Fork Finance: Producing DeFi Projects Through Yield Farming

Launching new projects based on the Binance Smart Chain (BSC) has become widespread and commonplace. Various problems have become apparent throughout the plethora of launchpads. Fork Finance aims to bring innovative and unique solutions to these problems.

By
Wilfred Victor
on
April 14, 2021
Category:
BSC News

What is Fork Finance

Fork Finance is a DeFi factory on the BSC network that produces DeFi based project in a yield farming manner. The project features innovative Defi-Farming characteristics to bootstrap the launch of upcoming projects.

The project will be the first to implement an Initial Defi-Farming Offering (IDFO) protocol on the BSC network. IDFO is a combination of Initial Dex Offering (IDO) and Initial Farm Offering (IFO). This model aims to give investors a wide array of services and improve fund safety, wealth distribution, and fairness. Fork Finance finds these features lacking in established fundraising platforms.


Key Features

  • Launchpad
  • Yield Farming


Project Components

 A common agreement across the board is the unfair practice and heightened suspicion that presale allocations are mostly for influencers and friends of projects. This tops the list of common problems with current launchpad platforms.

  • Fund security issues
  • Friendly contributions to large amounts of money
  • Insufficient wealth effect
  • The bonus period is too short (collapse too fast)‌

The listed issues form a plethora of discouraging problems to the investing communities and make launchpads unattractive.


Launch Sequence

The platform will launch its IDFO services in the following phases to ensure the smoothest services for its users and solve all of the pending problems with launchpads.

Phase 1: Warm-up Phase

  • Inject capital into the fund
  • Rug pull victims airdrop‌

Phase 2: Staking to earn FORK

  • Staking to earn FORK
  • FORK-BNB pool on PancakeSwap (LP tokens have been burnt) 
  • This phase is designed to ensure that a healthy amount of assets are ready for the IDFO farming phase‌

Phase 3: IDFO farming‌

  • Opening of the IDFO farming function, thus completing our service loop (Current estimate - Mid of this Month April)
  • Great importance will be attached to the first IDFO project.

The protocols platform developments are divided into three stages. This was implemented to help keep the prices of its tokens stable and always valuable;

  • Warm-up stage - Moon fund injection phases
  • Initial farming phases
  • Farm application phases‌


Platform Security Update

The project will prioritize the safety of investors’ funds above all things. As mentioned in this Medium post, it will implement the following security strategies to protect funds:

  • Non-application of proxy contract
  • Use of time-lock owned by the Masterchef contract. The Masterchef owns the token contract; with time-lock, you have reaction time for any parameter adjustment.
  • Many case tests for any potential problem with the codes because no one can modify the contract once deployed.
  • The project codes are open source on Github. And you can check every deployed contract in Transparency.
  • Finally, an audit will be made on the codes; the team is looking at a third party to carry out the audit.


Rugpull Victim Whitelist

Compensating Rugpull victims are part of the core project launch; as with the launch plan, the team has decided to extend the whitelist of rugpull victims two days before the Yield Farm launch. As of this announcement, victims of Rug Pulled projects have until tomorrow, April 13th, 2021, to whitelist and get heavily discounted in the sale of $FORK alongside airdropped tokens.

Rugpulled project snapshot lists:

The yield farm will be launched around April 18th.


Platform Launch

The platform is gearing towards its launch after the scheduled crowdfunding is completed. The whitelist form of the sale will open for registration on the 13th of April. Users can participate in the whitelisted sale after completing the whitelist.


Tokenomics

The platform will use two tokens; $FORK and $CHECK Tokens.


$FORK Token Distribution

The $FORK token will be embedded throughout the platform with its first use in FORK-related farms, and the IDFO launchpad.

Total Supply: 188.000.000 $FORK‌

  • Name: Fork Token
  • Symbol: FORK


Distribution Details

  • 4% To the moon Fund (0.752millions)
  • 10% Development found (1.88 million)
  • 4% Warchest (0.752 million)
  • 82% Fair launch distribution (15.416 million)‌


$CHECK Token Distribution

During the IDFO period, CHECK will be produced through the FORK-related farms. It can be freely traded as there will be incentivized CHECK-WBNB liquidity pairs. The core aim is mainly to produce IDFO incentives. There is no limit to the upper limit of the supply of $CHECK. Upon redemption $CHECK that be burned directly after being “cashed‌.”

  • Name: Check Token
  • Symbol: CHECK
  • Total supply: Null


Distribution Details

  • 8% IDFO 
  • 92% Fair launch distribution‌


Roadmap

Q1, 2021 - Status: Next

  • Developing the farm
  • Testing the Farm
  • Developing and testing the IDFO

Q2, 2021 - Status: Finished

  • Finished the development and the test of the farm
  • Completed the development and the test of the IDFO

Q2, 2021 - Status: Next

  • Conduct public offerings and whitelist sales
  • Preparation before launch
  • Launch initial farm
  • Launch IDFO

Q3, 2021 - Status: Next

FORK-IDFO: More high-quality projects will be launched.

The significant roadmap plan for the project is the public offering to bring about its launch. The farm launch and IDFO will also introduce the core features of the project. Further developments are expected to go live in Q2 and Q3 alongside the IDFO and farm launch.


In Conclusion

Product launch in fairness using Yield farming will level the playing field for all types of investors. Fork has implemented this system to curb investor discrimination through a decentralized and novel model. Overall Fork Finance aims to provide a seamless launchpad that prioritizes fairness and security.

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. The team at Fork Finance has paid for a sponsored tweet, AMA, and sponsored article for a total $3600. 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 those who wish to learn more about Fork Finance, check out the following resources and media pages:

Website

Twitter 

Telegram

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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.

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