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Injective Protocol, the new Binance IEO, packs a punch

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Binance announced its 16th project on Binance Launchpad, the Injective Protocol (INJ). The token sale for injective protocol followed a lottery format and Binance has completed the lottery draw for the protocol with the below-given outcome:

  • A total of 22,175 total participants claimed a total of 157,870 tickets during the ticket claim period.
  • 18,000 tickets have been won out of the 157,870 tickets claimed which showcases an 11.40% ticket win rate. 
  • An aggregate of 16,074 participants had at least one winning ticket implying that the user win rate was 72.4&%

As was decided, Binance recorded the user BNB balance for 6 days right from 13/10/2020 to 19/10/2020. It determined the final BNB holding amount for each user based on the average of the 6 days. In order to do so, it used the daily average BNB balance calculation which was also previously announced on its website. 

Binance Launchpad which is an exclusive token launch platform for transformative blockchain projects announced a few days ago about its support for the first Universal DeFi protocol mainly intended for cross-chain derivatives trading. The injective protocol has become the first project which has been incubated by Binance Labs. The $3.6 million token sales which apparently took the lottery-format ticket claim began October 13 2020 at 0.00 AM (UTC). 

What you should know about Injective protocol

The Injective protocol is undeniably the first-ever observed layer-2 decentralized exchange protocol which by design can successfully unravel the potential of decentralized cross-chain derivatives trading as well as borderless DeFi.

INJ is the native token of the Injective protocol which can be used across a wide range of functionalities including the governance of protocol much on the lines of the popular Yearn.Finance.

The governance decisions will be reached through a DAO structure, liquidity mining, and staking. The platform also intends to provide support to a vast array of derivative products like CFDs, perpetual swaps, and much more. 

Important features of Injective protocol

  • With its layer-2 decentralized derivatives trading, Injective will be able to achieve a great trading speed without the charge of any gas fees for trading. The level-2 architecture is something new and unseen in the DeFi space and makes it happen. 
  • Injective also has finer capabilities of supporting a wide array of yield generation and trading across distinct layer-1 blockchain networks. 
  • The injective protocol also will allow the users to create and trade on any derivative markets including synthetic and crypto-assets. They can choose which they want with a price feed. Thanks to this, the users will be able to witness a huge window of limitless opportunities for trading on markets that otherwise may not be found on other exchanges. 
  • As mentioned earlier governance of the injective protocol like Yearn.finance is governed by its decentralized community. This means that new listings or any changes in the network are done based on the votes via a DAO structure. 
  • The injective protocol is promoted for its speed because it scales trade execution and settlement on layer-2 along with providing the traders an almost instantaneous order cancellation with the help of its trade execution coordinator. 

Injective Protocol : The value for the community

The community of the protocol can effectively grab the value from the network because it has several liquidity mining programs that have been natively built onto the network in order to grow on a continual basis. Injective is also rallying on the robust shoulders of social media with 23,000 members and still going strong. 

The community can also find respite from the fact that the protocol has some of the biggest names in the corporate world. Its team has a great track record and hail from big companies such as Amazon Zeppelin. Some even have the experience of being associated with promising hedge funds. The team also boasts of people who are alumni of Ivy-league institutions such as Stanford. The protocol organization has currently established several partnerships with top DeFi and Blockchain networks including names like Elrond, Kava, and Findora.

Injective Protocol and why you should care

The platform makes use of both Ethereum and Cosmos ecosystems through the peg zones. It has built every component of the network to be entirely trustless censorship-resistant and publicly verifiable. Binance CEO said:

“It’s great to see more and more projects joining Binance Launchpad. We are pleased to provide our support for the Injective Protocol and help grow the DeFi space together. We’re looking forward to seeing Injective leverage decentralization to build a more efficient financial ecosystem”.

