DeFi is on everyone’s lips today. People have already locked $40 billion in DeFi smart contracts. The crypto community noticed many positive effects in how DeFi projects impact personal wealth and the global economy.
But also there are two big problems: scams and constantly rising gas fees. The majority of DeFi platforms are based on the Ethereum blockchain. It has a huge negative influence on the cost and speed of operations in Ethereum. But talented blockchain developers are just stimulated by difficulties.
The DeFireX team has rapidly reacted to new conditions and implemented BSC farming and landing with gas fees reduced to $ 0,25. Also DeFireX has added new DeFi protocols, offering high percentage yield.
The platform has governance and utility token DFX, added to 1inch and PancakeSwap exchanges. Five farming & staking pools on BSC are offered to the platform users. In several clicks, everybody can start earnings with no risk for investments and withdrawn income in stable coins with no commissions.
Why BSC?
Launched in 2020, DeFirex provided stable income from farming without risk. The platform worked on the Ethereum blockchain with Compound and dYdX protocols implementation at the beginning. So users got several farming pools with APY in a range of 40%-60% and their funds could not be liquidated whatever happened with the token price.
DeFireX strives to take full advantage of DeFi protocols and digital assets. The project team developed and implemented a cross-chain bridge between the Binance Smart Chain and Ethereum blockchains. More info about the cross-chain bridge you can find here: https://www.binance.org/en/blog/defirex-launches-farming-on-ethereum-directly-from-binance-smart-chain/
Financial Lego
Like Lego blocks, DeFireX mixes various DeFi protocols, offering highly profitable financial strategies from simple elements.
DeFireX provides a stable income without risks for investments thanks to BSC and cross-chain farming by the collaboration with Venus and PancakeSwap protocols. Smart contract architects at DeFireX have mixed all features in three financial products:
DFX Staking Pool
The user deposits DFX tokens and receives up to 400% per annum. APY is based on the performance of other DeFireX farming pools. 30% of the total commission income of the pools is transferred to stakers as a reward and is used to maintain liquidity.
DFX / BUSD LP Liquidity Pool
The user deposits DFX and BUSD in the PancakeSwap liquidity pool and gets LP tokens for that. Then the user deposits these tokens to the smart contract on the DeFireX platform and starts earnings.
In a reward users earn DFX, so the user can deposit these DFX in the DFX staking pool, further increasing the number of DFX on the account. 60% of DFX tokens allocated for farming are sent to liquidity providers in the DFX / BUSD LP pool, adding another 104% to the user’s base deposit.
BUSD Farming Pool
The user deposits BUSD for which Venus charges XVS. Then the pool LP Pancake BUSD-BNB is used. The deposit is distributed 70/30, most of it is placed on Venus for additional BNB, the smaller part is combined with the received BNB and entered into the Pancake Swap liquidity pool.
Profit is generated from commissions and profitable farming on Pancake (distribution of XVS and CAKE management tokens) and is expressed as follows: LP tokens minus the commission for the exchange for PancakeSwap. Additional interest on the BUSD deposit in Venus is distributed through the DFX token. APY in this farming pool is 80% -160%.
As you can see, all protocols used as building blocks of DeFi complement each other perfectly. Gas fees on BSC are hundreds of times lower in comparison with Ethereum blockchain. All farming mechanics in the BSC are successfully functioning and bring a stable income without the risk of position liquidation.
DeFireX Price Outlook
DFX token total supply is 10M, additional emission is not possible, circulation supply may be checked here https://bscscan.com/token0x74b3abb94e9e1ecc25bd77d6872949b4a9b2aacf .
The DeFireX tokenomics have been carefully thought out to ensure that DFX prices are gradually increasing. Since DFX launched, its price has risen 300%, from $ 2 to $ 6. The platform’s average daily profit is $70,000, 30% of which goes to DFX buyback. All DFX generated from buyback are distributed through the DFX Staking pool.
In terms of liquidity, DeFireX has a TVL of $33.6 million.
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