Decentralized finance protocol, BambooDeFi, developed by Nexxyo Labs, has conducted its Initial exchange offering on the ChainX cryptocurrency exchange on December 25. It will be done in three phases that will last till January 30, 2021. After the IEO on the ChainX, it will be listed on another decentralized exchange Uniswap, as per the protocol team. Bamboo is an Ethereum dependent Decentralized Finance platform created for facilitating the exchange along with storage and development of cryptocurrencies.
After completion of two pre-sales successfully and selling of around 1.2 million Bamboo coins, the project has also become one of the proud members of the EEA or Enterprise Ethereum Alliance. This also certifies their solution to bring in some of the proven solutions of cryptocurrency and all innovations to the community.
2,438,408.6 BAMBOO (97.54%) of 2,500,000 Bamboo were sold during the pre-sale. Remaining 61,591 BAMBOO has been burned and the burning process will be repeated with the tokens that are not sold from the IEO in ChainX.
Key things to should know about IEO
It will be conducted in three various phases for which many people can join and initiate the New Year with a novel set of tokens that is ready for use. Starting from 25th December to 5th of January the Bamboo tokens can be purchased at 0.0009 ETH each, then from 6 to 16th January, tokens can be bought at 0.0012 ETH each and from 17 to 30th of January, the Bamboo tokens can be bought at 0.0015 ETH each. To get the Bamboo tokens one is required to use Metamask, Wallet connect or the Trust Wallet because BambooDeFi has been developed on the platform ERC 20.
BambooDeFi helps users to gain rewards through varied systems like
- Yield farming
- Liquidity pools and providers
- Projects burn yearly party
The liquidity providers are indeed given incentives liberally for all the contributions they have made, but other members along with the Bamboo coin users can also use the exclusive operational network to get engaged and get rewards.
The incentives that liquidity providers get depends on a four-fold performance system that makes it a good option when compared to other platforms.
- SWAPS commission allocation for liquidity providers.
- Saving Bamboo helps in generating more Bamboo but for people who utilize it in STAKE system and provides grants to multipliers in Yield Farming.
- The yield multiplier bonuses among varied liquidity pools.
- Distributing 50% of all gains made with the Raindrop system for all users having active liquidity pools.
Important aspects of BambooDeFi
BambooDeFi was developed by Nexxyo labs with technical support from Kindynos. This project has been developed with some of the stretched functionalities as well as good security in addition to good protocols like a quadruple reward system, temporary blocking and a new image for the better future of cryptocurrency.
If anyone is thinking about how it differs from other DeFi cryptocurrencies, then the answer for it is coin burning. While with other coin burnings there is the use of eater address with the unobtainable private key. The coins sent to those address is burnt completely and the same number of coins is eliminated from the whole supply. But with BambooDeFi, the motive along with the process of the coin burning is different. Here, the users rather than the developers keep the power to burn coins and join in the Bamboo Burn Yearly Party or BBYP. It is a token-based system for the lottery that gives rewards to its users who have done coin burning.
The project wallets in BambooDeFi is a source of multiple currencies that facilitates a strong, safe and easier transfer of services.
How it benefits the liquidity providers?
- With BambooDeFi, all liquidity providers get a relative share of their trading fees that are generated by every pool to which they offer liquidity. But not like other DeFi protocols, all liquidity providers will get a portion of the trading fees after they have got their liquidity from the pool, till the liquidity that has been contributed to the pool surpasses the 60 days of maturity.
- Every trading pair Will get a commission of about 0.3% which in turn will be changed to Bamboo and then distributed to present as well as past liquidity providers of every pool.
- Each trading pair will have a commission of 0.3%, this commission will be converted to BAMBOO and then distributed to the past and present liquidity providers of each pool.
- This makes sure that early LPs will get long term benefits even after they retire from the core assets but as long as they are keeping BAMBOO in the staking portfolio and the pool is more than the estimated period of maturity.
BambooDeFi is something more than just being a DeFi. Its card can be easily used as a credit card and also helps in facilitating the exchange with the fiat currency. The future of this platform is planned very well and if it is implemented effectively, it will become one of the best platforms for beginners along with the veteran cryptocurrency enthusiasts as well as users. It is a great alternative to old financial services along with other DeFi products.
SOURCE: Nexxyo Labs
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