Planet Finance - Bringing DeFi To The Next Billion Users

By creating a star system filled with unique approaches to DeFi products, Planet Finance distinguishes itself in a virtual galaxy of competitors.

By
BSCNews
on
November 3, 2021
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Introducing Planet Finance

Planet Finance is a Decentralized Finance (DeFi) protocol that is composed of a series of dApps, or ‘Planets’. Each Planet offers a unique service such as stablecoin aggregation, yield farming, Liquidity Pools (LPs), lending and borrowing, and even more exciting features for users to access.

Planet Finance has a dual token model, with $AQUA serving as the limited-mint governance token and $GAMMA as the general utility token. This model ensures that users involved in project governance are true believers in the project, as $AQUA and $GAMMA have a strictly-limited supply. Once all $AQUA is minted it will be a hyper-deflationary token with constant buyback and burns.

Planet Finance is built on Binance Smart Chain (BSC) to leverage the low fees and transaction speeds the chain offers. The protocol has zero team tokens and no VC funding, making it a truly decentralized project built for the community.


Planet Finance Achievements

Planet Finance has successfully reached a number of achievements since launch. They have been in the top ten projects on BSC in terms of Total Value Locked (TVL), reaching as high as $511 million USD on October 24th according to DefiLlama. They are currently ranked 79th out of all DeFi protocols in terms of TVL. On the 24th they also cracked the top ten BSC projects in TVL, an impressive achievement considering the popularity of the blockchain.

Planet Finance has also introduced a revolutionary feature for Liquidity Pools (LPs) titled Convert LP. The feature allows users to change their LP tokens back into a single token with just one click, streamlining a formerly tedious process that could be confusing for users. Planet Finance is the first DeFi project to offer such a feature, highlighting the innovation that the protocol brings to the industry.

The Planets

Planet Finance has launched 3 of their Planets so far, with another 2 close to finishing development. Each Planet works separately to form a cohesive ecosystem that offers almost any service a DeFi user might need. Each Planet offers a unique service that comes with a variety of features for users to enjoy.

Blue Planet

The Blue Planet is focused around stablecoin yield farming. Blue Planet offers a selection of stablecoins including BUSD, USDT, USDC, DAI, VAI, as well as BNB and $AQUA. 

Blue Planet has a Decentralized Exchange (DEX) swap for users to exchange their tokens and provide liquidity.

Yields are earned by placing stablecoins into the vaults on Blue Planet, which then auto-compound all earned yields to maximize profit. At the same time, users earn $AQUA for a two-fold profit system. 

In the future more tokens may be added based on votes utilizing the Planet Finance DAO.

Red Planet

Much like the Blue Planet, the Red Planet also offers vaults with auto-compounding yields. The main difference is the tokens used; the Red Planet allows you to earn yields on popular DeFi tokens like ETH, CAKE, and LINK, along with other options.

Red Planet also has a DEX swap for users to exchange these DeFi tokens and provide liquidity, and an $AQUA vault to stake and earn.

Uranus

A tongue-in-cheek name references Uranus’ main focus - auto-compounded yields on what Planet Finance has deemed ‘sh*tcoins’. Uranus is made up of a series of pools pulled from PancakeSwap, including DOGE-BNB, ALPACA-BNB, BUNNY-BNB, and other substream selections.

All CAKE earned from these pools will be used to buy $AQUA which is then claimable by users. Each vault will have a multiplier to increase returns, ensuring that the $AQUA token is consistently having value flow through it. 

“Total earnings consists of AQUA earned in two ways. “Collect” (Blue button) claims AQUA generated from the token distribution,” the Planet Finance Docs explains. “On “Claim Boost” (Green button) all CAKE earned is converted into AQUA and paid out to you in real-time.”


Upcoming Planets

Green Planet

Green Planet is the upcoming incentivized, non-custodial lending and borrowing platform of the Planet Finance ecosystem. Green Planet will be unique in offering special discounts on lending and borrowing if users utilize the $GAMMA token. All loans will be over-collateralized to ensure that lenders are protected from having their loans stolen.

Green Planet lending will rely on rolling interest, an innovative approach to incentivize lenders. Rather than payments made according to a set schedule, yield is earned from lending as soon as the tokens are borrowed. Essentially, lenders are rewarded more similarly to staking and yield farming versus traditional lending repayment strategies.

Pink Planet

Pink Planet is an upcoming addition to the Planet Finance ecosystem, and will serve as a marketplace for digital assets, or Non-Fungible Tokens (NFTs). Pink Planet will also rely on the $GAMMA token to power its features. Full details will be revealed later, so stay tuned to the Planet Finance socials to learn the latest on the upcoming dApp!


Concluding Thoughts

Planet Finance offers a full-scale DeFi ecosystem that brings new innovations to their services. Their protocol has already reached a number of impressive achievements. With the launch of their next 2 Planets incoming, it seems as if the protocol could go even further in terms of success.

Reaching the top 100 DeFi protocols in TVL is an impressive accomplishment. As their services offered continue to increase, it seems likely they will keep rising in the ranks.

To learn more about Planet Finance, visit the following links:

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