DeFiFarms NFTs — a DeFi protocol for using ERC-721 tokens to grow crops on the Binance blockchain. By using NFT tokens, DeFiFarms makes bets more dynamic. Instead of the rate being tied to the user's wallet address, it is tied to the transmitted NFT. With DEFIY, your favorite collectible can also make you money.
Contents:
Description of the DeFiFarms NFTs
DeFiFarms Non-Fungible Yearn — a new experimental DeFi protocol. While smart contracts have been tested, like any new experiment, there is a risk. Before using any of the features, it is recommended that you ensure that you have a complete working knowledge of liquidity pools and volatile losses. APY numbers are variable and depend on the volume of the DEFIY trading platform.
Some features of use:
| 1. | DEFIY — an experiment in decentralized finance, so no profit is guaranteed. APY runs on DEFIY. |
| 2. | As rewards are paid from their storage, rewards will be replenished from the commissions. |
| 3. | These rewards run on the volume of that platform and the reward storage can be depleted if there is no trading volume on the platform. |
When you place your DEFIY / BNB liquidity tokens on the DEFIY platform, LP tokens are locked in the placement contract, but their value is not. The protocol will create an NFT during staking, which will wrap the value you locked into a transferable ERC-721 token. When you decide that you no longer want to be a liquidity provider, you can enter the market and exchange this NFT for the market value of LP tokens along with accrued rewards. When you cancel a bet, the NFT is burned out and the funds in the bet and unredeemed rewards are transferred to your wallet.
The protocol allows the user to place their various digital assets in several different pools in order to earn DEFIY. The betting process will be the same as on any other platform. The advantage of using NFT - the added flexibility of allowing the ERC-721 token to be transferred along with all tokens, enclosed in it. There is no need to withdraw rates from your assets to cash out, you sell NFTs directly on the marketplace.
Additional data
The site has an introductory WhitePaper document. With its help, you can study the platform and the rules of operation. Also, a brief description is available on the main page.
From social networks, the community leads:
- twitter;
- telegram;
- blog.
Join to read the news and stay up to date with the development of the site.