BeFiT DeFI Platform - Suitable For Binance Smart Chain BEP20
Introduction :
The BeFiT Protocol is designed to enable a fully decentralized marketplace for Farming/Staking and Liquidity extraction on Binance Smart Chain.
Decentralized finance (or simply DeFi) refers to an ecosystem of financial applications that are built on blockchain networks. Specifically, the term Decentralized Finance can refer to a movement to create an ecosystem of open source, unauthorized and transparent financial services, made available to all and functioning without central authority. Users would retain full control over their assets and interact with this ecosystem through decentralized peer-to-peer (P2P) applications (dApps). The main advantage of DeFi is easy access to financial services, especially for those who are isolated from the current financial system.
The DeFi Features
Decentralized finance (or simply DeFi) refers to an ecosystem of financial applications that are built on blockchain networks. Specifically, the term Decentralized Finance can refer to a movement to create an ecosystem of open source, unauthorized and transparent financial services, made available to all and functioning without central authority. Users would retain full control over their assets and interact with this ecosystem through decentralized peer-to-peer (P2P) applications (dApps). The main advantage of DeFi is easy access to financial services, especially for those who are isolated from the current financial system. Another potential advantage of DeFi is the modular structure on which it is based: Interoperable DeFi applications on public blockchains potentially create new financial markets, products and services.
As DeFi application frameworks can be created in advance, deployment becomes much less complicated and much more secure. Another important benefit of such an open ecosystem is the ease of access for people who would otherwise not have access to any financial services. Since the traditional financial system relies on profit-making through intermediaries, their services are generally absent in places where low-income communities live. However, with DeFi, costs are significantly reduced and low-income individuals can also benefit from a wider range of financial services. DeFi appears to be opening up a slew of exciting new passive income opportunities in Farming and Non-Custodial Staking. The Opportunity to Become a Trend Maker for Community Staking and Cash Extraction Platform. Personal and community tokens are valued.The main takeaway for these new tokens is that small caps can lead to a quick bull run with a community willing to back you up. It's one of the best ways to engage our community - giving instant feedback to your first fans inspires them to become your best supporters.
What is BeFiT DeFi ?
BeFit Defi is the ultimate platform for community staking and farming as well as Liquidity extraction. A place to freely create passive crypto income. BeFit allows you to earn high yield rewards on your crypto by stacking and providing liquidity.
We want to bridge the gap between the cryptocurrency market and everyday consumers. We will bring it into the mainstream by removing the barriers to access,and by help people trust and understand what we believe to be the future of money
Liquidating BFT Tokens
Balances Liquidating BFT Tokens works similarly to liquidating cash with one extra step. The liquidator must first convert the BFT Tokens to cash by either selling them in BeFiT liquidity pools or by purchasing the BFT Tokens at its collateral value. Once the BFT Tokens are converted to cash tokens, liquidation proceeds as normal. Liquidating BFT tokens improves an account's excess collateral position by increasing the account's collateral surplus or decreasing the account's collateral requirement.
Governance BeFiT Protocol is empowered by BFT Token, a governance token for the community to direct its evolution and development over time. On-chain governance is designed to bootstrap the long term sustainability and growth of the BeFiT Protocol, using BeFiT’s governance token BFT. At genesis, 10,000 BFT tokens will be minted to economically incentivize community participation. The BFT tokens fuels the BeFiT governance mechanism and can be staked in on-chain voting for improvement proposals.
Governance features include:
- Adding new crypto assets or stablecoins to the protocol
- Adjusting variable interest rates for all markets
- Setting fixed interest rates for each market
- Adding a new market for different maturity
- Voting on protocol improvements/proposals
- Delegate protocol reserve distribution schedules A certain amount of BFT tokens will be allocated to all borrowers as rewards to boost initial liquidity, proportional to the debt amount each account borrows. Similarly, a certain amount of BFT tokens will also be allocated to lender/liquidity providers as rewards, proportional to the amount of liquidity each account provides.
Token Sale
BeFiT is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain.
Tokenomics
- 10% Pre Sale
- 10% Development
- 70% Liquidity
- 5% Team
- 5% Cash Mining Rewards
- 20% BFT PRE SALE
- 30% BFT Liquidity
- 50% BFT Token locked
- 70% Locked liquidity
- 20% Devpt & marketing
- 10% Team
Roadmap
- Q4 -2021. Community research and evaluation of project ideas, implementation planning.
- Q1-2022. Product development and creation of DeFi liquidity pool. More exchanges and community and LP approach on board. Bring more utility to the token in the community and the market.
- Q2-2022. Fully DeFi ecosystem for cash mining and digital asset staking. The Future is yet to be written....
Conclusion
The BeFiT Protocol is designed to provide a fully-decentralized and secured marketplace for interest, term lending. BeFiT enables lenders to utilize their idle crypto assets by supplying liquidity to earn a amount of interest earnings; it also allows borrowers in need of liquidity to take loans pledged by over-collateralized crypto assets at a specific and predictable cost. BeFiT will be deployed on Binance Smart Chain, to avoid friction and pain points when using Ethereum, including congestion, high gas fees and lack of interoperability with other ecosystems. This enables the creation of a scalable liquidity market completely governed by the community through its governance token BFT.
ACCURATE INFORMATION
- Website : https://befit-defi.com/
- Whitepaper : https://drive.google.com/file/d/1GIErfvDWTwqP58Fn384GYNMF6j1s_Nxe/view?usp=sharing
- Telegram : https://t.me/BeFiTDefi
- Twitter : https://twitter.com/BeFiTDeFi
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