Scarecrow Finance is a new yield farming & yield aggregator protocol powered by Fantom. Its primary focus is to deliver a safe, stable farm with a solid and active community. The project wants every investor to think about staying with them for the long term and making big profits.
Based on recent data, ScareCrow Finance TVL is currently at 40+ Million across all farms and pools. Users can stake $SCARE, the platform's native token, or provide liquidity to earn rewards. They can receive APY up to 2200%.
The platform is also community-focused and looks for ways to interact more with them. Recently, for Halloween, ScareCrow Finance hosted an artist contest. The project set aside $150 for the winner. However, to enter the competition, they had to like the post, follow them on Twitter, join its Telegram community and post the art scarecrow. The move acts to encourage more outreach to the project. Let us look into the unique features that make it stand out:
Features
Stealth Launch
ScareCrow Finance is unique in such a way that the initial liquidity got added as a stealth launch. In this case, there was no pre-sale. However, there was a 2000 pre-minted total for initial liquidity in SpookySwap.
Farming
ScareCrow Finance allows you to farm and get returns. Users can deposit their tokens in any pool or farm for a specific time to earn rewards. The platform sent 10% of the emissions to the dead address. From here, the platform automatically burns them to support the $SCARE price.
Tokenomics
It is essential to know that developers will not hold or sell any native $SCARE tokens. That ensures that they won't be able to manipulate the price in any way. Here is a breakdown of the tokenomics:
- Ticker: SCARE
- Emissions: 0.015 / block (community suggestion)
- Pre-mint: 2,000 SCARE
- Maximum Supply: 80,000 SCARE (community suggestion)
Incentive Vaults
Incentive vaults are the primary use case of the $SCARE token. Users can stake them without any fee and get rewards like other tokens of interest. There is a set time for a start and end period to get the rewards.
Bridging to Acquire FTM
To transact on the FANTOM network, they need to have FTM, the Native Token for GWEI. Acquiring the FTM is very simple.
Users can get FANTOM in the alternative blockchain where users have funds and migrate to FANTOM through a bridge. The preferred bridge is https://spookyswap.finance/bridge. Users can also implement the https://cbridge.celer.network/#/transfer.
The other option is to use any centralized exchange that has FTM listed and supports the user network. Binance.com is one such exchange.
Currently, the best way to receive a small amount of FTM for gas is to use a platform-preferred DEX Discord service. Gas is required to carry out transactions on the Fantom Opera network. SpookySwap offers a Discord bot that acts as a faucet for FTM. Visit the guide directly on how to use it and what the requirements are.
Vaults Auto-Compounding
ScareCrow Finance has an auto-compounding vault feature from their single pool and LP pairs. The two pairs are YieldWolf App and Grim Finance.
Emergency Withdraw
Users can utilize the tool available in Rugdoc to withdraw their funds allocated to their MasterChef if something goes wrong with the project. Notably, their contracts will be reviewed and implemented without bugs, but security is paramount!
Users can still withdraw funds when the UI is down on a yield farm due to a technical issue. They can interact directly with the MasterChef contract. Otherwise, here is a step by step guide to assist in making a withdrawal:
- Navigate to the RugDoc Emergency withdrawal tool. Click here.
*Connect your MetaMask Wallet to the website. Also, ensure connection to the Fantom Opera Network. - Enter the MasterChef Address 0xbCEf0849DDd928835A6Aa130aE527C2703CD832C and press start:
- Navigate to the pool you want to call the emergency withdrawal action and revoke permissions.
- Done, your funds are safe and will return to your wallet!
$SCAREG Governance
$SCAREG is ScareCrow Finance's governance token. It plays a vital role throughout the farm. The users with the token can farm the incentive vaults of the future (exclusively). In addition, the users will have a chance to participate in decision-making on the farm.
However, outside the farm, users cannot buy and sell the token anywhere. It is because the token will not have any liquidity.
How to get $SCAREG?
ScareCrow Finance has a unique vault for $SCARE tokens. Here, users can stake to get $SCAREG. However, you will have to lock $SCARE tokens for a certain number of days. After the period ends, you can get $SCAREG to enable users to farm future incentive vaults.
The advantage of this is that users will not lose any $SCARE. They can farm at the same time as they farm $SCAREG in the incentive vaults.
Pros
- Low Deposit Fees: Non-native pools have 2.4% to 2% transaction costs.
- Secure and Audited: SolidProof has issued a finalized audit report showing that the ScareCrow Finance code is trustworthy.
- Emergency Withdrawal: Users can withdraw their funds from ScareCrow Finance if anything goes wrong with the project.
- Incentive Vaults: The platform has integrated incentive vaults that allow users to earn rewards after staking.
Simple Interface: The website is simple to use, even for newbies.
Cons
- Undetailed Roadmap: The roadmap provided by the platform is short, and most objectives are already complete. It does not give any future expectations.
- Complex Website Details: The website bombards newbies with complex terms with no explanations and step-by-step guides given to help them.
Roadmap
On the roadmap, most of ScareCrow's activities are complete. Some of them are like the launch, farming, expanding into other social media platforms, incentive vaults, RugDoc review, and a lot more. They also have OliveCash, Fantom Cougar, PumpKins Farm, Nextgen Defi, and Grim Finance.
The only objectives not yet ticked are a second layer and $SCAREG governance token implementation. The second layer will keep $SCARE as the central token with tremendous rewards.
Find More Information on ScareCrow Finance:
Website: https://www.scarecrow.fi/
Telegram: https://t.me/scarecrowfinance
Alternative BR-PT: https://t.me/scarecrowfinancebrpt
Twitter: https://mobile.twitter.com/scarecrowdefi
Discord: https://discord.gg/SsxBSPQXDt