problems.

• Why BiFarms (mission and Solution)?

• Ecosystem and Tokenomics.

• How it works.

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What is BiFarms?

BiFarms is a Multi-chain based Yield optimizer platform that focuses on high yield on crypto assets.

Another way to define BiFarms is that it is a Decentralized Finance (DeFi) platform but with a different kind of setup from the traditional DeFi Platforms.

That is saying with careful strategic decisions made to maximize the user rewards from provided liquidity pools (LPs),‌ ‌automated market making (AMM) projects,‌ ‌and‌ ‌other yield ‌ farming ‌ opportunities in the DeFi ecosystem.

Putting it simply, BiFarms make your crypto work for you.

Common DeFi problems;

Agreeably, we understand that DeFi is a super disruptive system that has clearly and provably shaken our original understanding of the traditional banking systems.

But as it is and has always been, with new laws and systems, When they are made new methods to bend them just well enough not to break them.

The common problems are:

a). Accessibility- In a survey made by ARPA in 2020 they found that even though DeFi had a noticeably significant increase that year, only about 1-2% were actually using DeFi to its full advantage at the time.

This could be because some users didn't understand the mechanics fully or because it seemed like the process was a lot of stress.

Either way this highlights the problem of user interactions with the DeFi or dApps.

b). Scalability- Going by the blockchain Trilemma we understand that it is one of the sacrifices to be made by public blockchains.

Since all that scalability really requires is an increase in transaction speed, It has appeared that in current days this shows to become a solvable problem.

Why BiFarms?;

BiFARMS caters to its users by making it easy to get a yield on their crypto capital in a safe and decentralized manner, this is because of BiFarms team's mission and solution, which are…

Mission;
To be a vanguard in decentralized finance by building an ever evolving and adaptive DeFi ecosystem.

and provide a…

Solution;
What it does is, it aims to simplify this process by creating a seamless and streamlined process in Depositing user assets to earn a rewardingly high yet modest APR in the simplest and safest manner while ensuring sustainable growth within the BiFARMS platform across multiple farming ecosystems and optimizing returns for maximum yields in a safe, sustainable and robust manner.

BiFarms is a Decentralized Ecosystem that consists of:

Decentralized Exchange
Multi-Chain Yield Optimizer
Liquidity Providing pool
Yield-Farming protocol
Staking program
Tier-less IDO Launchpad

At the center of BiFarms ecosystem is the BFS token, this token serves as the reward token for BiFarms network.
It would be available to stakers on the BiFarms platform and also available on Decentralized exchanges.

Tokenomics:

Token Circle.jpg

$BFS Initial Token Supply 1,000,000
Seed Round : 50,000 $BFS (5%) is reserved.
Public Round : 50,000 $BFS (5%) is reserved.
Private Round : 100,000 $BFS (10%) is reserved.
Liquidity & Yield-Farming : 320,000 $BFS (32%) is
reserved.
Ecosystem : 160,000 $BFS (16%) is reserved.
Team : 180,000 $BFS (18%) is reserved.
Partners & Advisors : 80,000 $BFS (8%) is reserved.
Marketing : 60,000 $BFS (6%) is reserved.

Token Vesting Periods

Seed Round - 10% unlocked at TGE, cliff 2 months. The rest 90% will be unlocked monthly in the next 15 months.
Private Round - 10% unlocked at TGE, cliff 1 months. The remaining 90% will be unlocked monthly in the next 12 months.
Public Round - 10% unlocked at TGE, cliff 1 month. The remaining 90% will be unlocked monthly in the next 6 months.
Liquidity and Yield-Farming - 10% unlocked at TGE. The remaining 90% will be unlocked monthly in the next 18 months.
Ecosystem - Cliff 01 month. Tokens are unlocked at 2% every month.
Team - Cliff 06 months. 12.5% unlocked on every quarter.
Partners & Advisors - Cliff 01 month, linear vesting of 25 months.
Marketing - 10% unlocked after 1 week of - TGE. The remaining 90% will be unlocked monthly in the next 30 months.

How it works

As we stated earlier, BiFarms is a DeFi solution with a twist.

Now, since it focuses mostly on staking and farming, here we will discuss steps…

Staking-

To stake and farm with BiFARMS, simply connect your wallet via the different wallet extensions available and choose the VAULT you want to stake with. Each vault has a different duration of time and also has a different ROI.
When you’ve chosen the particular Vault.
If you already have the Digital Assets/Crypto currency in your wallet, simply choose the amount you want to deposit and click on the Deposit button.

Claiming rewards-

To claim your rewards, you need to ensure that your wallet is connected. Your dashboard will have for you in detail, the amount of particular digital assets you have earned and therefore can withdraw or move onto another VAULT if you wish. All you have to do is click on the HARVEST button.

BiFARMS wants to give users total control and complete freedom over their assets ability and that means they can decide what they'd like to do with it.