The utility that the ecosystem gives to stablecoins gives them a niche in an often volatile crypto landscape, as Depth shows a way to boost stablecoin yield in a secure manner.
Introducing Depth Fi
Depth Fi is a Decentralized Finance (DeFi) project that is centered around building an ecosystem of stablecoin as well as mainstream assets management. The project started on the HECO chain, but is now available on Binance Smart Chain (BSC) as well.
Depth offers users the opportunity to swap and farm yields on stablecoins such as USDC, BUSD, USDT. Because stablecoins are generally pegged to a physical asset, being able to farm yields on these low-volatility coins is why Depth has found a community backing on HECO. Now Depth seeks to take advantage of the popularity of BSC, and has officially launched their platform on the blockchain, and expand their services to farm more assets like BNB.
According to DefiLlama, from the BSC version launch day to now, Depth.Fi reached an all time high Total Value Locked (TVL) of $150 million USD, and now the TVL in the protocol is $58 million USD.
The Ecosystem
Depth is made up of a variety of services for users to enjoy. These services focus on providing low fees and a smooth interface for users to enjoy.
$BDEP Token
Depth Token is the native governance token of the Depth ecosystem, with $BDEP serving as the BSC version. Depth tokens are minted and released through liquidity mining. The tokenomics for $BDEP are as follows:
Token Ticker: $BDEP
Token Standard: BEP-20
Token Address: 0x16f99577b259B069a2d1D166e70d349b11b1D325
Trading Platforms: PancakeSwap, BXH
Total Supply: While the total supply is split between HECO tokens ($DEP) and BSC tokens ($BDEP), Depth estimates the maximum amount of BDEP will be around 4,000,000,000.
As of now 23,000,000 BDEP tokens have been permanently burnt, after running on BSC for 15 days, the Burned/Issued ratio is 43.5%.
BDEP Token Distribution Chart: Details can be seen in the following image:
DEX & Stablecoin Swap
The Depth Decentralized Exchange (DEX) offers a smooth and easy-to-use interface for swapping tokens and mining liquidity. The DEX only offers from a curated selection of tokens to ensure liquidity and reduce the chance of slippage.
Every transaction has a 0.3% fee which is attributed to the Depth Decentralized Autonomous Organization (DAO). Users who provide liquidity to certain pairs will receive $DEP token rewards.
Besides the boutique DEX for selected tokens, Depth also provides users with the Stablecoin Swap service. The transaction fee for Stablecoin Swap is as low as 0.04%, and with an advanced AMM model, the risk of slippage for stablecoin swap is extremely low even for huge amounts of transactions. Now, users can swap USDC/BUSD/USDT on Depth BSC and HUSD/USDT on HECO.
Vault
The Depth Vault is a yield aggregator for stablecoins. The product aggregates from a set of mainstream platforms to find highly-rewarding yields for users.
In order to earn yields, users can deposit a stablecoin into the vault.By connecting with top-tier BSC protocols like Venus, Alpaca, and CoinWind, users will then receive a proof of deposit in the form of a specialized token like bDepvBUSD Token (for Venus pool) as well as bDepBUSD token (for Alpaca pool), which then can be staked to start earning yields. All yields are calculated in simple interest and are received in $BDEP token, BDEP token can be traded on PancakeSwap as well as BXH Swap.
There are no deposit or withdrawal fees, an enticing reason to choose the Depth Vault.
Depth OTC
Depth OTC allows users to make fully decentralized peer-to-peer transactions, eliminating the need for any third party. The process uses an atomic swap function to ensure that transactions are processed correctly. The Depth OTC means there is zero risk for slippage between two parties. Depth OTC will be deployed on BSC later.
Depth DAO
The Depth DAO introduces a hybrid governance model to the platform. Users can acquire xDEP or xBDEP tokens for staking $DEP and $BDEP in a 1:1 ratio. These xDEP tokens will allow users to have voting powers, as well as receive other incentives such as special authority and rate discounts. Depth DAO will be deployed on BSC later.
Security
Depth has received more than 10 audit reports from 3 Top-Tier audit firms for security on their HECO product, as well as an audit by Fairyproof on BSC. Users who are interested in viewing the results of these audits can find them in the Depth Docs.
Concluding Thoughts
Depth has been a premier product on HECO, leveraging the stability of stablecoins to provide a profitable product for users. By branching onto BSC, Depth is able to take advantage of the substantial user base of the DeFi blockchain. As more users join the platform from BSC, the value of the $BDEP token will make staking stablecoins an incentivizing prospect.
Depth has burn mechanisms in place to ensure that their tokens avoid increased inflation. Their ecosystem is built for convenience and sustainability. If you enjoy the stability that stablecoins offer in an industry filled with volatility and stable/long-term APR farming, Depth could be the platform for you.
To learn more about Depth Finance, visit the following links:
Source : bsc.news
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