Introduce

Did you know, the cryptocurrency market is growing rapidly and this has made it a major financial asset, an object of intense interest and speculation around the world. The economy failed and this made crypto holdings necessary as a hedge against inflation.
Less than a few years ago, it was difficult to buy cryptocurrency, but this has changed in recent years. There are many crypto exchanges that now support crypto services to users, with some having a localized presence. And every day new projects are created based on new applications like NFT and Defi. Today I will discuss here an interesting project specially optimized for Defi and NFT Applications.
Here DeFiFarms Protocol is designed to provide a wide range of DeFi and NFT products. It's an innovative way to incorporate DeFi into the NFT. This is a DeFi project that uses ERC-721 tokens for yield farming on the BSC network. The staking model adopted is very advanced. It allows the NFT TOKEN to be transferable instead of being tied to a fixed wallet address. The platform eliminates the need for users to create a hot wallet in order to stake and receive their rewards, the staking protocol allows users to earn NFT per share that can be stored in a secure wallet. Earned NFTs can be sold directly on the DeFiFarm marketplace or burned if the deposit is canceled. The platform allows DeFIY token holders who have staked/NFT Offerings to earn liquidity. These NFT rewards can be sold directly on the platform marketplace. The moment DeFiy tokens are staked, the platform automatically offers equivalent NFTs that can be sold directly based on the market value of the staking assets

In short, DeFiFarms is bringing to the DeFi table a series of revolutionary solutions focused around ERC-721, The Non-Fungible Token — NFT Standards. DeFiFarm inherits all innovative functions from current Decentralized Finance Platforms such as Decentralized Trading, Swapping using AMM supported by Liquidity Providers and adds new cool functions utilizing NFT.

By using NFT, DeFiFarms allows stakes to be more dynamic. Instead of a stake being tied to a user’s wallet address, it is linked to a proof of ownership, transferable NFT. Meaning, when you become a Liquidity Provider and stake your tokens, you not only earn rewards but also receive an NFT of equivalent value. This is called NFT Farming.
In detail, DeFiFarms adds a new layer of possibility to Liquidity Providers and Yield Farmers by letting them “move around” locked values of Liquidity Providers Token.
When you stake your DEFIY/BNB liquidity tokens in the DeFiFarms platform, the LP tokens are locked in the staking contract, but the value is not. The protocol will mint an NFT at the time of staking which will wrap the value you have locked in a transferable ERC-721 token, an NFT. Your stake will be stored on-chain in the metadata of this NFT. There’s no need to unstake your locked assets, when you decide you no longer want to be a liquidity provider, you can go on the market and trade that NFT for the market value of the LP tokens along with the accrued rewards.

Yield Farming: The Rocket Fuel of DeFiFarms

Bringing high profits and numerous support for projects in terms of liquidity, Yield Farming solutions on DeFiFarms also contain plenty of outstanding features by applying NFTs protocol.

Essentially, Yield Farming is almost like you depositing money in the bank. However, instead of depositing fiat, you are depositing cryptocurrencies into exchanges or DeFi protocols. The Smart Contract will lock this expense.
Yield Farming is intimately associated with the Automated Market Maker (AMM) model. Popular AMM models include Uniswap, Mooniswap, Balancer, etc.
In Yield Farming, Liquidity Providers contribute liquidity to the protocol’s liquidity pools. A liquidity pool is simply a smart contract that carries money in it. These pools allow users to borrow, lend or exchange tokens.
Liquidity Pool makes the acquired charge of transaction payment when end-users perform actions in the pool, such as taking, lending, exchanging tokens. This revenue will be distributed back to the Liquidity Provider according to the percentage of liquidity they have presented in the pool.

NFT is calculated as one of the important values ​​of the new digital economy created by Blockchain. There are many projects that are using NFT for a variety of applications, such as games, digital identities, licenses, certificates, and artwork. Including high value items, NFT can even allow users to have a percentage of ownership.
Seizing that opportunity, DeFiFarms is produced as one of the first NFTs Protocols Profit Farms gain powerful automatic liquidity and AMM decentralized exchange running on Binance Smart Chain
DeFiFarms solutions are guaranteed to overcome the security shortcomings of the traditional Productive Agriculture model. Notably, most of them are secured based on Smart Contracts developed by small teams with a small percentage of capital, so this will increase the possibility of errors. Even though the protocols have been tested, there is still the possibility of errors and omissions. If you remember, these caused the problem of money theft as was the case with Bzrx, Curve… not too long ago.
DeFiFarms helps users staking and lending crypto assets thus generating great rewards when different cryptocurrencies are added to their balance. The profit farming part of the DeFiFarms project helps to incentivize liquidity providers, lock up their tokens and gain from the distribution of profits obtained through the efficient management of smart contracts by the team Liquidity.

Conclude :

When we look at the crypto world in general, many projects appear day in and day out as depleted and dormant funds and continue their activity in ongoing projects. However, we can see that most of these projects are defi based or considered as nft. Some of them try to continue their activities with a combination of both defi and nft. But, as a rule, most of them end in failure. Especially for people with mixed faces, we face this more and more often. When we look at the current state of the crypto market at the moment, investors are inclined to abandon projects and invest in such platforms seriously.
The special feature of DeFiFarms is to make the difference between NFT and Defi. DeFiFarms allows NFT holders to be more powerful with their NFT, just not collectible, users can put their NFT as collateral in the lending and borrowing app and can borrow some replaceable token to use other defi strategy. In general, when looking at the market as a whole, we find that many emerging projects are anonymous, although we certainly do not encourage investing in anonymous projects, knowing more functionality such as username , works, what they will do will always be helpful. , Where are they from.

Official Resources
Website: https://defifarms.org/
Twitter: https://twitter.com/DeFiFarmsNFTs
Telegram : https://t.me/DefifarmsNFT
Linkedin : https://www.linkedin.com/company/defifarms-ltd/
Medium : https://defifarmsnfts.medium.com/
Github : https://github.com/defifarms

Authorship
Bitcointalk username : darioc
Bitcointalk user profile url : https://bitcointalk.org/index.php?action=profile;u=138615
BSC address: 0x333963577Ab92CE275C153eBc6D225E41e850CC0