The decentralized Finance (DeFi) market has made considerable progress over the last year with several DeFi tokens hitting sky-high valuations in 2020. The emerging concept of Yield Farming has been enticing to cryptocurrency investors since it allows them to earn passive income and rewards for holding their cryptocurrencies in permissionless liquidity protocols.
Fry.World aka Fries is one of the first projects that builds a robust infrastructure for yield optimizing strategies on the Binance Smart Chain (BSC). One of the major reasons for Fry.world to chose the Binance Smart Chain is the scalability, flexibility, and speed it offers.
Building Community-driven Yield Strategies
Using its native DeFi token FRIES, Fry.world implements several different community-driven yield strategies. The FRIES token holders share all the rewards accumulated on the platform. By staking the FRIES token, users can also participate in governance and receive Ketchup KHP.
FRIES has created a unique deflationary distribution model in their tokenomics:
- Fries will be distributed in two phases: Month 1 (900,000 blocks), and Months 2–11 (9,900,000 blocks).
Starting at block 1,023,000 there was 825 FRIES farmed total Day 1, after that the rewards drop daily by ~21 fries every day 30,000 blocks. Therefore Day 2 had 804 FRIES, and so on until 900,000 blocks (~1 Month) are complete.
After this period, there will be 10 more months of FRIES where the daily reward of 21 fries only drops each subsequent month. This means all of month 2 there will be ~ 221 FRIES farmed daily for the entire month, and so on until the maximum is reached of ~50,600 FRIES 🍟 ever created.
The Ketchup (KHP) holders can then vote on all the governance-related activities as well as the community-led proposals for different yield optimizing strategies. This will help to establish a fully democratic community working in the best interest of fryoneers.
- Burnt Fries: The platform discourages selling or transferring of the FRIES tokens and terms it as a ‘weak fry’ move. Thus, it attracts 2% fee on all such transactions. Of this, 1% is completely brunt as the FRIES tokenomics follow a deflationary model. The remaining 1% goes to the Strong Fry Reserve and distributed as rewards to the staking of strong FRIES for Ketchup (KHP).
- Developer Fund: For all the FRIES minted through farming, the dev fund receives 2.5% over and above the minted amount. These funds go to the overall growth and sustenance of the Fry.world platform. It also helps with future development, liquidity provisions, marketing, and partnerships. There is no pre-mining and VC funding. This is a completely bootstrapped project and so the team will receive the full amount over the period of 12 months.
- Frying and Distribution: Until the maximum supply of 50600 is reached, the release of FRIES token reduces its daily emission rate to fit with its deflationary tokenomics model. Fryers can farm the following ways
- Staking Burger at a 3x multiplier
- Staking BNB at a 2x multiplier
- Staking BUSD at a 2x multiplier
- Farming burger/fries at a 7x multiplier of fries and also farming burger tokens
- Farming BUSD / FRIES at a 3x multiplier
- Farming BNB/FRIES at a 4x multiplier
For this, Fry.world has announced its strategic partnership with BurgerSwap, the first democratic automated-market-maker (AMM) on Binance Smart Chain (BSC). AMMs are basically smart contracts that offer the liquidity pool of ERC20 tokens. Instead of an order book, AMMs are algorithmically traded while swapping assets automatically against the pool’s latest price.
Fry.world plans to soon release another staking pool dubbed StrongFries that produces the Ketchup ($KHP) governance tokens in form of rewards. Users will also stake to receive a portion of the strong fries reserve. The Strong FRIES reserve will allow users even after the total token supply is reached that they will receive FRIES forever as long as people transact with fries.
Fry.world is an interesting Yield Farming DeFi platform based on the Binance Smart Chain. The platform promises high rewards for $FRIES holders as well as to the liquidity providers. The complete details for the FRIES token emission schedule are available here.