NyanSwop Project Review
After the success of the Automated Market Making (AMM) Unicorn (UniSwap) on the Ethereum Network, the NyanSwop team decided they would try to become the BSC's unicorn – or cat. They offer many features revolving around Decentralized Exchange (DEX) technology, Yield Farming, NFT Oracles, a Fortune Shrine, and Nya Cash.
NyanSwop started October 15, 2020, as an anonymous team. They chose the Binance Smart Chain (BSC) because of the speed and super low gas fees, which benefit their users. Since its inception, NyanSwop has made several innovations alongside its AMM which provides yield farms and staking.
Nya Fortune was launched to bring some positivity into the crypto scene; while fud, rug-pulls, and scammers are negative vibes, the shrine tends to bring some positivity in the style of traditional Japanese Omikuji fortune-telling. Users can buy a NyanSwop Shrine Token $NST (BEP-20) on the platform; once acquired, depositing the $NST token allows users to claim a $NFT (ERC-721), the fortune. These NFT's (non-fungible token) contain artwork and a poem or horoscope-like predictions about life. Since the $NFT is an actual NFT it can be freely transferred and gifted to someone who could use a good fortune.
Did you get a bad fortune? Don't worry, you can simply "dispose" it, and it will go to the shrine fund. The shrine fund will perform burns and buybacks for the $NYA token, integrating a unique deflationary mechanism.
NyanSwop's NFT Oracle allows for ease of finding the original NFT creator. This information is typically not stored in the NFT; once sold, the owner changes with no trace to the creator of the NFT, meaning that Creators cannot get rewards/fees if the NFT art is sold again. The Oracle fixes this as it interacts with smart contracts, retrieving the Artist's information that created the NFT. Other projects can also implement the oracle by utilizing $NYA to power the integration.
What better than to reward NFT Artists with a portion of the fees generated? This system dramatically benefits artists, allowing them to earn royalties forever, and the oracle makes it possible.
Shortly, the team plans to release a "Flea Market," a native NyanSwop NFT marketplace that is promised to be one of the most innovative marketplaces.
Nya-Cash $NYAC is NyanSwop's algorithmic stable coin making use of the NyanSwop AMM.
Just like the Basis.Cash of which the Nya-Cash is forked, Nya-Cash uses a three token structure:
Token distribution started February 7, 2021, and will take ten days; after that, the Bonds and Boardroom will open on February 17, 2021. Twenty-four hours after the boardroom has opened, the first seigniorage will happen, ideally pegging the price at the desired one Dollar.
The $NYAS and $NYAB tokens are designed to move the price of $NYAC towards the desired one-dollar valuation. This is achieved by leveraging seigniorage, an economic agent, in this case, performed every six hours to enforce equilibrium (after the distribution phase). The process uses the following mechanics:
If the price of $NYAC is above $1,- users will be able to redeem $NYAB 1:1 for $NYAC, causing an increase in demand for $NYAC, which triggers the minting of new $NYAC that is distributed to $NYAS holders. This is called the expansionary phase and it is the main mechanic that leverages seigniorage.
In the contractionary phase, $NYAC is trading below $1,- now users will be offered to buy $NYAB with $NYAC at a discounted price, the used $NYAC will be burnt to reduce supply and stabilize the price. Once the peg is back above a dollar, users will be able to redeem $NYAB 1:1.
Currently, you can earn $NYAS or $NYAC by pooling or staking;
Earn $NYAS by pooling:
NYAS/USDT LP
NYAC/USDT LP
Earn $NYAC by staking:
USDT
DAI
BUSD
USDC
Users can also earn $NYAC by pooling NYA/BNB LP. These yield farming opportunities currently offer tremendous APY’s (annual percentage yield) ranging from 400% to 4700%!
Of course, you can still use the yield farm options on NyanSwop; you can do so by providing liquidity on NyanSwop's AMM. Currently, the AMM supports the following six pairs:
BNB/NYA
BNB/BUSD
BNB/USDT
BNB/DAI
BNB/ETH
BNB/BTCB
Once liquidity is provided, users will begin earning liquidity incentives by depositing the LP tokens in the corresponding "farming: pool” These pools offer exceptional yields ranging from 24% to 469%, distributed in $NYA tokens.
