Decentralized finance (DeFi) is the latest craze in the crypto sphere with a number of projects offering interesting use-cases to the users. DeFi is here to disrupt the traditional way of handling financial instruments by removing all the intermediaries and giving users better control over their finances.
Just like traditional institutions, some DeFi protocols also offer users the ability of lending and borrowing, but in a peer-to-peer transaction. These DeFi protocols deliver way better returns to investors and liquidity providers.
YFOS.finance is one such platform that offers a number of different applications related to DeFi as well as non-fungible tokens (NFTs). The platform’s native cryptocurrency YFOS is an Ethereum-based ERC20 token.
Different Functions of YFOS.finance
- Roping-A-Bull: The Rope is basically a staking function of YFOS.finance wherein investors can earn rewards by depositing particular tokens. Soon as the staking amount is created, the rewards are quantified from the very beginning.
Currently, YFOS.finance offers the Rope function facility only for the Uniswap Liquidity Pool tokens. The platform currently offers two Rope pools – YFOS-ETH LP and YFOS-USDT LP – with each pool offering a total of 2,500 YFOS in reward.
The rewards are calculated based on the number of LP tokens deposited in the pool. Interest is calculated every second wherein users can claim and withdraw anytime.
- Breeding-A-Bull: The Breed function is popular for staking non-fungible tokens and earning YFOS NFT (ERC1155) by staking the actual ERC20 YFOS tokens. A non-fungible token (NFT) is a special type of cryptographic token that represents something unique or non-fungible that is not mutually interchangeable.
NFTs represent digital ownership and the possibility of asset interoperability across different platforms. Breeding is a popular concept in NFT games wherein one can buy a digital asset and nurture it aka breed it and sell it at a higher price.
- Banking: This is the third major function of the YFOS.finance platform. The banking function uses the platform’s vault wherein one can deposit particular tokens and receive some portion of interest during the maturity period.
The YFOS Marketplace for NFTs
Since the YFOS.finance platform caters to different applications of non-fungible tokens, the YFOS Market will be a huge marketplace for NFT-related activities. Besides, it also serves as an effective platform for minting.
Every single digital asset on YFOS Market shows a cryptographic proof-of-ownership for the content creators or former owners.
The YFOS Token Pre-sale and Token Distribution
The total supply of the YFOS tokens is capped at 50,000 tokens. There’s no other way of creating new YFOS tokens. Thus, the circulating supply won’t go up anytime.
The YFOS presale will happen for 40% of the total supply I.e. 20,000 tokens. The soft cap for the presale is 200 ETH while the hard cap is 500 ETH.
The presale and distribution of the YFOS tokens will happen via the bounce.finance platform which is a DAO popular for financial auctions and useful for transparent and clear community sales. Check out the complete guide for YFOS presale here.
The YFOS.finance platform will soon be launching its mobile staking facility thereby making it more convenient for users. The mobile staking will allow users to stake the ERC20 YFOS token with no lock-in commitments.
Conclusion
The YFOS platform aims to address new applications for DeFi and NFTs that have a huge potential going further. It is a one-of-its-kind platform catering to DeFi as well as hosting different blockchain and NFT games.
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