Cylum – DeFi 3.0 Staking and Metaverse Launchpad

With hyper-deflationary mechanics and hassle-free holder rewards, Cylum seeks to make waves in DeFi.

Introducing Cylum

Cylum is a Decentralized Finance (DeFi) project built to serve as a launchpad for metaverse projects on BNB Chain (formerly Binance Smart Chain). Along with its launchpad utility, Cylum also offers a variety of other DeFi services under its umbrella. 

Cylum is powered by the $CYM token, a hyper-deflationary token that drives the entire Cylum ecosystem. The token offers numerous incentives throughout the Cylum platform, including staking rewards and locked liquidity. $CYM has been listed on CoinGecko and CoinMarketCap.

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The Launchpad

The metaverse concept has been one of the hottest blockchain trends in recent times. Capitalizing on its new demands, one of Cylum’s main services is a Non-Fungible Token (NFT) metaverse launchpad. 

The Cylum team seeks to connect prospective new projects to the right audience via the launchpad. According to their whitepaper, the Cylum launchpad will help new NFT projects avoid extra steps and expedite their launch process.

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Rewards and Staking on Cylum

While the metaverse launchpad is one of Cylum’s foremost products, the platform is also highly invested in rewards for its community. One of the main goals for the Cylum team is to ensure holders still reap rewards even in market downturns. There are multiple facets to the rewards process for Cylum community members to achieve this goal.

Automatic Staking and Compounding

Perhaps one of the most interesting features about Cylum is its automatic staking and compounding of $CYM. Typically investors looking to stake need to leave their tokens on a Decentralized Exchange (DEX) or Centralized Exchange (CEX). This can be a hassle to maintain across different exchanges, even if staking rewards are auto-compounded. 

With Cylum, $CYM staking is done directly in the investor’s wallet through a unique lock-stake algorithm. This completely eliminates 3rd parties from the equation, making tracking investments far easier. Simply buy $CYM and receive all rewards directly to your wallet. 

Staking auto-compounds as well, streamlining the process even further. Cylum distributes rewards every minute to increase consistency and interest.

High APY

High APY doesn’t always mean high returns, but Cylum proposes that the structure of the Cylum protocol works to make those returns a reality. The Annual Percentage Yield (APY) on $CYM is a staggering 395,677% for the first year, decreasing afterwards as part of Cylum’s Longevity Plan. This yield is supported by the Cylum Chimney, Cylum Cylinder, and Cypher Wallet, three crucial elements of the Cylum ecosystem.

Cylum Cylinder

The Cylum Cylinder is a cold storage wallet that holds $BNB. The Cylinder fund is used to help maintain price stability during market downturns as well as lowering downside risks according to the Cylum whitepaper. Funds from the Cypher Wallet are used to support this wallet.

Cylum Chimney

The Cylum Chimney is a crucial part of $CYM’s status as hyper-deflationary. At initial launch, the Chimney will automatically burn 2% of all $CYM. The Chimney will then serve as a supply manager, making regular burns of $CYM gained from fees and taxes. As more $CYM is burned, Cylym proposes that its value will go up due to lower supply.

Cypher Wallet

The Cylum Cypher Wallet is a critical part of the growth of the ecosystem. The Cypher Wallet takes a portion of buy and sell fees of $CYM and adds them to a fund. 

This fund is then used in a multi-chain strategy that farms high APYs across chains like Fantom, Avalanche, Solana, and Polygon. These funds are then used to support the Cylum Cylinder, execute burns through the Cylum Chimney, and for marketing and growth of Cylum.  

Along with aiding in the deflationary mechanics and growing the overall wealth of the protocol, the Cypher Wallet also ensures that $CYM holders consistently receive their interest and rewards. 

Auto-Liquidity

Cylum has automatic liquidity provision on PancakeSwap built into the $CYM contract. Any time there is a buy or sell of $CYM, liquidity is automatically added from the transaction tax on $CYM. The automatic provision reduces slippage and maintains protocol stability according to the Cylum docs.

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Concluding Thoughts

Cylum looks to improve upon staking in DeFi 3.0 with its in-wallet mechanism. Utilizing burns and collected fees, the protocol automatically works towards improving the price of $CYM.

With a metaverse NFT launchpad that capitalizes on a growing industry, Cylum also offers utility outside of holder rewards. For new metaverse developers, investors, and NFT fans alike, Cylum has something to offer.

For more information about Cylum, visit the following links:

Website

Docs

Telegram

Medium

Twitter

Source : bsc.news