For those who are unfamiliar with yield farming and liquidity provision, check out the following sources:
Cryptonomics: What Is Impermanent Loss?
Dive Into De-Fi: The “Smart” Compound Earnings Machine
NyanSwop's innovative mechanics have brought new features to the BSC and its users; the NFT oracle could well be a perfect way to reward the artists granting life long royalties. The new algorithmic stable coin looks promising and could prove to be a game-changer for the project. But that’s not all; the fortune shrine is an excellent way to spread positivity, whether as a gift or just for yourself. More importantly, this system creates a deflationary mechanism for burning $NYA tokens and creating buy pressure to increase the token price.
Overall, NyanSwop has displayed great innovation by a team that sets targets and makes them happen! As the BSC continues its parabolic growth, keep an eye on this project as they continue to further developments.
For more information, or if you wish to stay up to date on the project, check out project and media pages:
Lots of Ethereum native protocols have been making cross-chain moves to the Binance Smart Chain (BSC). This is mainly due to high gas fees and network congestion on the Etherum. As Ethereum growth has slowed, the growth on the BSC has continued to be exponential. While the Ethereum network still boasts nearly 5x more Total Value Locked (TVL) the BSC is quickly closing this gap as ecosystem growth continues. It's not that the BSC will replace Ethereum, but it offers users an affordable and easy solution. For these exact reasons, we have seen an influx in ETH protocols such as 1Inch, Ren, and RAMP DeFi.
Ramp DeFi is a protocol focused on making lending and yield farming accessible to non-ERC20 holders. The protocol has integrated fERC20 tokens to ease the process of making cross-chain assets. This system allows for more comfortable and cheaper asset provision.
RAMP DeFi proposes that the staked capital of non-ERC20 token can be deposited on their platform in return for a stablecoin "rusd." This stable coin is backed by RAMP and issued on the Ethereum blockchain. rUSD holders can lend, borrow or exchange rUSD for other stablecoins on the Ethereum network such as USDT or USDC. This allows users to earn multi-yield, both on the Ethereum network and of the Ethereum grid.
With RAMP on the BSC network, the same mechanics are at play. Users will be able to stake their non-BEP20 token to get "rUSD." This BEP-20 rUSD is compatible with the BSC allowing users to swap for stablecoins. This cross-chain solution allows users to easily bridge their assets to both the Ethereum and BSC networks. Ramp on the BSC network helps reduce Ethereum usage on top of the reduced fees it offers users.
RAMP has launched its liquidity pools on Pancakeswap and JulSwap. The RAMP-BUSD liquidity pool launched on Julswap earns both trading fees and JULD tokens. The two teams have created these liquidity incentives to bootstrap initial liquidity and users to both protocols. Currently, RAMP DeFi only offers a cross-chain bridge for their native RAMP token, but they will soon bring the entire protocol to the BSC. It is important to note that liquidity providers on PancakeSwap do not receive additional liquidity incentives, solely the trading fees.
RAMP is a cross-chain solution that allows users to draw liquidity from staked assets. This novel system allow users to earn double yield rewards through staking Proof Of Stake assets (POS). This is the first of its kind in the DeFi ecosystem. In turn, this protocol encourages users to use DeFi applications on both the BSC and Ethereum networks even if they don’t initially have BEP-20 or ERC-20 tokens. Overall, as De-Fi continues to expand cross-chain solutions will be at the heart of the space. The team at RAMP protocol understands this and continues to innovate their protocol to further cater to users.
For those who wish to learn more details about RAMP DeFi and their bridge to the BSC refer to the following resources:
UBU Finance (Universal Binance Union) - is a decentralized platform that was launched on February 25, 2021. It integrates the most advanced DeFi applications with unique functions, such as deflation, benefit-sharing, and cross-chain interoperability.
UBU Finance platform aims to integrate multiple applications such as UFarm, UBank, NFTs, Lotterys, UPools, and Cross-chain interoperability. Of which, the UFarm and UBank applications were launched successfully.
