$BNFY #DeFi #NFTs on #BSC
B Non-Fungible Yearn is a next level DeFi NFT protocol on Binance Smart Chain which allows users to stake their cryptoassets into an NFT to earn $BNFY, the governance token of the platform.
Yield Farming on #NFTs
This is not your traditional DeFi staking platform, this is the first of its kind on Binance Smart Chain! Traditional DeFi staking platforms earn yield based on the amount staked in a user’s account, the BNFY protocol creates an ecosystem where a user’s stake is represented by a freshly minted, one of a kind unique ERC721 Non-Fungible Token or NFT.
Staking
The staking process will be similar to other staking platforms you may have used before. However when a user stakes their cryptoassets on BNFY, a new NFT will be minted and the details of the stake will be stored inside that NFT.
Why would we do this and what is the benefit to it?
When staking on BNFY there is no need for users to unstake their cryptoassets since the protocol creates a secondary market for the already staked tokens. Therefore instead of unstaking to liquidate the staked assets, users can just go to the trading platform and place a sell order to sell their staked NFT! Since all the details of the stake will be stored in the NFT, they will be able to sell it at the current market value of the assets staked within, while the accrued rewards will be redeemable by the user that was holding the NFT.
Of course if a user wants to they can always unstake their assets and this process will be the same as they are used to. In the unstaking process though the staked NFT is burned and staked funds plus unredeemed rewards are transferred to the user’s wallet. A fee of 5% will be taken out of the initial deposit to redistribute to the protocol to create a self-sustaining system and to encourage trading of the NFT. Easy and clean!
Inspired by NFY on Ethereum
Credit is given where credit is due. This project is a clone of a successful project Non-Fungible Yearn $NFY on Ethereum. We were users of NFY and simply fed up with the extremely costly and slow transactions. Then with the great success the NFY project has enjoyed recently, we felt it was a perfect time to launch this project on Binance Smart Chain so that users of NFY can come save some money on fees.
However we‘re not just going to copy paste this project and leave it as is, we will be following up with some great improvements. Its not just faster and cheaper transactions we’re going for here, we also want and easier to use platform with better rewards. BNFY holders will certainly benefit from being a part of this project and our community will be the greatest.
Get some $BNFY tokens, get social with us and and stay tuned for all we have planned for you.
Twitter: @BNFYFinance
Telegram: @BNFYOfficial
Discord: @BNFY
Website: BNFY.Finance
Token Trackers: BSCScan | CoinMarketCap | CoinGecko
