Introduction
Most blockchain networks are launched on decentralized financial systems also known as DeFi. This is a free source, financial system that advocates transparency including total authority of decision making and assets to users thereby eliminating third parties as well as central bodies who may influence the system. The goal of a decentralized platform is to propel simple yet fast access for the public to get financial and banking services.
Some benefits of the decentralized ecosystem are its:
- Unrestricted access to the public; a major challenge with the conventional banking and finance system is the interference of third parties in every transaction not forgetting the difficulties individuals also face to carry out a transaction or the hurdle they jump to get these services. Regions with poor income rate will most likely not have access to financial services since they have low revenue or profit creation percentages and traditional banks need a significant amount to function.
- Interoperability; DeFi systems are also designed to be interoperable with other financial systems hence making it a flexible platform that also functions effectively with others unlike the conventional system which has a rigid way of doing things without accommodating other systems.
With decentralized financial systems, everyone is allowed free access to financial and banking services whether high and particularly low-income earners. The chance to earn income passively through farming and stakes via decentralized finance is a recent possibility which brings excitement.
What does BeFit DeFi mean?
The BeFit decentralized financial platform is one where users or investors can farm and also stake in addition to extracting liquidity. It is a platform whereby cryptocurrency income can be generated and earned passively. Users can receive massive rewards on their cryptocurrency assets by offering liquidity and staking.
BeFit DeFi is a cash extraction project and like others, users are required to give cash into the BFT pool or BNB Pancakeswap pool. The current nature of the project makes it mandatory for the LPs to be stored for a 1 month duration for qualification to get rewarded. The BeFit ecosystem major liquidity pool is the BFT token or BNB. As a user, when you offer additional liquidity and leave it in the pool for a long period, the greater the amount of BFT pool you get rewarded with.
Binance SmartChain Blockchain is the network upon which BeFit token functions to avoild the high gas charges, congestion, and absence of interoperability feature on Ethereum blockchain. On Binance SmartChain, two kinds of decentralized exchanges exist:
- The P2P; peer-to-peer book exchanges such as Ox
- The Liquidity pool exchange such as PancakeSwap
Liquidity pools solve the problem of costly price volatility including inaccurate conversions that will be hard to accept by taking away the dependence of tokens on trade capacity and ensuring consistent liquidity.
Conclusion
BeFit is a safe marketplace for lenders, borrowers, traders, passive income and everyone in general. Individuals can use their idle cryptocurrency assets to earn money in form of interests passively by providing liquidity whilst those who need liquidity (borrowers) can get loans.
Projects 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
Writers Information
Bitcointalk Username: Pinkcorn
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2768206
Bsc Wallet Address: 0x75180511b72c6E5bd13F9646541a4909Fd1a5896