DEFIBOX DeFi application platform on EOS! Mining BOX and collect fees!
So here we are, the next bull run is here and we also know what it’s called: DeFi!
No savvy crypto dude would ever miss the new technological revolution that is about to distribute wealth to many and financial freedom to everyone.
Since the ETH network is crippled by scalability issues and skyrocketing fees, Newdex as undisputed leader of EOS exchange market, has planned well in advance a winning strategy to take the bull by the horns. It decided to fund and support Defibox which is a new platform on EOS dedicated to DeFi. The new initiative has been launched on 21 July 2020, aiming of becoming the DeFi application of reference on the EOS network. Indeed the EOS space with speed and free transactions is currently seeing a surge of financial products like Equilibrium Network, Pizza, etc.. It is very important to point out though none of them have a solid endorsement behind, like Newdex is for Defibox!
Defibox has been started by the Defibox Foundation, who is in charge of its management until replaced by a community of Defibox holders which will be called BOX DAO (Defibox Decentralized Autonomous Community). The BOX DAO has the ultimate purpose to replace the Foundation and decentralize the governance of the project.
How Defibox works.
Defibox Swap is like Newdex but easier! While exchanges maintain an order book and facilitate matches between buyers and sellers, Defibox smart contracts hold liquidity reserves of various tokens, and trades are executed directly against these reserves. Prices are adjusted automatically with algorithms to maintain a relative equilibrium.
With swap you can select the token pair you prefer: select the first token, select the second one, check the conversion rate and “Swap” them. As easy as this. Also while using the SWAP feature you mine BOX tokens, the smart contract releases 0.0224 BOX per second for transaction mining, which are proportionally distributed to users and sent to their account in real time, no need to claim. During multi-path swap, it will automatically mine multiple times. Take into consideration that the mining weight of your traded liquidity pool must >0 otherwise you will not get BOX rewards.
LIQUIDITY POOLS are needed for SWAP to function well. The smart contract releases 0.0896 BOX per second for liquidity mining, and the BOX mining rewards are distributed according to the ratio of the value of your liquidity assets to the value of the total liquidity assets. The mining weight of your market-making liquidity pool that you participate in must > 0; otherwise you will not be able to get BOX reward. The more liquidity you add to Defibox the more you would earn BOX tokens + collect the trading fees. Deposited assets in liquidity can be withdrawn at any time. To remove or reduce liquidity just scroll down and click on manage.
Defibox USN stablecoin generation
USN generation formerly known as Danchor, is another way to obtain BOX tokens. Stake EOS to generate USN and get BOX incentives from the USN generation mining pool. The BOX amount obtained by generation mining per second = the proportion of your USN generation amount to the total USN generation amount of all users × 0.0448. The USN you generated can be operated or transferred at will, and will not affect your BOX rewards.
So, what to do now that you have all these BOX tokens? Stake them!
Stake BOX to participate in voting governance, vote on the proposals that are formulated from time to time, check if the conversion rates, fees or other parameters seem right to you or if you need to change them. You can decide all these things by voting with your BOX tokens. Also, very soon you will get additional rewards staking you BOX, so there is no reasons do not do so.
Stake NDX to generate BOX
Newdex has decided to reward the full amount of obtained BOX token to NDX token holders who stake NDX. The amount of BOX reward you can get is distributed according to your NDX staking proportion, you can get BOX reward only staking more than 10K NDX, the number of BOX reward in the previous hour is automatically updated every hour, and you can claim it freely on https://newdex.io/member
Are you ready?
Following these instructions you are now aware on how to plan your strategy to be ready in time in the right place! Are you ready to race the next run riding the best BULL?
Defibox Contract / Account:
The Defibox smart contracts have passed the security audit, but there may still be risks. It is recommended that you invest appropriate market-making funds according to your own risk tolerance.Please do not add funds that you cannot afford to lose into the market!
The EOS token issuance contract can be changed at any time. Therefore, when there are malicious tokens in the liquidity pool, the market maker of the liquidity pool may suffer losses. The market maker shall bear the resulting losses. Please be sure to learn more about the specific circumstances of the tokens
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‘This article is for the Defibox article contest’