Friction Finance: Mintless Yield Aggregation on the BSC

Timelock, no mint function, burning, and locking of Liquidity Provisions (LP) is one of many means of securing investors’ assets and confidence. Friction Finance, a Binance Smart Chain (BSC) native project, has all of this in place.

By
Wilfred Victor
on
March 31, 2021
Category:
Project Insight

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.

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What is Friction Finance?

Friction Finance is a decentralized Automated Market Maker (AMM) protocol with Yield farming incentives and a unique token distribution design. The protocol is powered by a TAO token which adds a governance layer and enables the pools and farms to be self-sustaining without ever minting any new TAO token.

The project also features an NFT marketplace, lottery system, and custom chart analytics as part of its features. The team is setting out to enhance security as the project has completed an audit from Solidity.finance, an ongoing audit with Certik, and a 24hr timelock.


Key Features

  • Decentralized Automated Market Maker (AMM)
  • Yield Farming
  • Governance
  • Deflationary and RFI mechanics
  • NFT Market place and Lottery
  • Custom Analytics


Project Components

Automated Market Maker (AMM): Users can immediately carry out trades in a permissionless and decentralized manner right on the protocol.


  • Swap between tokens in a decentralized protocol
  • Add/remove liquidity and earn LP tokens
  • Use the integrated Binance Bridge to cross-assets to the Binance protocol.

Yield Farming: TAO token LP holders can now farm on the platform with a pretty high APR of up to 1700%. 

The Yield protocol features top pairs such as BUSD, ETH, and ALPACA.

Get access to single-sided farms which currently have a LIFE pool and are open to project who want to create their pool.

Custom Analytics: Chart your favorite tokens and gain real-time trading history and analysis using the custom analytics tool. Currently, there are only four tokens feature in the custom tool; TAO, CAKE, GOOSE, and ALPACA.

More coins will be added in the future; users can keep their eyes on the tool and better analyze their tokens.

NFT Marketplace and Lottery: Trade and store NFTs safely using the custom-built NFT marketplace.

And also, take part in the lottery system with TAO tokens called the loot box. All of the listed NFTs in the platform are limited editions and have a value increase potential.

Deflationary and RFI mechanics: Embedded in the token structure is the burn mechanism and RFI mechanics, which automatically burns and distributes 1% of every transaction to all holders proportionally. This mechanism has a compound effect wherein the compound automatically happens after every transaction. Users can find more details of these functions HERE.

Governance: The project aims to become a Decentralized Automated Organization (DAO) in the future after the full implementation of the token Governance. The TAO token adds a Governance layer, enabling the pools and farms to stay self-sustaining without ever minting any new TAO tokens.

The project recently entered a strategic partnership with ALPACA Finance, a leverage Yield farming on the BSC network. The partnership will benefit both parties in Analytics, LP farms, Marketing, much more integration, and farm pools in the future.


Tokenomics

Total Supply - 50 000, 000 TAO

Initial Supply - 45, 000, 000 TAO (90%)

BSC Burn Address to kick start TAO automated burn - 4 000, 000 TAO (8%)

PancakeSwap - 1,000, 000 TAO (2%)

  • TAO has a total fixed supply of 50,000,000 and no mint functionality in any of the codes.
  • TAO automatically re-distributes 1% of every transaction to all holders proportionately and automatically after every transaction. This means that holders will earn TAO without having to do anything. Reflect.finance first introduced this unique concept which allows TAO to have self-sufficient farms and pools that never run out of rewards while never adding more tokens onto the total supply.
  • TAO has automated burns; there is no manual process. Read more about the burning mechanisms.
  • For more details, check HERE.


Roadmap

At the time of review, a specific roadmap has not been released, but a long-term vision of the TAO token is already Live on the Gitbook.

Friction Finance Roadmap

The long-term vision aims to benefit the token holders and bring more users to the TAO’s AMM. TAO has an automated referral rewards mechanism that rewards users for referring more users to the pool.


Concluding Thoughts

Rugpulls are becoming quite prevalent in the network, which has kept investors fearful and on their feet for credible platforms that could offer their funds’ safety. Friction Finance has implemented features to its products that have determined holders’ and users’ security and improve the level of confidence they have been able to garner from their community

Governance protocol will bring Friction Finance to become one of the many community-driven projects currently available on the Binance Smart Chain ecosystem.

To learn more about Friction Finance, check out the following resources and media pages:

Website

Twitter 

Telegram

Announcements



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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.