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Deriswap: What you Need to Know

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Deriswap launched defi legend Andre Cronje – the founder of Yearn Finance

The founder of the revolutionary DeFi protocol Yearn. Finance, Andre Cronje has been an avid crypto promoter. In his attempt to bring products that will redefine the industry, Andre Cronje has introduced a new project.

Dubbed Deriswap, the new protocol will meld the different segments of DeFi including swaps, options, and loans all in one platform. His latest project ‘Deriswap’ is a move towards bringing capital efficiency, something which has not been envisioned in the industry. 

In a post published Cronje said:

“Deriswap allows for a consolidated, capital-efficient market for trading, Options, Futures, and Loans, allowing LPs [liquidity providers] to keep their exposure and enjoy additional fees and rewards,” 

Deriswap information has been restricted to a point because it is still under audit. He has explained that this new protocol would immensely benefit liquidity providers(LPs) in addition to maintaining exposure and extending additional rewards. There are many popular protocols that enable swaps and loans, however, Deriswap varies in its ability to offer multiple functions within one contract. 

Cronje has been around for some time and has already participated in a lot of projects. His other recent projects include Eminence and Keep3r. Eminence garnered the ire of critics as the gaming platform was hacked for $7 million in users’ funds.

But Andre Cronje’s popularity and his intellect with respect to the industry have been always high which is why despite all the earlier troubles people have been funding the contract even before the project has been audited and announced. 

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Basis Cash launches a new-age stablecoin in DeFi space

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Basis Cash : What is it?

Basis Cash, originally known as Basecoin, has launched its stable coin into the new DeFi era. Basis Cash is was based (pun-intedned) on a stablecoin basis which had $133 million in funding after which the US regulators intervened.

The smart contracts opened early Monday, but what also has to be remembered is that this is not the first time when any base-inspired stablecoin is released. At the end of August Empty set was released and now has $100million in market cap.

One of two anonymous leaders off the project who goes by ‘Rick Sanchez’ said: 

“In the long term, we look forward to seeing Basis Cash be used widely as a base layer primitive such that there is organic demand for the asset in many DeFi and commercial settings.”

As is the case of most stablecoins. Basis Cash (BAC) stands pegged to the US dollar implying that one BAC should be equal to the crypto equivalent of one USD. The price of one BAC should be equal to the crypto equivalent of one USD.

Two crypto assets Basis Bonds and Basis shares will be managing the Basis Cash’s price.  Beginning at the end of November 50,000 BAC will be given in a 5-year period implying that 10,000 per day to people who would put any of the 5 stablecoins  DAI, YCRV, USDT, SUSD, and USDC in their smart contract. 

basis cash

In this case the depositors would not lose more than 20,000 stablecoins from any single account. In addition to this, an incentive on a daily basis will be paid on a pro-rata basis. The users also will get their coins back at any point in time. 

Basis Cash will have nothing locked away to guarantee its worth. The only thing that backs it will be an algorithmic method which will help in finding the real market demand for BAC.If the BAC drops below a dollar, the system will automatically issue Basis Bonds. The bonds issued can be bought for one BAC and can be redeemed for one new BAC when the price is much more than $1.

Nader Ali-Naji who originally launched Basis said: 

“A lot of people have reached out to me about Basis Cash. It seems to be gaining traction among the people who backed me with Basis given how many people have asked me about it, but I don’t know anyone who’s definitively decided to back the project.”

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Saffron Finance: SFI a new DeFi bluechip? This hidden crypto gem seems primed for massive growth.

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November 10, 2020

Saffron Finance or SFI, is currently one of the hottest defi projects right now that is still very much under the radar. 

Just as we have reported on YFI, CORE, and Curve long before most DeFi news organizations, this is one we’re definitely adding to our watchlist. 

Just like the aforementioned tokens, SFI seems to be in the same league of technical expertise mixed with an extremely creative application, all with code that is completely original. Here’s what you need to know about Saffron Finance.

What is Saffron Finance?

