Burn mechanisms are used by projects to help reduce token inflation and bring value to users. Kebab Finance has brought about a unique burn mechanism targeted to improve the token value and promote more stability.
What is Kebab Finance?
Kebab Finance is the strategic superior yield farming community on the Binance Smart Chain. Unlike the typical DeFi based Automated Market Maker (AMM) platforms forked from PancakeSwap, Kebab offers a unique staking model in addition to swapping and farming features. Kebab Finance’s mission is to provide innovative features for Binance Smart Chain.
A governance structure that brings the platform developments and decisions into the community’s hands and the latest unique deflationary burn mechanism are two anticipated features. These developments aim to improve the protocol, support long-term value growth and maintain price stability.
Automated Market Maker (Swap)
Automated Market Maker (Decentralized Exchange)
Swap across different BSC-based tokens in real-time on the Swap platform. Connect, unlock your wallet, and make use of the swap and liquidity features available to facilitate automated swap actions as well as Liquidity Provision (LP) for listed pairs.
Stake your LP tokens to earn KEBAB.
The pool features various tokens, including stable coins and top coins in the crypto market. These liquidity pools are incentivized using KEBAB tokens, and APYs are listed for each LP. The platform allows you to stake KEBAB to earn BTCB, BNB in addition to ETH, which will be added in a future update.
The platform also integrates a single staking mechanism, allowing users to earn new tokens by staking KEBAB.
Stake KEBAB and earn more KEBAB, BTCB, BNB, and more pools to be listed in the future.
The recently released Medium post highlights the planned and nearly completed milestones concerning product development. The platform will have a revamped revenue-sharing mechanism with an innovative deflationary burn mechanism for the KEBAB tokens, a new Governance page, additional yielding farms, unique pools, and an IFO page.
New Dashboard and Dedicated IFO page
Kebab has implemented a new dashboard and an Initial Farm Offering (IFO) page.
The IFO allows projects to launch with Kebabswap and bring their token directly to the most active and rapidly growing community on the BSC Network.This is in line with the team’s vision to deliver on their commitment to building new features and bringing value to the users and Binance Smart Chain.
Also included is the planned charting tool by which the users will track their investments in terms of token history and available LP worth. All of the details mentioned above are available in their recent Medium post.
The burn process will be pretty straightforward. Users will connect their wallets to the platform and use the burn button to receive X tokens. The community took part in the X Token Burn Contest, and the new token name will be announced on the day the burn mechanism is implemented.
The burning mechanism will be deflationary, making Kebab Finance the first to use this approach. At the start of the burn event, the efficiency will be at 100%; at the later periods, the efficiency will keep reducing by 0.01%.
Here is what it means. For instance, if you swap Kebab to X 1:1 on the first day, the redemption rate will be 1:0.99 on the following day. It is forever deflationary. This is done to attract users to take advantage of their tokens’ burn mechanism on the first day as it will attract a higher burn ratio compared to subsequent burns. The only way to receive this token is by burning Kebab or buying from yield farmers through the market. And if the APY doesn’t stabilize, there would always be new members to burn their Kebab to join the new farming pools.
Source : bsc.news
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