EYFI Finance developing one of the topmost decentralized exchanges on the BSC network. While most of the decentralized finance apps choose the Ethereum Network to build upon, EYFI Finance selected Binance Smart Chain to avoid the high gas fees and frequent network congestion on Ethereum.
On BSC, EYFI Finance launched as the first-ever NFT-Fi platform. NFT-Fi implies the use of Non-Fungible Tokens financially. It offers a traditional NFT market for artists in its community to list their artwork.
The EYFI team works at developing the protocol is an anonymous group of developers utilizing a fully decentralized autonomous organization. Following the principles of a DAO, there were no pre-reserved tokens or pre-sale tokens for the team. They share farmed EYFI Token in a ratio of 100:1. For every 100 EYFI Token farmed, the developer receives one bake. Apart from these very low developer fees, EYFI Finance will have a 0.25$ transaction fee for its liquidity pools. Of this 0.25%, 0.20% goes to the liquidity provider, while the remaining 0.05% goes to EYFI holders.
What Problem Does EYFI Finance Solve?
The features of EYFI Finance include trading and earning options for its worldwide community, including exchange and liquidity pools. It also has an NFT marketplace and EYFI Ecosystem, a curated NFT platform for top emerging artists. It also has a crypto LaunchPad and combines Gamification with Defi. In terms of the major fixes it wants to attempt:
1. EYFI Finance comes as the next generation of Uniswap & MDex. It serves as an iteration of Uniswap & MDex that is faster and cheaper. Moreover, the liquidity providers receive rewards in the form of EYFI Token.
2. To ensure that communities get to create new liquidity pools in a hassle-free way, EYFI Finance has the provision for two types of liquidity pools: one with EYFI rewards and the other without EYFI rewards.
3. EYFI Finance is also one of the very first protocols to leverage Binance Smart Chain for an AMM DEX. It utilizes the benefits of the Binance Community to its fullest to provide arbitrage opportunities amongst BEP2 and BEP20 tokens, hosted on Binance.com or Binance DEX.
EYFI Finance Products:
- EYFI Finance Exchange:
As we have already discussed, EYFI Finance is one of the first projects to build an AMM DEX on BSC. Following the AMM model feature, the EYFI Finance exchange has no order book to match buyers and sellers. The trade happens against a liquidity pool. Supporters and users of the protocol provide the assets in each pool. In exchange for providing liquidity, users receive LP tokens in proportion to their share in the pool. The providers can convert these LP tokens back to the original tokens supplied.
- EYFI Finance Liquidity Pools:
If you stake EYFI Token in the protocol, you can explore bakery-themed menus. Some of the supported BEP20 liquidity pools are EFAN, FINT, EYEX, etc. If you go for the EFAN option, you can stake EYFI to earn EYFI. Selecting the FINT option implies that you get to stake EYFI-BNB. There are many more options than you get with the EYFI Finance Liquidity Pools.
- EYFI Finance NFT Marketplace:
EYFI Finance serves as one of the most prime NFT marketplaces on the Binance Smart Chain. It costs 0.01 BNB to mint an NFT on EYFI Finance. All you need to do is visit the BSC Artists segment to upload your artwork information. The information includes details on the artwork type, artwork name, artist’s name, artist’s social media or portfolio link, and a brief introduction of the work. You can upload the artwork image in .png, .jpg, or.gif format. The size of the work can be 10 megabytes, at most. To make the payment, you need to connect your wallet.
EYFI Finance Launchpad is a platform for hosting IDOs. An IDO refers to the launching of a cryptocurrency on a decentralized exchange (DEX). At the time of drafting this guide, the only active IDO is that of Crypto Doggies. $DOGGY is the 2.0 meme coin allowing buyers to purchase #CryptoDoggies NFTs, animated doggies designed by one of the platform’s featured artists.
EYFI Finance Gamification:
The EYFI Gamification products of EYFI Finance include BSC Game Box, Poker BlindBox, Soccer, and Combo meals. A BSC Game Box implies a package of top NFT Game tokens on the Binance Smart Chain. Participants can use the Poker BlindBox NFTs to get random Poker Card NFTs which are then used to farm $EYFI and trade on the NFT Marketplace.
The Soccer NFT corresponds to one of the limited edition EYFI Finance exclusive soccer Balls as these NFTs can be redeemed to real-world soccer balls later. The NFT combo meals improve your staking power and enhance the earning scope when farming on EYFI Finance. Composing a combo requires contributing EYFI. The more EYFI you contribute, the higher tier combo you get, resulting in higher staking power.
Launched in 2021 on June 8, EYFI is the native token of EYFI Finance. EYFI plays its role as a reward for the liquidity providers and a passport to voting rights on the protocol. It is a BEP-20 token that users can earn by providing liquidity. You can also buy EYFI tokens at exchanges like Binance, Gate.io, PancakeSwap, OpenOcean, JulSwap, AnySwap, and more, apart from EYFI Swap. You will get EEYFI trading pairs with USDT, BUSD, BNB, ETH, and more. Since EYFI Finance runs on the Binance Smart Chain, the EYFI-BNB pool is expected to provide ten times the rewards compared to that of the other pools.
About EYFI Finance
EYFI Finance is a decentralized finance platform that merges the cross-chain platforms with NFTs & IDO marketplace with the Binance Smart Chain. There are several blockchains in the crypto space, including Ethereum, Tron, Polkadot, etc. Among these blockchains, the Binance Smart Chain stands tall with its fast and cheap services. Transactions on BSC cost as little as a few cents. EYFI Finance will be one of the notable projects in the BSC ecosystem in near future.
At its core, EYFI Finance is an AMM or Automated Market Maker protocol that comes with smart AMM swap and Smart yielding farming features. Its NFT marketplace brings out Defi-based NFT solutions. EYFI Finance was the first-ever AMM on the Binance Smart Chain to offer Altcoin liquidity pools with currencies such as LINK, DOT, BNB, etc. EYFI Finance will enable arbitrage opportunities for BEP2 and BEP20 tokens, it also leverages its native EYFI Coin to reward liquidity providers. With EYFI coins, its holders can earn a share of the protocol’s trading fees and participate in EYFI Finance voting.