EvoDefi: A Next-Generation Yield Farm on Binance Smart Chain

Nothing stays static forever, including yield farming protocols on the Decentralized Finance (DeFi) sector. EvoDefi is set to bring in innovative features that help yield farming achieve evolution from what is currently available.

By
Wilfred Victor
on
April 26, 2021
Category:
BSC News


What is EvoDefi?

EvoDefi is the next generation yield farm built on the Binance Smart Chain (BSC) network. Its unique feature of an evolving token emission method based on the price is set to help maintain and stabilize the price of its native tokens.

EvoDefi borrows the same features that typical AMM yield farming platforms utilize. A token burn, buybacks, entry fees, and lotteries are among the most used strategies to help the project token. EvoDefi is sure to go a step further; the system is different and unique, as the token minting is dependent on the price at the time.


Key Features

  • Token Emission Evolution
  • Yield Farming
  • NFTs


Project Components

Like other DeFi based protocols, the platform has its own EvoDefi Exchange forked from the famous Automated Market Maker (AMM) PancakeSwap.

EvoDefi AMM Dex

Here, users can trade $GEN, the platform’s native token, provide liquidity using the liquidity tab, and bridge tokens on the Binance Bridge. With the provision of the AMM Dex on the platform, users do not need to go to other Dex platforms to swap their tokens. Users can effortlessly use the Farm and Pool feature or take advantage of the emission evolution of the $GEN tokens.


Token Emission Evolution

EvoDefi is the first to introduce an elastic emission of tokens per block, making a whole new revolution of Yield Farming in the DeFi corner. Unlike other DeFi projects with a fixed or static token emission method, EvoDefi has created a unique emission system, the first of its kind in the Binance Smart Chain (BSC) network.

Emission Evolution 

Emission is tied to the price of tokens, i.e., it speeds up when the price goes up and slows down when the price declines. For example, when the price stays inbound of $10 and $100, the farm will emit 1 GEN token per block. But when the price drops below $10, the token emission is decreased proportionally; at $5/GEN, emission will slow down to 0.5 GEN/block, at $2/GEN, emission will be 0.2 GEN/block, etc. 

When price soars above $100/GEN, for example to $120 or $250— emission speeds up to 1.2 or 2.5 GEN/block correspondingly. This so that the price of the tokens is relatively stable throughout its existence.


Yield Farming and Stake Pools

Access to earning the platform token is only through the farming pools available on its Farm Page. Stake Liquidity Provision (LP) tokens to earn GEN.

LP Token Pool on EvoDefi

The platform features a 0% deposit fee for all GEN LPs and a 4% fixed deposit for LPs of other tokens. The pools feature industry-leading APRs, and the deposit fees will be used to buy back GEN from the secondary market at market price.


NFTs and NFT Marketplace

EvoDefi NFTs vary with specific functions and use cases (you can trade, fuse, or burn them). Plus, the platform will feature a thriving NFT marketplace ecosystem where users can exchange their NFTs and purchase new ones. Users can collect NFTs and use them to get bonuses. On the marketplace, the purchase of NFTs is restricted only to the use of the platform tokens.

NFT Marketplace

EvoDefi NFTs are tied to the emission reward system. NFTs of different levels can be found in the loot box.

The Lootbox platform features both GEN and NFT Lootboxes with specific reward systems.  There are a variety of ways to use your NFT once obtained. For starters, you can get Burn Bonus Time that will boost your APR by 50% by burning one or all of them at once. The amount of bonus time will be calculated according to the level and amount of NFTs you submit for burning:

  • 1 lvl — 1 hour
  • 2 lvl — 2 hours
  • 3 lvl — 5 hours
  • 4 lvl — 11 hours
  • 5 lvl — 24 hours
  • 6 lvl — 50 hours
  • 7 lvl — 120 hours

Users can join the daily evolution with one of their NFTs. In this process users character/NFT  submitted can evolve to the next higher level.

