Hello everyone... Here I will inform you by writing a review to introduce a very unique new project called BeFiT, so for that, have a look at the article that I created below to give you a very good overview of the project, then What benefits do they provide to everyone? Let's go straight to the discussion below.
Introduction
The BeFiT Protocol is designed to enable a fully decentralized marketplace for Farming/Staking and Liquidity extraction on Binance Smart Chain.
DeFi Landscape
Decentralized finance (or simply DeFi) refers to an ecosystem of financial applications built on top of a blockchain network. Specifically, the term Decentralized Finance may refer to the movement to create an ecosystem of financial services that is open source, illegitimate and transparent, available to all and functioning without a central authority. Users will maintain complete control over their assets and interact with this ecosystem through decentralized peer-to-peer (P2P) applications (dApps).
The main advantage of DeFi is the ease of access to financial services, especially for those who are isolated from the current financial system.
What is BeFiT DeFi?
BeFit Defi is the premier platform for community staking and farming and Liquidity extraction. A place to freely create passive crypto income. BeFit allows you to earn high returns on your crypto by stacking and providing liquidity.
DeFi Features
Binance Blockchain
Easy to used Tokensale Platform
High Security
First and Decentrelized
How does it work?
Just like other cash withdrawal programs, participants only need to provide cash to this BFT/BNB PancakeSwap V2 pool. Due to the new nature of the experience, notes must remain in the pool for a period of one month to be eligible for rewards.
Ecosystem $BFT Token triggers rewards from those who give cash in PancakeSwap V2. The more liquidity you provide and the longer you leave it, the larger your share of the BFT pool you receive. BFT/BNB is the main liquidity pool for the ecosystem. It is up to you to create Pools with more tokens and digital assets on the platform with partners and their rewards for the community.
There are currently two types of decentralized exchanges on the Binance Network:
Peer-to-peer order book exchange (eg 0x exchange like P2P)
Liquidity pool exchanges (eg PancakeSwap) Order book exchanges rely on a buy/sell system to execute trades.
When a trader places an order to buy or sell at the selected price for the token, the exchange's matching engine only executes the trade once the order opposite the price is available. Trader placement (limit)
orders in the order book are called market makers and traders who execute their orders against orders already entered in the order book are called takers.
Therefore, the price of the token is determined by the merchant who chooses at what price level to place an order. This system works quite well when there are enough buyers and sellers in the market, but there are some unavoidable problems: Tokens that lack liquidity due to low volume or low interest do not exist. only difficult to buy and sell, but also sensitive to unexpected price fluctuations caused by large individual transactions. Therefore, tokens characterized by high price volatility and inefficient conversion are unlikely to be adopted.
BFT Token Liquidation
BFT Token Liquidation Balance works similar to liquidating cash with one extra step. The liquidator must first convert the BFT Tokens into cash by selling them in the BeFiT liquidity pool or by purchasing the BFT Tokens at their collateral value. Once the BFT Tokens are converted into cash tokens, the liquidation proceeds as usual.
BFT token liquidation increases the account's excess collateral position by increasing the account collateral surplus or reducing the account collateral requirement.
Governance The BeFiT Protocol is powered by the BFT Token, a governance token for the community to guide its evolution and development over time. On-chain governance is designed to bootstrap the sustainability and long-term growth of the BeFiT Protocol, using the BeFiT BFT governance token.
At genesis, 10,000 BFT tokens will be minted to encourage community participation economically. BFT tokens drive BeFiT governance mechanisms and can be staked in on-chain voting for improvement proposals.
Governance features include:
Adding new crypto assets or stablecoins to the protocol
Adjusts variable interest rates for all markets
Set a fixed interest rate for each market
Added new market for different maturity
Vote for protocol improvement/proposal
Delegate protocol reserve distribution schedule A number of BFT tokens will be allocated to all borrowers in return for increasing initial liquidity, in proportion to the amount of debt each account borrows. Similarly, a certain amount of BFT tokens will also be allocated to lenders/liquidity providers in return, in proportion to the amount of liquidity each account provides.
TOKEN SALE
973,500,000 BFT to be sold!
Tokenomics
Roadmap
Q4 -2021
- Community research and evaluation of project ideas, implementation planning.
Q1-2022
- Product development and creation of DeFi liquidity pools.
- More exchanges and community and LP approaches. Bring more utility to tokens in society and market.
Q2-2022
- Fully DeFi ecosystem for money mining and digital asset betting.
- The future hasn't been written yet....
Conclusion
The BeFiT Protocol is designed to provide a fully-decentralized and secured marketplace for interest, term lending. BeFiT enables lenders to utilize their idle crypto assets by supplying liquidity to earn a amount of interest earnings; it also allows borrowers in need of liquidity to take loans pledged by over- collateralized crypto assets at a specific and predictable cost. BeFiT will be deployed on Binance Smart Chain, to avoid friction and pain points when using Ethereum, including congestion, high gas fees and lack of interoperability with other ecosystems. This enables the creation of a scalable liquidity market completely governed by the community through its governance token BFT.
Contact Information
- WEBSITE : https://befit-defi.com/
- WHITEPAPER : https://drive.google.com/file/d/1GIErfvDWTwqP58Fn384GYNMF6j1s_Nxe/view?usp=sharing
- TELEGRAM : https://t.me/BeFiTDefi
- TWITTER : https://twitter.com/BeFiTDeFi
Author: dey90
Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=731808
BEP-20 Wallet Address: 0x5c582DE6968264f1865C63DD72f0904bE8e3dA4a