Vietnam based RedFOX Labs Joint Stock Company (‘RedFOX‘) have released their DeFi farming, staking and $VFOX token contracts onto the Binance Smart Chain.
The latest announcement marks the release of the RFOX.Finance decentralized finance (DeFi) protocol. Months of work have gone into developing a method to distribute the new $VFOX token.
All $VFOX holders will be eligible for rewards being generated from and through their new metaverse project RVOX VALT.
Binance Smart Chain ecosystem projects have exceeded a total value locked of over USD $50 billion. RedFOX Labs have recognized the growth potential in this ecosystem and have completed the launch of their own DeFi products.
RedFOX Labs recently enlisted an external audit firm, Hacken to examine token, farming, and staking smart contracts before deployment.
RedFOX Labs reminds existing $RFOX holders that participation is not mandatory, and no action is required if they do not wish to participate in farming and staking and do not understand the associated risks.
There will still be the opportunity to purchase $VFOX outright on both PancakeSwap and through RFOX.finance. Two weeks after launch the option of staking $RFOX and $VFOX in single asset pools, to earn $VFOX will also be made available.
Further, RedFOX Labs will harvest $VFOX earned from the initial liquidity they provide to convert back to $RFOX and burn from the circulating supply.
The move to launch RFOX.finance is another step toward RedFOX Labs reaching its goal of being the premier ecosystem builder in the Southeast Asian region and will play a pivotal role in driving utility and value for the $RFOX token.
For additional information regarding RFOX Finance, please visit https://docs.rfox.finance.
About RedFOX Labs
RedFOX Labs is a venture builder based in Vietnam, that identifies and builds successful business models for the Southeast Asian markets. It is focused on unlocking the true market value of the Southeast Asian digital economy for high consumer demand services such as e-commerce, e-media, e-travel, and esports/gaming and focuses on adding value to the digital economy through the use of emerging technologies such as blockchain. As a company, its value is tradable through its native token ($RFOX).