Nothing stays static forever, including yield farming protocols on the Decentralized Finance (DeFi) sector. EvoDefi is set to bring in innovative features that help yield farming achieve evolution from what is currently available.
What is EvoDefi?
EvoDefi is the next generation yield farm built on the Binance Smart Chain (BSC) network. Its unique feature of an evolving token emission method based on the price is set to help maintain and stabilize the price of its native tokens.
EvoDefi borrows the same features that typical AMM yield farming platforms utilize. A token burn, buybacks, entry fees, and lotteries are among the most used strategies to help the project token. EvoDefi is sure to go a step further; the system is different and unique, as the token minting is dependent on the price at the time.
Token Emission Evolution
Here, users can trade $GEN, the platform’s native token, provide liquidity using the liquidity tab, and bridge tokens on the Binance Bridge. With the provision of the AMM Dex on the platform, users do not need to go to other Dex platforms to swap their tokens. Users can effortlessly use the Farm and Pool feature or take advantage of the emission evolution of the $GEN tokens.
Token Emission Evolution
EvoDefi is the first to introduce an elastic emission of tokens per block, making a whole new revolution of Yield Farming in the DeFi corner. Unlike other DeFi projects with a fixed or static token emission method, EvoDefi has created a unique emission system, the first of its kind in the Binance Smart Chain (BSC) network.
Emission is tied to the price of tokens, i.e., it speeds up when the price goes up and slows down when the price declines. For example, when the price stays inbound of $10 and $100, the farm will emit 1 GEN token per block. But when the price drops below $10, the token emission is decreased proportionally; at $5/GEN, emission will slow down to 0.5 GEN/block, at $2/GEN, emission will be 0.2 GEN/block, etc.
When price soars above $100/GEN, for example to $120 or $250— emission speeds up to 1.2 or 2.5 GEN/block correspondingly. This so that the price of the tokens is relatively stable throughout its existence.
Yield Farming and Stake Pools
Access to earning the platform token is only through the farming pools available on its Farm Page. Stake Liquidity Provision (LP) tokens to earn GEN.
The platform features a 0% deposit fee for all GEN LPs and a 4% fixed deposit for LPs of other tokens. The pools feature industry-leading APRs, and the deposit fees will be used to buy back GEN from the secondary market at market price.
NFTs and NFT Marketplace
EvoDefi NFTs vary with specific functions and use cases (you can trade, fuse, or burn them). Plus, the platform will feature a thriving NFT marketplace ecosystem where users can exchange their NFTs and purchase new ones. Users can collect NFTs and use them to get bonuses. On the marketplace, the purchase of NFTs is restricted only to the use of the platform tokens.
EvoDefi NFTs are tied to the emission reward system. NFTs of different levels can be found in the loot box.
The Lootbox platform features both GEN and NFT Lootboxes with specific reward systems. There are a variety of ways to use your NFT once obtained. For starters, you can get Burn Bonus Time that will boost your APR by 50% by burning one or all of them at once. The amount of bonus time will be calculated according to the level and amount of NFTs you submit for burning:
1 lvl — 1 hour
2 lvl — 2 hours
3 lvl — 5 hours
4 lvl — 11 hours
5 lvl — 24 hours
6 lvl — 50 hours
7 lvl — 120 hours
Users can join the daily evolution with one of their NFTs. In this process users character/NFT submitted can evolve to the next higher level.
Here’s how your character boosts all your farms and pools based on his level of evolution:
1 lvl — 2%
2 lvl — 5%
3 lvl — 9%
4 lvl — 14%
5 lvl — 20%
6 lvl — 27%
7 lvl — 35%
According to the official released Medium post, the NFT platform has been upgraded with features asked by the community; this feature includes Filtering and Sorting.
This is in line with the project stance in putting the community’s concern and voice above all things in the project development phase.
Evolution TechRate audit is now active, indicating a positive review of the platform codes from the smart contract audit firm.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.