Launching new projects based on the Binance Smart Chain (BSC) has become widespread and commonplace. Various problems have become apparent throughout the plethora of launchpads. Fork Finance aims to bring innovative and unique solutions to these problems.
What is Fork Finance
Fork Finance is a DeFi factory on the BSC network that produces DeFi based project in a yield farming manner. The project features innovative Defi-Farming characteristics to bootstrap the launch of upcoming projects.
The project will be the first to implement an Initial Defi-Farming Offering (IDFO) protocol on the BSC network. IDFO is a combination of Initial Dex Offering (IDO) and Initial Farm Offering (IFO). This model aims to give investors a wide array of services and improve fund safety, wealth distribution, and fairness. Fork Finance finds these features lacking in established fundraising platforms.
A common agreement across the board is the unfair practice and heightened suspicion that presale allocations are mostly for influencers and friends of projects. This tops the list of common problems with current launchpad platforms.
Fund security issues
Friendly contributions to large amounts of money
Insufficient wealth effect
The bonus period is too short (collapse too fast)
The listed issues form a plethora of discouraging problems to the investing communities and make launchpads unattractive.
The platform will launch its IDFO services in the following phases to ensure the smoothest services for its users and solve all of the pending problems with launchpads.
Phase 1: Warm-up Phase
Inject capital into the fund
Rug pull victims airdrop
Phase 2: Staking to earn FORK
Staking to earn FORK
FORK-BNB pool on PancakeSwap (LP tokens have been burnt)
This phase is designed to ensure that a healthy amount of assets are ready for the IDFO farming phase
Phase 3: IDFO farming
Opening of the IDFO farming function, thus completing our service loop (Current estimate – Mid of this Month April)
Great importance will be attached to the first IDFO project.
The protocols platform developments are divided into three stages. This was implemented to help keep the prices of its tokens stable and always valuable;
Warm-up stage – Moon fund injection phases
Initial farming phases
Farm application phases
Platform Security Update
The project will prioritize the safety of investors’ funds above all things. As mentioned in this Medium post, it will implement the following security strategies to protect funds:
Non-application of proxy contract
Use of time-lock owned by the Masterchef contract. The Masterchef owns the token contract; with time-lock, you have reaction time for any parameter adjustment.
Many case tests for any potential problem with the codes because no one can modify the contract once deployed.
The project codes are open source on Github. And you can check every deployed contract in Transparency.
Finally, an audit will be made on the codes; the team is looking at a third party to carry out the audit.
Rugpull Victim Whitelist
Compensating Rugpull victims are part of the core project launch; as with the launch plan, the team has decided to extend the whitelist of rugpull victims two days before the Yield Farm launch. As of this announcement, victims of Rug Pulled projects have until tomorrow, April 13th, 2021, to whitelist and get heavily discounted in the sale of $FORK alongside airdropped tokens.
Rugpulled project snapshot lists:
The yield farm will be launched around April 18th.
The platform is gearing towards its launch after the scheduled crowdfunding is completed. The whitelist form of the sale will open for registration on the 13th of April. Users can participate in the whitelisted sale after completing the whitelist.
Source : bsc.news
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