The price of Defi Coin (DEFC) has surged by over 160%. This comes after the dev team launched its decentralized cryptocurrency exchange platform known as DeFi Swap. The idea behind developing this exchange was to have a deflationary token that can stand the test of time. This has been made possible by its reliable burn mechanism that allows a constant price pump.
According to data from CoinGecko, the price of the token was $0.42 this morning and accumulates a 24-hour gain of more than 180% as cryptocurrency traders and other market participants expect the demand for the token to rise after the cryptocurrency exchange goes live.
The goal of DEFC is to become an alternative or the substitute to well-known decentralized exchanges like UniSwap and PancakeSwap. It will allow crypto users to exchange crypto tokens without the need to rely on an intermediary by the use of smart contracts.
It charges a tax of 10% on buys and sells. The rewards are automatically transferred to investors to discourage short-term trading of the token.
Decentralized Finance (DeFi)
The goal of decentralized finance is to eliminate the need for an intermediary to complete financial transactions. Decentralized exchanges like Defi Swap provide an alternative to centralized exchanges such as Binance and Coinbase. They offer fast execution times, anonymity, low transaction fees, and decent liquidity.
The Defi Coin team worked hands-on with their community to develop a decentralized platform that has everything needed by crypto traders to grow in the crypto space.
With Defi Swap, you can buy and sell cryptocurrency in a low-cost and decentralized manner. It also provides users with an opportunity to earn through farming and staking across several tokens and blockchain networks.
DeFi Swap is based on the Binance smart chain blockchain. With DeFi Swap, you can incur lower gas fees for trades compared to the Ethereum blockchain. You can also enjoy a better scalability than with the Ethereum blockchain.
Now that the DeFi Swap exchange has been launched, they will be launching a Charity project soon. The aim of this project is to help children globally through the blockchain technology. DeFi coin seeks to give these children an edge among their peers in the advancing blockchain technology.
How to Farm on Defi Swap?
Before you can farm on Defi Swap, a user must ensure the following:
- The user’s cryptocurrency wallet should be on BSC network and connected to DefiSwap.
- There should be enough BNB in the user’s crypto wallet for a gas fee.
Users have the opportunity to choose the farming pool of their choice. For example, here is how to farm in the BUSD Farming Pool:
1) Get BUSD-DEFCLP tokens:
- Click [Pool], choose [BUSD]-DEFC and click [Add Liquidity].
- Choose BUSD and DEFC, respectively approve BUSD and DEFC transactions in your wallet. Click [Supply] and Confirm the transaction. You can then can get the BUSD-DEFC LP tokens.
A DEFCMasterChef contract takes care of the process of creating the farms. The admin creates various farms by providing LP tokens ex: BUSD-DEFC LP.
The admin also decides on the weight assigned to each pool, and the weights will be used to calculate the rewards for liquidity providers. The number is then added to totalAllocPoint for calculation of the relative weight of each pool.
Users can also find the farms created by the Admins with the token pairs.
Now that you have the BUSD-DEFCLP tokens, here is how to farm:
2) Choose Farming and click [Approve] to authorize access to your BNB-DEFC LP tokens. Click [Stake], enter the amount, and Confirm the transaction in your crypto wallet.
3) Harvest your rewards
Click [Harvest] to claim all BNB and DEF you have earned, and Confirm the transaction in your cryptocurrency wallet.
Staking in Defi Swap
Staking in Defi Swap is simpler than Farming with DefiSwap Yield Farms. Unlike the farms, you only have to stake one token and start earning, the DEFC Coin. Here is how Staking works:
- The Admin creates the staking pool and decides the percentage of returns in DEFC
- After the creation of a staking pool, users can add tokens to the pool and stake for the specified duration.
- 3. Users are allowed to withdraw tokens from the staking pool any time they want.
The current price of Defi Coin is below its all-time high of $4 per coin which it reached on July last year. However, this does not mean that the coin won’t get there again. Now that they have launched Defi Swap, it will be easy for the price of the cryptocurrency to rise.