Squirrel Finance is a new ecosystem recently launched on the BSC network designed to empower simple & secure DeFi. Squirrel provides Insured Farms to yield farmers–the first of its kind.
With the recent rise of yield farming in decentralized finance (DeFi), users are looking to gain high returns on their tokens. The problem introduced is some of these new & experimental farming projects can leave unsavvy farmers exposed if something were to go wrong. Because of the crazy APR %, farms can offer in the first few days, many users completely neglect to account for the possible risks introduced (Yolo-farming). Insure was designed to mitigate this by providing farm insurance cover, e.g. compensation should something go wrong whilst farming.
Insure is Squirrel’s flagship product, and we believe it is the evolution of Yield Farming. This product allows farmers to join suitable DeFi projects confidently, knowing their assets are safely-backed in the event of unfortunate events such as smart contract issues. Farmers will automatically receive a NUTS payout should the farm fail to give them their deposit back. In return Insure farmers pay 20% of their yields to the NUTS staking pool.
Some of the farms available on Squirrel.Finance
The main priority is continuing to expand our range of Insured Farms to include more BSC projects to help grow our community and increase our TVL. We will also expand our support for insured farms, recently we added support for LP farms as well as our first vault -more will follow in the future!
Another priority of ours is to offer more NUTS collateral per farm as insurance as the market-cap & liquidity increases. Increasing the max compensation split between farmers can further increase our TVL in insured farms. Higher TVL brings in more fees which means more value for NUTS. Currently, insurance fees are bought back as NUTS and distributed to the NUTS farm. The long-term goal is some of these are burnt instead so with enough TVL in farms NUTS can become deflationary with an implicit hard cap!
Source : bsc.news
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