The new DeFi yield farming protocol allows users to stake their crypto assets into nonfungible tokens using the ERC-721 standard and to earn the governance token of the platform BNFY. When users stake their tokens, the protocol mints a new NFT for them, and all the users’ staking details are recorded on-chain to the token’s metadata.
Since user’s crypto assets are staked on an NFT, this makes staking more secure and more flexible by allowing users to trade the NFTs on the open market. When a user decides to liquidate, there’s no need to unstake and sell their assets; they can simply sell the NFT based on the current market value of the staked tokens wrapped within it.
The BNFY smart contract has been audited by Rug Detectives, which also performed Know Your Customer on the lead devs of the project to ensure there’s no potential “rug pull” or exit scam. The smart contract passed with zero issues or potential exploits, so user funds will be safe on the BNFY protocol.
The presale is scheduled for Thursday, April 1, 2021, at 12 pm EST on BSCStarter.finance. There will be 15,000 BNFY tokens for sale priced at 1BNB:25BNFY and a maximum allocation of 10 Binance Coin (BNB) per user on a first-come-first-serve basis. A private seed sale on March 15 was completely sold out within minutes, so investors should be ready at the time of launch. Once the presale is filled, 50% of the funds raised will be locked on PancakeSwap for 365 days.
BNFY is a DeFi NFT staking protocol that makes yield farming more secure and more flexible by allowing users to stake their crypto assets inside of unique NFTs, which are tradeable on the open market with the staked value wrapped within. A fork of the extremely successful NFY project on Ethereum, BNFY is the first to launch this protocol on Binance Smart Chain and is positioned to have similar or even greater success than the Ethereum-based project.
BSCStarter.finance boasts itself as a community-owned network for raising capital on Binance Smart Chain. Users can filter through the messy landscape where rug pulls overshadow the great potential of a growing ecosystem by voting “Yes” on the projects they believe should make it through to the funding stage and voting “No” on the ones they think should not.