Securing Secured NFTs using DeFiFarms

dawsonenzo (30)in #defifarms • 3 years ago

NFTs Automatic Liquidity Acquisition Yield Farm & AMM protocol services are possible through DeFiFarms. DeFiFarms' solution lets people stake tokens via the secure NFT ERC-721 protocol. Instead of being saved in a wallet, stake tokens will be encased in a transferrable NFT in this way, allowing them to be more dynamic. Users can burn tokens or sell them in the market with other users if they want to unstack. Users won't require a hot wallet to stake tokens because DeFiFarms will wrap stake tokens in the ERC-721 NFT protocol automatically.

The Problem

Users who want to stake tokens can usually buy them and then stake them on the platform of their choice, such as PancakeSwap or BakerySwap. This staked token is held in the wallet as a token or LP, and if the person chooses to unstake, they can do so by unstacking or burning the LP token. However, such a method is inefficient because users must first swap tokens, which incurs a fee, and users could really trade their LP to other consumers if they wish, so even though if they could, consumers would not have to concern about exchanging their LP tokens to recoup costs or profit from their LP tokens' increasing value.

The Solution

DeFiFarms is concerned about this, so they've created an app that allows people to stake tokens encased in tradable NFT. To wrap user token stakes, DeFiFarms employs the ERC-721 NFT protocol. The system will immediately wrap the staking token in a transferable NFT whenever the user stakes the token. This transferrable NFT will later be required for users to gain access to their stake tokens. Clients can trade their NFT tokens in the consumer market or from other users because it is an NFT token. Users can swiftly protect their assets or profit from an increase in the prices of their LP tokens in this manner.

So each purchase of DEFIY tokens will be subject to an 8% tax, according to DeFiFarms. This 6% tax will be automatically remitted to the DEFIY-BNB liquidity pool in the future. Liquidity will be maintained using this way. The remaining 2% of the fee will be destroyed in order to improve the token's rarity. The DEFIY token's value will rise as a result of this.

Holders will be rewarded simply for owning DEFIY tokens. This incentive is derived from the 5% deposit fee that is payable to every new user who logs into DeFiFarms. To obtain passive revenue, DEFIY token holders can stake their tokens or engage in yield farms. DeFiFarms also built a method to minimize bot or whale activity by limiting the periodicity of harvesting and prohibiting the transfer of more than 0.5 percent of the total token supply. DeFiFarms will be able to liberate its facilities from bots and whales, who frequently disrupt the market.

DeFiFarms also offers a non-custodial trading platform for cryptocurrency exchange as well as a solid digital wallet for customers to control their digital assets safely and securely.

DEFIY Token Details

The DEFIY token was created by eFiFarms to help support the construction of a platform and utility token that consumers may use for a variety of purposes. With a maximum supply of 100,000,000 DEFIY, DeFiFarms issued the DEFIY token on the Binance Smart Chain platform. DEFIY has a mechanism that rewards holders and customers can stake their DEFIY tokens to generate passive income, as stated above. The developer intends to allocate DEFIY tokens to the platform's development as well. If consumers are interested, they can purchase at a discounted price during the Seed Sale. The benefit of purchasing during the Seed Sale is that consumers may be able to make more profits.

Users' tokens are usually retained in the wallet when they stake them, and if they want to unstake, they can unstake tokens or burn existing LP tokens. However, this method is inefficient and inconvenient because consumers must first swap their tokens, and LP tokens cannot be transferred or traded.

DeFiFarms provides a stake token system based on the NFT protocol. DeFiFarms will automatically cover a user's stake token in a transferrable NFT when they stake their token. Users don't require a hot wallet to stake and profit, and stake tokens can be safeguarded with NFT tokens that can also be transferred freely in the marketplaces and with other users, making staking more dynamic and flexible.

Learn more about the project:

Website: https://defifarms.org

whitepage : https://drive.google.com/file/d/16rlbSp4cd_RpGDuPp7VPBpKeGTJ8_yYb/view

Twitter: https://twitter.com/DeFiFarmsNFTs

Telegram: https://t.me/DefifarmsNFT

Medium : https://defifarmsnfts.medium.com

Github : https://github.com/defifarms

Linkedin : https://www.linkedin.com/company/defifarms-ltd

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