A QUICK INTRODUCTION TO FARSWAP
In the short history of decentralized finance (DeFi),there has not been a lending platform that prides itself on incentivizing users as well building a decentralized governance platform, Nurulla Makyabukov, the CEO of farswap thought of the idea of establishing farswap just at the right time when the blockchain world is yearning for such a platform.
Farswap is a software running on ethereum blockchain in that it seeks to incentivize a network of users to operate on a platform where users can lend, borrow, buy and sell crypto currency assets as well as earn massive rewards.
Farswap allows users to trade crypto currencies without the need for a centralized system where data breach and network problem are imminent. To ensure pure decentralization, FAR the native token of farswap doubles as a governance token that enables holders to vote on any proposal initiated by any member of the community. Decisions on farswap are taken based on voting by the members.
Farswap intends to be the preferred gateway on the ethereum blockchain network acting as an Automated Market maker (AMM) and a decentralized exchange (Dex). It is noteworthy that users on the exchange gets 50% of the fee generated on the platform thereby making the system truly decentralized even though, the system is safe and secured with end-to-end encryption and highly respected privacy policy. It also ensure multiple payment gateways without any need for KYC.
THE UNIQUENESS OF FARSWAP
Farswap is the first decentralized lending platform with rewards for both lenders and borrowers. Users on the platform are reward with a proportional share of 50% of the transaction fee. Holding FAR guarantees anyone the power to initiate a proposal as well as vote for a proposal making decision making highly democratic. More so, farming on farswap attract a whopping 55% APY which is highly competitive and a bit above the industrial average.
In addition, there is no condition for unstaking on the farswap platform, in other words, users can decide to cash out of the staking programme any time with no string attached as they would get their full reward and the total staked token. It also a point here that lenders and borrowers on farswap get 2% discount for interacting with the farswap protocol plus other juicy rewards when loans are promptly paid back.
A great difference between farswap and its competitors on the ethereum or binance chain is that not only do liquidity providers earn from the fund pool, they also continue to earn full passive income in as much their funds remains in the liquidity pool. Another gospel is that even if a liquidity provider withdraws his fund from a pool, in as much as other providers are keeping the pool alive, the provider earns a part of what he would have earned if he remains in the pool. The essence of this is to keep their liquidity providers in the pool while they earn massively. It’s a win-win situation for the providers and for farswap.
SERVICES PROVIDED BY FARSWAP
On farswap,there is the FARSWAP EXCHANGE where users can trade crypto currencies easily with very fast network at tron-like transaction fee. FARSWAPFI is the platform where borrowers interact with lenders seamlessly. The MULTI-CHAIN FARSWAP WALLET is capable of holding crypto currencies of various blockchains. It is in this wallet that staking and farming are enabled.
FARSWAP TOKENOMICS
The total supply of FAR tokens is 50,000,000 which implies that the token will be inherently scarce thereby creating a demand gap,hence steady increase in how the crypto world value the token. The smart contract of farswap does not contain a mint function that can dilute the market, thereby creating excess supply which will then depress the value of the token. This means that investors in the on-going IEO and subsequent investors are ensured value for their money.
Out of this 50 000 000 , 30% is earmarked for the on-going Initial Exchange Offer(IEO) which will end on the 14th of March,2021. The IEO is tagged Strong Holder Offering (SHO) because there are loads of benefits awaiting the investors. The IEO is valued at 3250 FAR = 1 ETH with a minimum purchase of 0.1 ETH in order to carry everyone along and with a maximum purchase of 50 ETH so as not to allow whales hijack the project through their voting power. The IEO is happening live on chainX exchange.
More so, 20 % of the total supply goes to rewards and bounty for farswap community through various activities yet to announced by the team. The team behind farswap are earmarked 20% for their promotion and brainchild. 15% goes to all marketing efforts geared towards the promotion of farswap and all of its services. 10% out of the remaining 15% is reserved for various partnership in the future. Lastly, the remaining 5% is meant for providing liquidity on the market.
On the supply side, the maximum cap of 50,000,000 far token with no ability to mint and dilute the market makes far token an investor’s choice. However, if the smart contract of far token is to be upgraded in the near future, it is going to be a collective decision by the community through the voting platform on a one token one vote basis.
On the demand side, the far token is very promising because it is being staked, farmed and locked in a liquidity pool. All these activities tend to lock out some significant amount of FAR from circulation while investors demand more FAR in other to participate in the investment, thereby pushing up the value of FAR token in the long run.
Even though when the token are unfarmed and unstaked, it tends to flood the market, however, farswap has put in place incentives to discourage early cashing out so many investors would prefer continuous staking, farming and provision of liquidity.
The FAR token is also used on farswapfi,farswap wallet and farswap exchange as the native token for transaction fee. So ,every user would have to have FAR to transact on all these three platforms. This creates a demand pressure,hence supporting the value of FAR.
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