Saffron. Finance is bent towards innovative offerings in the crypto world. It is a protocol meant for the tokenization of on-chain assets. There is an advantage of the format of the tokenization of on-chain assets as it allows the liquidity providers great flexibility and unhindered access to the base collateral leveraging the benefits of staking.

Typically due to the overcrowding of different scenarios, Liquidity providers have to undergo insurmountable impermanent losses as a result of extreme volatility.

Yet, Saffron is one such protocol that narrows down such outcomes and provides liquidity providers with the necessary dynamic exposure. 

Customize your risk

Liquidity providers can now select and customize their risk and return profile with the use of Saffron Pool Tranches. Pools are segregated into different tranches each having their own set of properties. The different tranches here are:

AA Tranche: In this case, the LPs add liquidity to the AA tranche earn less interest but are protected and covered in case of loss from platform risk. The covered capital comes from the principal and interest earnings of A tranche LPs. They have a great share in the SFI token generation grabbing 80% from it all. 

A Tranche: Under this category, LPs add liquidity to the A tranche and earn far better interest compared to the previous, yet vulnerable enough to lose their interest in case they are exposed to platform risks. The liquidity providers under this tranche earn 10% of the SFI tokens generated per epoch. Their earnings will not be included in covering the first loss of AA tranches. 

S Tranche: The S tranche like the A tranche earns 10% of SFI generated per epoch. The S epoch has an underhand mechanism to maintain the exact value of the tranche interest multiplier. It maintains the position of equilibrium between A and AA tranches with its functionality. 

Saffron individually tokenizes the future earning stream and the NPV of the used-up capital in every tranche. The earnings-based on tokenized holdings are distributed across all tranches through payback waterfalls. 

Epochs

The Epochs are discussed in tranches are of 14-days in length. In the epoch period, the liquidity providers can earn interest on the platforms and mine SFI tokens – the native token of Saffron Finance. 

When liquidity gets locked in the pool, they can trade their Saffron LP tokens defining their ownership of the pool. But when the 14-day epoch period ends, the Liquidity providers can remove their liquidity with SFI mined and interest earned. The first epoch was already kicked off on 1 Nov and all the liquidity was added to the S tranche. The other two tranches will be available in the second epoch. 

Liquidity mining

Saffron has been launched with DAI liquidity mining. With this, all DAI will be added to the Saffron pool and is used for compounding and earning interest. The best part about it all is that in the future versions of the protocol additional currencies and platforms will be added dynamically.

SFI is generated at the end of the epoch and is redeemable in proportion to the total outstanding dsec tokens generated during that epoch. They are redeemable in proportion to the total outstanding dsec tokens generated in that epoch. 

saffron finance

Smart Contracts

Saffron smart contracts have already been deployed and their code has been verified on etherscan and already been added to a GitHub repository. The team is still working on code audits but the team’s ongoing development timeline has allowed for it and the entire set of Saffron smart contracts. The Saffron Pool, adapter, strategy, and token contracts have been tested with 10,000 DAI in the best test epoch on the Ethereum mainnet. 

SFI Pools and Adapters

The platform has pools of liquidity that collect deposited base assets from LPs and deploy them on platforms in order to earn interest. Adapters connect this pooled capital to platforms.

The already launched first adapter is DAI/Compound adapter which connects the DAI pool to the Compound platform giving the DAI pool LPs the chance to pool together and earn interest on Compound. This strategy connects all pools and adapters together, selects the best adapter for capital deployment. It also generates and distributes SFI tokens to LPs at the end of every epoch. 

By offering asset collateralization on its platform, liquidity providers have access to dynamic exposure and have a great advantage of selecting customized risk and return profiles. 

saffron finance sfi

Saffron Finance Telegram: https://t.me/saffronfinance
Website: https://saffron.finance
Twitter: twitter.com/saffronfinance_
Saffron Medium: medium.com/saffron-finance


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