One of the biggest problems many DeFi projects in the cryptocurrency space face today is the short life span of the many innovative projects that have come about. Driven largely by hype even if good evidence of a solid DeFi ecosystem exists, these projects often spike in price only to take a nose dive when traders decide to liquidate and take profits. while certain projects have tried to address this issue outright, a solution has yet to be found. The Consentium ecosystem has decided to take this problem head on and has developed Emoji Farm.
Emojis Farm (EMOJI, 0xcbd380c2d84deafed09f79863705353505764f26) is an ERC20 token created by the Consentium ecosystem developers that focuses on providing multiple yielding opportunities and multiple liquidity pools to help sustain a yield farming ecosystem. Emoji provides yield farming opportunities on the protocol level while allowing multiple projects the opportunity to enjoy added liquidity.
Currently there are 5 different Emoji asset pairings. They are as follows:
When staking your EMOJI, APY is set at 1,000%. Holders will generate an average of 0.6592% compounded interest if staked for 365 days. The formula regarding the set APY is listed below:
- 1.006592^365 = 11.0031791046
For holders to qualify for the 1,000% APY they must also contribute to the Liquidity Pools for the asset of their choice. They can contribute by adding either EMOJI or the token of their choice via the Half-Liquidity function in the smart contract. This fixed APY is based on a daily compounded interest that is generated through a daily rebase which is called on a daily basis.
In addition to staking EMOJI, users/holders are able to partake in governance voting and procedures to help direct the ecosystem as a decentralized collective. This will allow the ecosystem a sense of pliability which enables quick adaption and evolution to various factors of influence that may arise in the cryptocurrency industry. For example, if the average APY was discussed and holders wanted to change it, it can be voted on and executed via community proposal and vote.
When a holder deposits into the Liquidity Pool, there is a 24 hour timelock on withdrawals to incentivis continuous liquidity contributions. Holders wanting to withdraw early, there will be a 5% withdrawal fee that is sent to the other liquidity providers who continue to stake. In addition, Liquidity Providers are also rewarded with LP tokens for providing liquidity with LP tokens.
With Emoji partnering up with many different DeFi projects, it will be interesting to see how their plan on fixing the sustainability problem turns out. Not only is Consentium building an entirely new ecosystem in Emoji, it is extending its own while also adding branches to the other projects who can benefit by staking their own tokens for Emoji and providing liquidity. Keep an eye to see if EMOJI has delivered a concept to help all of DeFi.
- Etherscan: https://etherscan.io/token/0xcbd380c2d84deafed09f79863705353505764f26?a=0x8bf7e3e4016d8b6980dd0d14ae179b26e720deb5
- Website: https://emojis.farm/
- Twitter: https://twitter.com/EmojisFarm
- Telegram: https://t.me/emojisfarm_chat
- Uniswap: https://uniswap.info/token/0xcbd380c2d84deafed09f79863705353505764f26/
- Github: https://github.com/EMOJISFARM
- Medium: https://emojisfarm.medium.com/
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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.