Here’s how your character boosts all your farms and pools based on his level of evolution:

  • 1 lvl — 2%
  • 2 lvl — 5%
  • 3 lvl — 9%
  • 4 lvl — 14%
  • 5 lvl — 20%
  • 6 lvl — 27%
  • 7 lvl — 35%
A quick glimpse of the Daily Evolution platform 


Platform Update

According to the official released Medium post, the NFT platform has been upgraded with features asked by the community; this feature includes Filtering and Sorting.

Revamped NFT Marketplace

This is in line with the project stance in putting the community’s concern and voice above all things in the project development phase.

TechRate Audit

Evolution TechRate audit is now active, indicating a positive review of the platform codes from the smart contract audit firm.


NFT Battle Monsters

The EvoDefi team plans to release their unique NFT Battle Game. Users can participate in a lootbox system where users purchase Eggs with their GEN token. A random monster with various attributes will be rewarded to users upon purchase. On launch, there will be three different eggs that can be unlocked at levels 1-5. In this unique NFT Gamification, users can stake their monsters at the daily Monster Battle to upgrade and earn EVO points. For more information regarding the release, check out the following medium post.


Tokenomics

Name - Gen

Symbol - GEN

Token Type - BEP20

Initial Supply - 33000 GEN

Total Supply - 234,202.570506 GEN

Smart Contract - 0xB0F2939A1c0e43683E5954c9Fe142F7df9F8D967

MasterChef - 0xF1F8E3ff67E386165e05b2B795097E95aaC899F0 

Evolution - 0x1C28c5B16B67D7645f814029ee44D9981e176059 

GenNFT - 0x2d801b4737f2c1079a8f63f4f57832f276d71c76 

Lootbox - 0x0112ae02Df80C844eaF70feB024f6aAb0d51a7D6 

Fees from farms will be used for;

  • Buy Back and Burns (80%) to keep the tokens stable and increase in value.
  • Project promotion and development (20%)

Opening Lootboxes, Trading NFTs, and Evolution will burn GEN tokens.

Migrator Code Removed

Timelock - 24hrs

More details about the platform tokenomics are written HERE.


RoadMap

Stone Age (spring 2021- May)

  • New market with all NFT
  • Top-2 ideas from the community 
  • A platform for NFT creators

Bronze Age (Summer 2021)

  • Presale platform 
  • HR platform 
  • 5 new listings
  • Top 3 ideas from the community 
  • Integration with famous gaming platform 

Iron Age (Autumn-Winter 2021)

  • Ten new listings
  • Top 5 ideas from the community 

New Age

  • CMS Gen
  • NFT exchange 
  • Token emission cut to stop market cap of 5 million GEN tokens
  • Top 15 ideas from the community 
  • Three offices (Tallin, London, and Singapore)

AI Era

  • NFT creation by AI

Bronze Age roadmap carries lofty ideas for the project: a HR platform for recruitment, five new listings, integration with a gaming platform, and a presale platform. Notably,  the final plan in the AI Era, using AI for NFT creation, aims to change the game for NFTs in the future.


In Conclusion

Owing to its unique token emission system, buyback, and burn program, the native token value has held firm despite the current market’s strong sell. Currently, the token price is still above the $1 mark but below the $10 inbound mark for increasing token emission rate, which means the emission is below 1 GEN/block.

EvoDefi NFT ecosystem holds one of the most extensive marketplaces in the BSC network. The platform features a wide array of NFTs with exclusive purchase rights to GEN holders. It gives the token much more utility alongside other value retaining mechanisms.

Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.

This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.

For users who wish to learn more about EvoDefi, you should check out the following resources and media pages:

Website

Twitter 

Telegram

Reddit

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Wilfred Victor

Ace finds himself as a blockchain enthusiast who is focused on growing with the entire crypto sector. He is an energetic and passionate writer who believes that all things are achievable.