The growing demand for yield farming products in tandem with the decentralized finance (DeFi) ecosystem, has seen a furry of projects come up. The key selling point for each new “yield farm”, “liquidity pool” or “AMM” is offering the users the highest returns.
Pumpy Finance, a DeFi project launched on Binance Smart Chain (BSC), offers users an opportunity to earn rewards from providing liquidity on the platforms pools and farms. The platform promises high yielding returns of 300% APY, in a bid to entice DeFi users to the platform.
What is Pumpy Finance?
Pumpy Finance is a yield aggregating and assets management platform built on BSC aiming to offer its users high yielding and unique products. The platform was founded in 2020 at the height of the DeFi boom and has steadily grown into a fully-fledged DeFi protocol with over $5.4 million in total assets locked.
The platform launched on BSC with no pre-farm and no pre-sale with the optimization of users’ DeFi yield farming as the goal. The platform also minimizes costs of yield farming, offering high APY/APR on their farms –the rates shown already include the fees.
Pumpy Farm leverages its “Vaults”, a yield optimizing platform, providing users with auto compounded yields at optimal levels.
The PMP token
PMP token drives utility on Pumpy Farm providing a way to distribute the platform’s future income and provide incentives to farm. The platform employs a low-supply tokenomics model – with a total of 100,000 PMP tokens to be minted. The developers and advisory team will receive 10% of the maximum supply of the tokens and the rest will be minted at a rate of 0.0085 PMP per block.
Pumpy Farm plans to use 1.5% of the vault fees in a defensive buy back mechanism that will see the bought PMP tokens burnt out of existence forever.
Currently, each PMP token trades at $505, with the total liquidity on the platform surpassing $5 million.
The Pumpy Experience
Since launch, the platform has raised $5.4 million in total value locked, or TVL. One of the key reasons to its rapid growth is its low controller and entrance fees, which compete favorably with other dApps such as Pancakeswap (CAKE).
Features of Pumpy Finance
Pumpy Farm aims to offer DeFi user more avenues to yield farming products at the lowest gas fees possible. Apart from offering high yields, Pumpy Farm also offers unique features to its users that aim to set the project as one of the largest digital asset management platforms soon.
- Sound tokenomics: The platform developers are creating a sustainable economic framework that aims to use the PMP token as both a medium of exchange as well as a store of value.
- Fully audited: In a bid to increase transparency, Pumpy Finance is audited by a third party, Vidar Auditors, who have run an extensive static analysis of the codebase as well as standard security assessment utilizing industry approved tools.
- High yielding pools: Finally, the platform currently offers 8 liquidity pools including wBNB, wBTC, BUSD, CAKE, USDT, and ETH with high yielding farms. The lowest APY, as of writing, is the USDT-BUSD liquidity pool offering 312% APY.
Roadmap in 2021
So what in in store for Pumpy Finance users in 2021?
Before the end of Q1 2021, Pumpy will have completed its decentralized exchange (DEX) integration and install its intelligence risk management system. In line with developing its advanced system of statistics, Pumpy Finance will introduce an Initial Farm Offering (IFO) section, smart assets management and NFT integration in the next quarter.
In the next half of the year, Pumpy Finance targets to add fiat poos on its platform, integrate cross-chain solutions and earn listing on major centralized crypto exchanges.
As Binance Smart Chain gains popularity, Pumpy Finance looks to benefit from increased demand from users on the platform. The high yielding and low fee pools will also be a key factor in enticing DeFi users to the platform. Buckle up, the current $500 price for PMP could skyrocket a lot higher in the coming year.
Join them on telegram!
- Kattana Project (KTN)- Overview and Rating of the DEX Trading Terminal
- PUMPY FINANCE: Earn Over 300% APY Yield at the Lowest Fees on BSC
- Nimbus Platform Review: Bridging the DeFi Ecosystem to the Traditional Finance World
- ZeroSwap a Next-Generation Multi-Chain DEX Aggregator
- Ren Project (REN) – Review, Rating and Complete Analysis
- Kentucky-based Crypto Lender Celsius Faces Cease and Desist Order
- Ethereum Price Analysis: ETH Needs This Crucial Level Ahead Of Approach To $4,000
- QuadrigaCx Saga to be Featured as a Documentary on this Popular Streaming Service
- Gluwa Wallet and Aella Credit Collaboration Sees Over 1 Million Transactions on the Blockchain
- Canadian Securities Regulators Warn Crypto Firms of Misleading Ads. Here Are the Defined Dos and Don’ts