A big part of the UBU Finance platform is UFarm, which provides exceptionally high APY for farmers and broadens the platform for all other applications. The user needs to provide liquidity to UBU on PancakeSwap to be able to join Ufarm. The liquidity rewards are distributed as follows:
80% farmed tokens shall be distributed to all Farmers while the remaining 20% shall be distributed equally to Development Fund and UFarm Referral Program. In each proportion, 25% shall be distributed to participants at once while 75% shall be locked for one year and distributed continuously block by block afterwards. This mechanism helps to stabilize the value of UBU Finance for serious investors.
UBU Finance offers a high level of security as users can sign transactions and interact with DeFi protocols without exposing their private keys. Also, UBU is currently being audited by one of the most reputed auditing company – CertiK. While audits aren't the holy grail of security audits, extensive audits from reputable companies help weed out smart contract risks.
The UBU team has successfully raised 100,000 BUSD from a private sale round called "Liquidity Seeds". The purpose of this fundraising round is to provide initial liquidity for the UBU token once listed on Pancakeswap. This liquidity pool is locked for six months, showing a long-term vision and commitment to project development from the UBU team.
3,000,000 UBU (equivalent to 5% of the total supply) was sold separately to community organizations and influential individuals on social networks with a commitment to support UBU Finance promotion. The price per UBU was 0.0333 BUSD.
Besides the apps launched, we also know an exciting application in the UBU ecosystem: the NFT (Nonfungible tokens). UBU Finance will launch its NFT market in the second quarter of this year. NFT (Nonfungible tokens) are having a moment. In recent weeks, notable investors Mark Cuban and Chamath Palihapitiya have signaled their growing interest in this corner of the crypto economy, adding fuel to a rally that was already red-hot.
It's tough to measure the total NFT market's size due to how these tokens are structured. Each NFT is a non-replicable digital asset. Because there's only ever one NFT, each asset is essentially its own market. The total value of NFT-based crypto art is now above $100 million, according to CryptoArt.io, which tracks the largest platforms dedicated to art sales.
The UBU team is also developing Cross-chain solutions. This feature will be launched in the third quarter of this year. This is key to the future of UBU as Cross-Chain technology is increasingly becoming a hot topic of discussion. It is seen as the ultimate solution for enhancing interoperability between blockchains. In Layman terms, Cross-chain Technology is an emerging technology that seeks to allow transmission of value and information between different blockchain networks.
Increased usage of established networks like Ripple, Bitcoin, and Ethereum, while a good thing, has given rise to many issues. The largest of which being economical and technical scaling limitations. As discussed above, most blockchain networks operate on isolated ecosystems as they address they try to resolve a unique set of needs. The chains operating in isolation have mostly made it impossible for people to enjoy the distributed ledger technology's full benefits. Cross-chain, technology seeks to solve all these issues by enabling interoperability between blockchains, thus making it easy for them to communicate with one another and share information.
Further information regarding UFarm and other applications could be found here.
Up to Quarter 1, the UBU Team has completed all their developments on schedule. The most notable developments were Liquidity Seeds' success, the release of UFarm + UBank applications, and the submission of their Smart Contracts for auditing.
Further information regarding future plans could be found here.
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.
Overall, NyanSwop has displayed great innovation by a team that sets targets and makes them happen! As the BSC continues its parabolic growth, keep an eye on this project as they continue to further developments.
NyanSwop Project Review
After the success of the Automated Market Making (AMM) Unicorn (UniSwap) on the Ethereum Network, the NyanSwop team decided they would try to become the BSC's unicorn – or cat. They offer many features revolving around Decentralized Exchange (DEX) technology, Yield Farming, NFT Oracles, a Fortune Shrine, and Nya Cash.
NyanSwop started October 15, 2020, as an anonymous team. They chose the Binance Smart Chain (BSC) because of the speed and super low gas fees, which benefit their users. Since its inception, NyanSwop has made several innovations alongside its AMM which provides yield farms and staking.
Nya Fortune was launched to bring some positivity into the crypto scene; while fud, rug-pulls, and scammers are negative vibes, the shrine tends to bring some positivity in the style of traditional Japanese Omikuji fortune-telling. Users can buy a NyanSwop Shrine Token $NST (BEP-20) on the platform; once acquired, depositing the $NST token allows users to claim a $NFT (ERC-721), the fortune. These NFT's (non-fungible token) contain artwork and a poem or horoscope-like predictions about life. Since the $NFT is an actual NFT it can be freely transferred and gifted to someone who could use a good fortune.
