DeFireX Launches a Cross-Chain Solution for Yield Farming on Ethereum

The DeFireX project makes it easy for anyone to get started in the world of De-Fi and yield farming. The easy-to-use website and the single asset pools allow users to interact with DeFi efficiently.

Introduction

DeFireX aims to be a top 20 player in the field of De-Fi and liquidity provision. The DeFireX team wants their product to be usable by everyone. Leveraging the power of both the Ethereum Network and the Binance Smart Chain (BSC) the protocol caters to a plethora of DeFi users. Maximizing profits and minimizing risks is what DeFireX will do for you, especially if you are new to the world of DeFi. 

Through providing liquidity to the DeFireX smart contracts, you can earn up to 270% per year. 

Initially started on the Ethereum network, the protocol makes use of Compound Finance code. This model introduced the first liquidity incentives where users could stake $DAI or $ETH to receiving $COMP tokens as a reward. This model was highly successful but the congestion on the Ethereum Network causes very high gas prices. The DeFireX team has decided to take the best of both worlds, using the same incentive model as Compound but on the BSC. 

DeFireX

Now that the project has shifted to the BSC, the profitability has increased drastically. Instead of a transaction costing anywhere from $30 to $200 on Ethereum, the BSC transactions only cost a fraction of that. 

DeFireX increases the APY of farming positions through utilizing the VenusProtocol and PancakeSwap AMM.  The nice thing about DeFireX is that you only need to deposit a single asset, the contracts will then make all the necessary splits for the required tokens. This is achieved without further interaction or costs.

Currently you can use the following assets in the DeFireX pools; $BUSD, $USDT, $BNB, $DAI, $DFX and $ETH. You can earn up to 259% APY (annual percentage yield) depending on the selected pool. In general, the pools making use of the BSC will give the higher returns.

The contracts will allow you to claim or remove your funds at any time, even when the site is down you can interact with the contracts via bscscan or ethscan (chain explorers)

It is important to note that the code for the project is open source, the source code can be found on GITHUB.

An example of how Venus lending and PancakeSwap are utilized 

Using the BSC allows for more contract interactions and heavy savings on gas fees, ultimately creating higher gains for the DeFireX users. Due to the cheaper fees the protocol can use more robust stratigies while keeping fees nominal.

The DeFireX smart contracts can only be changed by governance vote. The $DFX token is the projects governance and utility token. Users are required to have at least 4% of the circulating supply of the $DFX token to cast their vote. If a proposal is voted yes for than the changes will be implemented in 48 hours (time-locked contracts).

DeFireX smart contracts have been audited by “Pessimistic audit company” and there were no critical or serious issues identified in this audit. The audit report can be found HERE.

DeFireX Token 

The $DFX token is the DeFireX projects governance and utility token. It can be earned as an extra incentive from staking in the various liquidity pools. It can also be staked in the “DeFireX management pool” which grants liquidity incentives and makes users eligible for governance voting.

The token has a maximum supply of 10,000,000 tokens. The initial liquidity for the $DFX token was provided by the DeFireX team and was worth $200,000. the liquidity was placed in to the PancakeSwap AMM.

The following outlines the DFX token allocation:

30% of the $DFX tokens was sold during the four pre-sale rounds securing the team some 3 million dollars for the further development of the protocol. 

20% of the token supply was set for the team. The DeFireX team sold half of their tokens to other existing projects that form strong partnerships with the project.

39% of the token supply is reserved as incentives to the liquidity miners (farming rewards)

1% will be used to airdrop $DFX tokens to early users of the platform

The remaining 10% will be used as reserves, for affiliate programs and for providing liquidity.

Further, 30% of all the platform’s profits will be used to buy back the $DFX token, creating buy pressure.

Also, an important note: 10% of the total $DFX farming volume is allocated to the team.

Source : bsc.news

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