Review Project DEGO FINANCE - LEGO in the DeFi world
Introduction to DEGO
DeFi (Decentralized Finance) is an application that uses a smart contract, which runs (commonly) the Ethereum blockchain, to get loans in the form of crypto assets and as collateral for crypto assets. For example, you could pledge Ether (ETH) for a loan in the form of a stable DAI currency in the value of the US dollar.
Smart contracts are the most powerful feature of the Ethereum blockchain. Anyone can use it to create cool applications. The use of smart contracts has increased in the DeFi sector recently, which is reflected in the value of the crypto assets stored in them.
Smart contracts are a proprietary programming language on the blockchain. programmers can take advantage of that code to create applications that run completely on the blockchain decentralized
The use of smart contracts ensures minimal human intervention in the process. Users can simply be sure that the program code is running automatically.
Based on data from DefiPulse, the cumulative valuation of crypto assets held in the DeFi sector is $ 1.85 billion spread across 30 Defi apps, from Compound to Connext. All of them compete for a large number of users with their growing crypto assets.
DeFi's top three, Compound (US $ 629.8 million), Maker (US $ 557.9 million) and Synthetic (US $ 319 million), for example, continue to compete.
Recently, we’ve seen a boom in decentralized finance (DeFi). The exponential growth and FOMO sentiment around DeFi have attracted many new crypto investors and developers to space and have stimulated the interest of traditional financial players. Everyone searches for best investment potential and hunts gems in the DeFi world.
The exploration is worthwhile, but your funds, time and chances are limited, and you can never fully grasp all investment opportunities.
🤖However, in DEGO, things would be different.
DEGO adopts a modular combination design concept. Modularity refers to the combination of various elements of the product to form a subsystem with specific functions. We combine this subsystem as a universal module with other modules to create a new system with multiple functions and performance.
In short words, each product can be regarded as a module. After a combination of different modules, a new product comes out, thereby achieving the effect of 1+1>2. LEGO bricks are the best example and inspiration for those modules. Every brick is plain and ordinary, but it generates endless possibilities when putting together.
DEGO equals to LEGO in the DeFi world. Each DeFi protocol as a brick, It could be the stable coin(DAI), flash Loans(Aave, Compound), DEX exchanges(Uniswap and Balancer), derivatives( Synthetix), insurances (Nexus Mutual). Around these underlying protocols, we will build a new dapp to enhance the value of the DeFi, create diversified investment portfolios and generate substantial financial returns for users, and become the entrance to the future of financial services.
Dego Mining
Apart from earning income or interest from lending crypto assets, DEGO allows its users to earn income by mining, The mining method used by DEGO is similar to Consensus Proof of Stake POS which allows each user to perform crypto mining easily, Technically to mining DEGO tokens very quickly and efficiently, everyone can do mining easily. The DEGO mining process is called Staking. Mining activities can be carried out on the official website which can be accessed at https: //dego.finance
DEGO has opened its Liquidity Mining Pools to the public on September 16th, 1pm UTC.
DEGO has a Total supply of 21 million, 80% of which will be minted out by liquidity mining.
Total Token supply: 21, 000, 000 DEGO
Mining supply: 16,800,000 DEGO
Halving period: 1 week
The initial set of available pools:
👨🌾Pool 1:
- USDT
To participate on the USDT mining pool, miners will have to stake USDT on Dego Dapp (dego.finance) to get $DEGO rewards.
5% of the Mining pool (1,050,000 DEGO)
525,000 DEGO will be released during the first week. a 50% weekly halving mechanism will be implemented from the second week.
USDT address: 0xdAC17F958D2ee523a2206206994597C13D831ec7 - WETH
The second liquidity mining is the Wrap ETH (WETH). Users stakes their WETH in order to farm DEGO.
5% of the Mining pool (1,050,000 DEGO)
DEGO will be released during the first week. a 50% weekly halving mechanism will be implemented from the second week.
