SmokeHouse Finance is a lovely yield farm that provides users high yields in hopes of bootstrapping users from different protocols. Meat and barbecue lovers will feel right at home in the SmokeHouse ecosystem.
The SmokeHouse Finance project started on the Binance Smart Chain (BSC) in the second week of February. The protocol focuses on providing large yield incentives and security to users through leveraging PancakeSwaps Automated Market Making (AMM) protocol. This is all facilitated in the SmokeHouse ecosystem, which utilizes fun and friendly barbeque theme.
For those who wish for in-depth articles on Automated Market Making and Decentralized exchanges, refer to the following articles:
The team consists of six people and is anonymous. Still, the lead developer has made clear that large community leaders (of other projects or Telegram group leaders) can request his real identity. Pseudo anonymous teams are pretty standard in the crypto and De-Fi scene. The reasons can vary; I can imagine mostly for security reasons. This usually forms no problem as many great projects have had anonymous developers. Arguably the best example would be Satoshi Nakamoto, the creator of Bitcoin. Of course, having a well-known public team provides investors with more faith, but everybody remembers Bitconnect, displaying that both anonymous and public teams may have malicious intentions. In my opinion, it doesn’t matter, as long as the team is honest and can create an innovative product for their users. In the case of SmokeHouse, it seems you will get the benefits of both.
Farms & Steaking
When entering the site, it feels very familiar, as the UI shares the same SushiSwap/PancakeSwap fork used for many other (well known) projects on the BSC. From the menu, users can select “Farms” or “Steaking,” which will bring them to the desired yield incentive page.
Currently, the SmokeHouse does not have its own AMM (Automated Market Maker) as it relies on the PancakeSwap AMM for providing liquidity pair tokens. This means that users can stake PancakeSwap LP’s on SmokeHouse to earn $SMOKE rewards. Like other AMM’s, SmokeHouse also offers a “Steaking” (Staking) page that currently has one pool. Users can stake $SMOKE tokens to get more $SMOKE liquidity incentives that are allocated from the block reward. The yield is very high on this pool to incentivize users to lock their $SMOKE into the protocol.
When selecting the “Farms” page, you will find five farms; these farms give enormous yields, upward of a thousand percent APR when writing this article. These staking pools require PancakeSwap liquidity tokens and rewards users in $SMOKE to bootstrap initial users to the SmokeHouse ecosystem. The available pairs for the farms are: SMOKE/BNB, SMOKE/BUSD, SMOKE/USDT, SMOKE/BTBB and, BTCB/BNB
The $SMOKE token is the native toke of SmokeHouse Finance and holds many benefits. Users who own the token will be granted whitelist access to high APY pools, Non-Fungible Tokens (NFTs), new token airdrops, and the future lottery system.
It is important to note that the token has an inflationary base, as there is no capped supply. Currently, there are four $SMOKE minted per block and to further combat inflation the team is burning 50% of their dev wallet rewards. Similar to other AMM protocols, the team aims to control this through SMOKE buybacks and burns. Moving forward, the team aims to implement more measures – such as a lottery system – to maintain a low circulating supply.
There were 940,000 $SMOKE tokens in circulation at the time of writing, and the token market cap is just below $2,000,000. The SmokeHouse team hosted a whitelisted pre-sale for $SMOKE with a hard-cap of 500 $BNB (12,500 SMOKE). Each wallet was capped at a maximum of 10 $BNB worth of tokens to ensure a fair launch. The proceeds from this sale were used to incentivize the team of six who runs SmokeHouse.
Furthermore, the Developer wallet allocates 10% of all farming rewards. This wallet currently has about 11,00 smoke tokens which will be distributed according to the following allocation:
40% (4,400) will be burned — burned here
10% (1,100) will be redistributed to the community via an airdrop
50%(5,500) will be redistributed to the team as payment for further development within our ecosystem.
The contracts underwent an unofficial audit from Hebilicious, and there were no apparent vulnerabilities found; if you are interested, you can view the report HERE. It is vital to note that audits don’t ensure a smart contract’s integrity as it is possible for auditors to miss unknown vulnerabilities in the code. Comprehensive audits are ample references to verify protocols’ legitimacy, but they are far from the holy grail of smart contract security.
SmokeHouse Finance is a lovely yield farm that provides users high yields in hopes of bootstrapping users from different protocols. The easy-to-use UI and the tasty meat theme are easy on the eyes and offer a fun ecosystem. The team seems committed and has many plans for the future, specifically focusing on keeping the $SMOKE inflation rate under control.
For a project that is just a couple of weeks old, I think they are off to a solid start. I see lots of potential in this protocol if the team continues to build and provide innovation on top of the traditional AMM DEX model.
Source : bsc.news
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