DeFi Social: Bringing Gaming and DeFi Together
Social media and social networks in general have completely changed the way we communicate. Gone are the days of postcards, letters, telegrams, and the like. While paper is still an assured way to contact a third party or relay information, digital communication is the new way to exchange information and content. The cryptocurrency space has adopted social media and combined it with cryptography to help create an even easier way to communicate and share/exchange digital assets while providing an open forum for communication and even transparency. Gaming has also found its way into both the Social Media and Cryptocurrency niches, and DeFi Social is building an all in one platform which combines Social Media, Crypto, and Gaming for one unique ecosystem that brings everyone together.
DeFi Social (DFSOCIAL, Contract Address: 0x54ee01beB60E745329E6a8711Ad2D6cb213e38d7) is an ERC20 token which looks to bring people together by utilizing DeFi cryptocurrency mechanics (staking, farming, etc.) and combining them with a gaming platform to create an ecosystem where holders and users can play games and earn rewards. The DFSOCIAL contract is identical to the YFDAI contract (which was audited by Blockchain Colisium) so contract security is first and foremost a non issue. Ensuing smart contracts which will provide staking and the locking of team/development funds will also be audited and made public for transparency.
The tokenomics of DFSOCIAL have been outlined for everyone to review and acknowledge. The distribution model is as follows:
- Maximum supply — 21,000 DFSOCIAL
- Circulating supply — 7,500 DFSOCIAL
- Staking rewards — 5,000 DFSOCIAL
- Gaming rewards — 5,000 DFSOCIAL
- Reserves — 1,000 DFSOCIAL
- Marketing -1,500 DFSOCIAL
- Team — 1,000 DFSOCIAL
Holders of DFSOCIAL will be able to stake and farm with their DFSOCIAL. A Liquidity pool has already been implemented in the ecosystem (DFSOCIAL/WETH LP. 50% WETH, 50% DFSOCIAL). Users can provide and utilize the liquidity while earning rewards. All liquidity providers share 0.3% of the transaction fees from the pool.
In addition to the launch of the first liquidity pool, DFSOCIAL has also created 2 staking pools. For the 1st staking pool, users will be able to stake their DFSOCIAL for an annual 72% return on their staked tokens until all DFSOCIAL tokens reserved for the 1st staking pool are distributed. The second staking pool will reward stakers with an annual 750% return until all tokens reserved for the second staking pool are distributed.
Lastly, a Liquidity Provider Farming vault has also been launched for LP’s on Uniswap (Uniswap Liquidity Mining Vault WETH/DFSOCIAL). LP’s will be able to farm their LP tokens and earn up to 30 DFSOCIAL tokens for 1 week according to their share percentage in the vault.
The team at DFSOCIAL has accomplished quite a bit in just a short amount of time, but they are still moving forward with the other developments needed to create the full experience they are envisioning. The DFSOCIAL gaming platform is one area still currently in development. 5,000 DFSOCIAL are locked in a smart contract and will be allocated for gaming rewards through this platform. Each game will have its own rules and rewards, with an unlimited number of games available for players to enjoy. Like other platforms attached to DeFi projects, fees will be accumulated and utilized to help sustain the gaming platform for the long term, meaning there will be plenty of life in the project.
Along with the gaming platform, a mobile app with an accompanying DFSOCIAL wallet are also in development and will be released in the near future to help round out the ecosystem.
The team has also created a detailed roadmap that outlines the route the project is taking to help bring this ecosystem to cryptocurrency enthusiast efficiently without sacrificing project quality. Q4 2020 milestones were successfully accomplished, along with a few Q1 2021 milestones also being checked off. Q4 2020/Q1 2021 saw the main contract/website/Uniswap launch, CoinGecko and CoinMarketCap listings. Contract audits, token locks and liquidity locks were also applied. The rest of the roadmap can be seen below for your convenience.
As the DFSOCIAL ecosystem is being fine tuned and rolled out, several partnerships are planned to help keep the project sustainable. There are 5 planned partnerships for Q1 2021, with the announcement being made on 1/5/2021 that DFSOCIAL is partnering with Trinity Protocol. Trinity Protocol dubs itself as a “Growing liquidity web for DeFi". The protocol works by increasing liquidity in its partner pools. A TRI/DFSOCIAL pool will be created so users can add to this pool and farm LP tokens and rewards. Sustaining liquidity is important to extending and maintaing the life of any cryptocurrency project so this is an important and strategic partnership that will aid and initiate the growth of the DFSOCIAL ecosystem.
With DFSOCIAL taking on such a large endevour, it will be interesting to see them bring gaming to the DeFi sector of crypto. Gaming has become one of the most enjoyable ways to spend free time and connect with people all across the world. Connecting both the cryptocurrency and gaming worlds is a great way to integrate 2 of the fastest growing fields in the world and opens up avenues that have yet to be explored and experienced.
- Etherscan — https://etherscan.io/token/0x54ee01beB60E745329E6a8711Ad2D6cb213e38d7
- CoinMarketCap — https://coinmarketcap.com/currencies/defisocial-gaming/
- Uniswap — https://app.uniswap.org/#/swap?inputCurrency=0x54ee01beB60E745329E6a8711Ad2D6cb213e38d7
- CoinGecko — https://www.coingecko.com/en/coins/defisocial
- Website — https://dfsocial.com/
- Telegram —https:// t.me/defisocial
- Telegram announcements — https://t.me/DFSocialAnnouncements
- Twitter — https://twitter.com/DFSocial_Gaming
- Github — https://github.com/DFSocial/DeFi-Social-Gaming
- Liquidity Locked — https://team.finance/view-coin/0x54ee01beB60E745329E6a8711Ad2D6cb213e38d7?name=DEFISocial&symbol=DFSocial
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Disclaimer: This is not financial advice. The sole purpose of this post/article is to provide and create and informative and educated discussion regarding the project in question. Invest at your own risk.