WETH address: 0xC02aaA39b223FE8D0A0e5C4F27eAD9083C756Cc2
👨🌾Pool 2:
🦄 Uniswap LP token (ETH+DEGO)
Pool 2 is different from Pool 1. Unlike Pool where users can stake USDT and WETH directly, Pool 2 takes a different approach. Users will need obtain the UNI-V2 LP token by swapping ETH and DEGO and then stake the LP token to get DEGO rewards.
20% of the Mining pool (4,200,000 DEGO)
2,100,000 DEGO DEGO will be released during the first week. a 50% weekly halving mechanism will be implemented from the second week.
Uniswap V2 address: 0x23f7D99C169dEe26b215EdF806DA8fA0706C4EcC - For DEGO’s token mining mechanism, please check https://medium.com/@dego.finance/dego-protocol-decentralized-finance-with-sustainability-c5123bbca0cd
- 5% of the mining rewards from users will be allocated to the team, while 10% will be allocated to the promoter(referral program).
- If users claim the reward within three days, the time will be recalculated, 10% of the mining rewards are deducted and transferred to the dividend pool.
4)When a user transfers DEGO token, that is when calling the transfer interface and transferFrom interface of the smart contract, 5% trading fees will be deducted, 2.5% of it will be directly destroyed, the remaining 2.5% will be transferred to the dividend pool.
How To Participate
1.Viste the official website: https://dego.finance and click Stake.
2.Choose the token that you want to stake.
DEGO-ETH mining needs to go to Uniswap and add DEGO-ETH liquidity and obtain DEGO-ETH UNI-V2 LP for mining.
USDT can be staked directly using the USDT pool.
WETH can be exchanged at Uniswap through ETH 1:1.
3.Take the DEGO-ETH pool as an example, the first click Approve to authorize, and after authorization is completed, you can start staking.
4.Click Harvest to get the mining rewards.
The advantages of Dego
1- Open to Everyone , With DEGO, anyone with an internet connection and a smartphone or PC can freely access unlimited features on the Web or dApp.
2- Accessing other forms of capital, Dego provides an alternative for everyone to store their cryptocurrency assets in the form of fixed value assets. For example, due to fluctuation in values, users do not need to deposit in bitcoin, but in USDT (USD Tether) which has a stable value.
3- Affordable Cross-Border Payments, DEGO eliminates expensive intermediaries and makes remittances cheaper for the rest of the worlds.
4- Ease of obtaining a loan is one of the most important features of Dego, When compared to traditional credit systems, savings and loans in Dego can be executed instantly without complicated processes like credit checking.
5- Transactions are transparent , At DEGO every transaction is immutable and cannot be manipulated, All transaction-related information is stored on the Etherum blockchain and can be seen by the public in real-time.
6- High privacy and security , At DEGO, users have direct access to their wealth and can safely execute transactions without validation from central authorities.
Conclusion
The absence of an ecosystem in coins / tokens will create a massive dump in the market. The absence of the use of coins / tokens will make the value of the coins / tokens decrease and even make the value of the coins / tokens worthless in the future. But DEGO is different from other blockchain / DEFI projects, DEGO has a sustainable ecosystem that will provide healthy benefits for all. Apart from that, not only offering an easy mining method on the platform but also the DEGO token utility adopting Defi will increase the demand for DEGO Tokens in the market, In addition, supply and demand will create an ecosystem that will keep the value of the DEGO token stable, possibly even going up in the futures.
More Infomartion Details:
Website: https://dego.finance/home
Twitter: https://twitter.com/dego_finance
Telegram: https://t.me/dego_finance
Medium: https://medium.com/@dego_finance
Discord: https://discord.com/invite/xJjSJrd
Github: https://github.com/dego-labs
Authors: lethingocthuy686868
Bitcointalk Profile Link:https://bitcointalk.org/index.php?action=profile;u=2017740
ETH Address: 0x282637C2fc34b86DF9CF26b42A533d5e93Abb703