Farming is the top utilized DeFi feature in the DeFi landscape right now. Most projects on the Binance Smart Chain (BSC) network offer Liquidity Provision (LP) farming and staking already integrated into their network. Knights DeFi brings about a fun and thrilling aspect to yield farming away from the norm we’ve been long associated with.
What is Knight DeFi?
The platform uses the “Battlefield” for farming, a unique staking pool concept. Instead of constantly minting new tokens like what is obtained in existing DeFi protocols, the platforms distribute tokens that are already harvested from other transactions. This allows yields to sustain even after the protocol’s initial liquidity rewards are exhausted.
All four tokens that are native to the platform can be earned by sending troops to the battlefield, which is the same as staking. It can be expanded to include any new staking or reward tokens without having to deploy new contracts. Users who wish to provide liquidity will also be rewarded with the Knight token.
Staking (Battlefield): Battlefield uses the concept of army strength, leveraging a logarithmic formula. The goal behind the formula is to modify the reward multiplier to prevent early whales from earning most tokens. This in turn prevents large players from taking a large percentage of the army and harvesting all rewards. The idea is that everyone gets to engage and enjoy it.
Battle for rewards by sending SQUIRE, KNIGHT, LEGEND, and TABLE to war. Army Strength is calculated as follows: (SQUIRE + (KNIGHT * 100)) * e^(log10((TABLE * 5) LEGEND)). The reward system uses the reflect mechanism to reward players(stakers).
Reflect Token: A distinguishing and unique feature of the platform is its ability to passively harvest rewards from reflectionary tokens. These tokens collect a fee and add them back into the reward pool instead of burning them forever on the contract. This keeps a supply of all tokens available for rewards. Knights Defi is the first Defi-based project to use such a feature. Imagine a token used as a staking token and harvesting its own reflect rewards, resulting in dual earning.
Yield Farming: All four tokens are available in the farm pool as LP tokens with BUSD-BNB LP, which also feature a high APR of over 1,000%.
LP tokens include:
Lottery System: The King’s chance lottery, where players can take their chance and test their luck, is already active on the platform.
How it works
Spend KNIGHT to buy tickets, contributing to the lottery pot.
Win prizes if 2, 3, or 4 of your ticket numbers match the winning numbers and their exact order!
Numbers are between 1-6, which gives odds of 11.5% chance to Match 2, 1.5% to Match 3, and 0.077% to Match 4.
Draw times are at 7 AM and 7 PM Eastern Standard Time Each Day.
The project also has its plan to launch common NFTs that takes SQUIRE and rare NFTs and other types of games that can use LEGEND and even TABLES.
The project utilizes four tokens that serve different purposes in the platform and have different token supply and features:
SQUIRE: Introduced recently, 2 Billion total supply, 1 Billion sent to burn address, and a 2% transaction fee (1% liquidity lock and 1% reflect), used for the common NFTs soon to be launched.
KNIGHT: Essentially a PancakeSwap clone token, has a Masterchef, and is minted. The total supply will stop at 10 Million, which is just a few months away—used to purchase lottery tickets for the King’s Chance Lottery.
LEGEND: Has a total supply of 155; it is another liquidity lock/reflect token of the platform. It sends 1% of all transactions to the battlefield as rewards to keep the supply up. 2 tokens are released per day, the reward will be lowered to keep the supply stable. Also, it will be utilized in the rare NFT games scheduled for release alongside the TABLE token.
TABLE: The rarest and the most expensive token in the platform has a total supply of only 13. This token represents King Arthur and 12 Knights of the round table, also featuring a 2% reflect fee.
The Platform, Medium, and Telegram launch have already successfully taken place. This comes alongside successful implementation of the farming and pool function. The lottery system went live less than a week ago. NFTs and Cake staking are upcoming plans on the roadmap. Although there is no hard date for these, it is expected to go live soon.
Source : bsc.news
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