DeFireX Launches Farming on Ethereum Directly From Binance Smart Chain

DeFireX Launches Farming on Ethereum Directly From Binance Smart Chain

This is contributed from community

20 February 2021 — The DeFireX project team has developed and launched smart contracts using a bridge, implemented jointly with the xDAI project team. This approach allows users to participate in the farming of projects working on the Ethereum network with the same level of reliability and without the need to pay large commissions.

In the current iteration of the system, users can participate in liquidity farming of Compound, which allows them to earn 25-35% APY in DAI tokens. Placement of DAI will cost about $0.25, whereas the same transaction in the Ethereum network would currently cost about $150.

By placing DAI in the DeFireX smart contract on the Binance Smart Chain (BSC) network, users receive dDAI tokens with profits accrued on them in DAI. dDAI can be exchanged to DAI through the bridge that connects the BSC and Ethereum network. dDAI tokens are fully backed by DAI hosted in the Compound project and can be transferred between the BSC and Ethereum networks. The project team maintains a limited pool in the BSC network for exchanging DAI for dDAI. dDAI are always backed by DAI at 100% in the Ethereum network. Thus, users do not need to rely on the DeFireX team, since, by resorting to the bridge (link), they can independently transfer dDAI to the Ethereum network and exchange them for DAI.

In the current contracts, the functionality of farming COMP tokens is implemented by means of placing positions in DAI and fixing 25-35% APY in DAI. However, it will be possible to launch reliable farming mechanisms in the near future with APY ranging from 14 to 20% using ETH and BTC with BSC backing.

The DeFireX team plans to provide access to farming on Uniswap, 1inch, and other popular DeFi platforms directly from BSC with minimal commissions for users by implementing cross-chain interaction. This will allow access to the best DeFi services for generating liquidity and income with minimal commissions.

The bridge accepts liquidity in BSC tokens and provides the corresponding amount of liquidity locked in Ethereum through a mechanism of decentralized relays. All BSC tokens are always backed by ETH at a 1 to 1 ratio. The bridge is not controlled by the owners of the system and has no WhiteLists. In addition, the bridge already allows users to freely move ERC-20 tokens.

The farming mechanism is built on proven technology, which has been tested repeatedly by international auditors. The system is completely transparent, allowing anyone to review accounts, source codes, and holders of funds at any time. The service provides an opportunity to reliably receive high levels of income via Yield Farming.

At present, the levels stand at:

·         DAI – 22.5% APY annually

·         USDC – 22.5% APY annually

·         ETH – 12.9% APY annually

All rewards are automatically accrued on a daily basis free of charge for users. The rewards are made available for withdrawal in the users’ personal accounts and are protected from loss under any market conditions.

How does a DeFireX smart contract work?

About DeFireX

The DeFireX platform is a group of smart contracts that implement interaction between the most reliable and efficient largest DeFi projects, for the most reliable and highly profitable liquidity mining, with minimal fees.

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