Did you get a bad fortune? Don't worry, you can simply "dispose" it, and it will go to the shrine fund. The shrine fund will perform burns and buybacks for the $NYA token, integrating a unique deflationary mechanism.
NyanSwop's NFT Oracle allows for ease of finding the original NFT creator. This information is typically not stored in the NFT; once sold, the owner changes with no trace to the creator of the NFT, meaning that Creators cannot get rewards/fees if the NFT art is sold again. The Oracle fixes this as it interacts with smart contracts, retrieving the Artist's information that created the NFT. Other projects can also implement the oracle by utilizing $NYA to power the integration.
What better than to reward NFT Artists with a portion of the fees generated? This system dramatically benefits artists, allowing them to earn royalties forever, and the oracle makes it possible.
Shortly, the team plans to release a "Flea Market," a native NyanSwop NFT marketplace that is promised to be one of the most innovative marketplaces.
Nya-Cash $NYAC is NyanSwop's algorithmic stable coin making use of the NyanSwop AMM.
Just like the Basis.Cash of which the Nya-Cash is forked, Nya-Cash uses a three token structure:
Token distribution started February 7, 2021, and will take ten days; after that, the Bonds and Boardroom will open on February 17, 2021. Twenty-four hours after the boardroom has opened, the first seigniorage will happen, ideally pegging the price at the desired one Dollar.
The $NYAS and $NYAB tokens are designed to move the price of $NYAC towards the desired one-dollar valuation. This is achieved by leveraging seigniorage, an economic agent, in this case, performed every six hours to enforce equilibrium (after the distribution phase). The process uses the following mechanics:
If the price of $NYAC is above $1,- users will be able to redeem $NYAB 1:1 for $NYAC, causing an increase in demand for $NYAC, which triggers the minting of new $NYAC that is distributed to $NYAS holders. This is called the expansionary phase and it is the main mechanic that leverages seigniorage.
In the contractionary phase, $NYAC is trading below $1,- now users will be offered to buy $NYAB with $NYAC at a discounted price, the used $NYAC will be burnt to reduce supply and stabilize the price. Once the peg is back above a dollar, users will be able to redeem $NYAB 1:1.
Currently, you can earn $NYAS or $NYAC by pooling or staking;
Earn $NYAS by pooling:
NYAS/USDT LP
NYAC/USDT LP
Earn $NYAC by staking:
USDT
DAI
BUSD
USDC
Users can also earn $NYAC by pooling NYA/BNB LP. These yield farming opportunities currently offer tremendous APY’s (annual percentage yield) ranging from 400% to 4700%!
Of course, you can still use the yield farm options on NyanSwop; you can do so by providing liquidity on NyanSwop's AMM. Currently, the AMM supports the following six pairs:
BNB/NYA
BNB/BUSD
BNB/USDT
BNB/DAI
BNB/ETH
BNB/BTCB
Once liquidity is provided, users will begin earning liquidity incentives by depositing the LP tokens in the corresponding "farming: pool” These pools offer exceptional yields ranging from 24% to 469%, distributed in $NYA tokens.
For those who are unfamiliar with yield farming and liquidity provision, check out the following sources:
Cryptonomics: What Is Impermanent Loss?
Dive Into De-Fi: The “Smart” Compound Earnings Machine
NyanSwop's innovative mechanics have brought new features to the BSC and its users; the NFT oracle could well be a perfect way to reward the artists granting life long royalties. The new algorithmic stable coin looks promising and could prove to be a game-changer for the project. But that’s not all; the fortune shrine is an excellent way to spread positivity, whether as a gift or just for yourself. More importantly, this system creates a deflationary mechanism for burning $NYA tokens and creating buy pressure to increase the token price.
Overall, NyanSwop has displayed great innovation by a team that sets targets and makes them happen! As the BSC continues its parabolic growth, keep an eye on this project as they continue to further developments.
For more information, or if you wish to stay up to date on the project, check out project and media pages:
