StakeKing.Finance AMA Recap hosts StakeKing.Finance: Community-driven #YieldFarming platform on #BSC.

BSCdaily – Admin: Hello and welcome to BSC Daily, @HaroldCarpenter!

BSCdaily – Admin: Nice to have you here with us today. How is your day?

Harold:Hello BSCdaily community. I’m fine, I hope you are too.

BSCdaily – Admin: Happy to hear! Ready to start our AMA? 

Harold: I’m ready. Let’s go!

Q1: Can you please introduce yourself and also the StakeKing.Finance?

Harold: My name is Harold and I’m 39 years old. I have been doing software development for around 20 years already and obtained a Master of Computer Science degree in the US. I got into crypto the first time in 2012 and got addicted to it in 2015 when I learned about Ethereum. The past years I spent a lot of my time acquiring knowledge on smart contracts and Web3. Although I used to be an Ethereum maximalist I recognized the advantages of the Binance Smart Chain and started to deploy projects on both chains to compare them. Finally, I moved all over and when the idea of StakeKing came up we decided for BSC as the first chain to deploy it on.

Currently, we’re a rather small team which consists of myself as CEO and developer, a media artist and a financial advisor. We’re watching out for community managers to join our team. At this point I want to answer a question that comes up very often: No, we’re not doxxed at this time. We respect the privacy of our community and as we are a part of the community as well, we also expect the community to respect our privacy. StakeKing is a community-driven project, no team member is worth more than any other community member. We do not hold any LP tokens or contract ownerships that would allow us to rug pull the project. Before launch, we published and verified the source code of our contracts and paid for a full audit by TechRate which directly passed in its first version without any concerns. We did not even reserve any tokens for the team, instead we decided to take part in the project ourselves to generate profit. As we believe in our project we spend a lot of our own money on it. Just recently we deposited $100k in BNB into our farm and thus we provide $10k liquidity on PancakeSwap for which the LP tokens are instantly burned on token launch.

So what is StakeKing.Finance? StakeKing is a first-of-its-kind community-driven Yield Farming platform. With the platform’s native CROWN token it forms a whole ecosystem which is fully decentralized and gives the community many incentives to take part in staking as well as in liquidity providing and marketing. Our goal is to build a platform that can last forever and is going to be managed solely by the community.

BSCdaily – Admin: Fantastic!

Q2: So, what are the special features and advantages of StakeKing.Finance?

Harold: For a Yield Farming platform to survive it has to keep token emission alive. To achieve these many other platforms don’t hard cap the supply of their token which, however, leads to inflation if not enough tokens are burned again. StakeKing comes up with a new solution where a tax is charged every time CROWN is sold to send it back to the farm’s reward pool.

Staking is our main feature to obtain CROWN besides buying the token. Participants can stake either BNB, CROWN itself or third-party tokens. While staking BNB increases the liquidity and the price of CROWN, staking CROWN increases the amount of its holders and thus limits the circulating supply and also leads to an increasing price. Third-party tokens are derived from strategic partnership to increase the awareness of StakeKing and its partners which leads to more attention from potential investors and hence again increases the price of both tokens.

To increase liquidity a deposit fee is charged when staking BNB whereby the fee is compensated with higher rewards. 90% of this fee is sent to the Liquidity Pair to increase the price and at the same time distribute it to BNB-CROWN Liquidity Providers which means that in addition to the fee they earn whenever a transaction takes place they also passively earn BNB every time BNB is staked.

The deposit fee when staking BNB does not put these farmers into a disadvantage because the fee is compensated with higher rewards by allocating it a higher multiplier towards other pools. It helps increasing the liquidity and the price which turns out positive for all farmers and token holders. Staking BNB to earn CROWN actually is very attractive for most users because in contrast to buying CROWN using BNB it costs only 10% of the investment and will generate a much higher revenue in the long term. Additionally, the APY on the BNB pool is more stable because of the deposit fee which goes into liquidity.

Our decentralized referral system which is part of our smart contracts distributes 10% of the BNB deposit fee to referrers (community members who shill the project by sharing their referral link) and directly sends rewards to their wallets.

Source : bscdaily

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