Introducing BooFinance on Avalanche Innovative Yield Farms & Deflationary NFT
BooFinance Soon it’ll all go live through the Penguin Launchpad. Here’s a short introduction to their protocol explaining what separates them from the rest.
What are they about?
They here to offer an alternative way to do things. They believe all DeFi projects should be rooted in sustainability, and thus, we’ve come to shake things up.
BooFinance is a decentralized movement composed of every person who wants to make an impact in DeFi. There are no requirements to become a Ghost; in fact, you already are.
Ghosts watch each other’s backs. There’s a lot of money in this space, and thry want to capture that for each other. Through the Boo Council (Governance DAO), we’ll set the standard for other DAOs on Avalanche.
The Cauldron (Yield Farms)
The ghosts behind BooFinance have been cooking up something special. If you’re already in DeFi, you’re accustomed to LP farming. They taking this up a notch.
Here’s how:
1. The Cauldron. All LP tokens are added to a single pool.
2. Rewards. Distributed based on the $ value of the LP tokens in the pool.
3. Booster. Each LP token has a unique bonus multiplier. This bonus will change depending on seasonal events.
This makes the yield farming experience simple. No more rummaging through multiple farms. Trying to find your long-lost AVAX/PEFI pair.
One, simple, profit optimized, other-worldly, farm for all your needs.
You see: the ghouls do the hard work. They use the rewards from all the different LP pairs. And rebuy BOOFI.
These constant rebuys generate tremendous upward pressure. Driving BOOFI, YAY-high. For example: if the APY of BOOFI/AVAX on Pangolin increases, the PNG rewards generate a higher buy pressure of BOOFI, and thus, the APY of the entire Cauldron grows higher.
And the Cauldron pressure effect only grows. The more liquidity in the cauldron, the more pressure there is. Pushing BOOFI’s value into the heavens.
The Cauldron is a revolutionary new form of yield optimization, all revolving around BOOFI, their native token.
The Hall of Fame (Rankings)
Those who can truly work the Cauldrons in their favor, shall sit atop their throne amongst their fellow ghosts. Making it into the rankings will give you a place in a customizable leaderboard that every other farmer will see.
Those at the top will reap additional rewards, surprise token giveaways, and other exclusive benefits within the BooFinance Ecosystem.
But that’s not all…
Deflationary NFTs
Projects without NFTs aren’t going to make it. Those with basic NFTs, might make it.
BooFinance, on the other hand. We’ve got the first ever deflationary NFTs on Avalanche, with utility. We’ve already made it.
- Capped minting. No infinite mints. We’re talking rare, capped, scarce NFTs.
- Continuous upgrades and effects. Growing your NFT’s use-case for years to come.
- Battles. Yeah, Blockchain gaming. Fight other’s people’s NFTs. Kickass in deathmatches, or have your NFT self-destruct and vanish forever. Only the dead and the daring will survive.
- The more fights that happen, the supply of Boos (NFTs) lessens.
Tokenomics
BooFinance’s native token is $BOOFI
How does it work?
1. Rewards. BOOFI is distributed to all stakers as an incentive for using our protocol.
2. Governance. BOOFI gives you the power to vote in a decentralized manner through the Boo Council.
3. NFTs: The BOOFI token will be used to power all NFTs within the ecosystem.
4. Rankings: The amount of BOOFI you hold will determine your place in the Hall of Hame. Those at the top will enjoy grandeur and rewards.
Self-Sustainability
BooFinance is being built to be independent of anything or anyone. Their smart contracts are made with the Boo Council DAO in mind, which will eventually inherit all core responsibilities over their smart contracts and maintenance of the ecosystem.
From a tokenomics perspective, BooFinance’s Cauldron aggregates all collected AVAX, JOE, PNG, etc., rewards and sells them to market buy $BOOFI, creating long-term buy pressure. Coupled with the fee redistribution mechanisms that will be introduced for the Hall of Fame, BooFinance Ecosystem is geared towards rewarding its long-term investors and furthering our mission to disrupt yield farming.
Additionally, NFTs will be made indestructible through IPFS (Inter Planetary File System) as a means to store images and metadata. Thus, once in your wallet, your NFT is strictly under your permanent control.
About BooFinance
BooFinance is a decentralized collective of ghosts working to disrupt current yield farming practices and inflationary NFT models. BOOFI offers a sustainable model that rewards early and long-term holders through cutting-edge yield farming contracts and deflationary NFTs. The protocol runs on Avalanche, leveraging on near-instant finality, low gas fees, and paramount levels of decentralization.
