What is the DeFireX platform for?¶
DeFireX is a sophisticated smart contract architecture that incorporates best practices from digital and traditional financial instruments implemented in a decentralized architecture (DeFi) based on Ethereum and the Binance Smart Chain with open source. Our goal is to leverage the Yield Farming and Liquidity Mining DeFi protocols through the Ethereum and Binance Smart Chain ecosystems.
What is the DFX Token?¶
The DeFireX Token (DFX) is our native governance token. DFX Owners manage our ecosystem and receive most of the revenue from rewards. Storing / staking of DFX is not only beneficial for individual profit, but also keeps the internal DeFireX ecosystem running smoothly.
Why has the DFX Token been issued?¶
The DFX Token was issued to motivate and accelerate the growth of liquidity of the DeFireX platform via more productive and interesting mechanics, as well as to stimulate the most significant and productive user activities aimed at the exponential growth of the liquidity of its service, and other significant operational indicators of the project.
Why run Yield Farming on DeFireX?¶
We wanted to create a platform that automatically calculates and accumulates returns for all users, no matter what their initial capital is. Our goal is to expand the DeFi ecosystem, particularly on the Binance Smart Chain, providing users with various strategies to maximize profits while minimizing risks.
How does DeFireX farming work?¶
Currently, most of our farmings are powered by Venus using Pancake Swap and other DEXs in the BSC. Basically, our pools aggregate liquidity from different users, using security tokens and DeFireX smart contracts to automatically summarize and reinvest profitability on behalf of individuals in the largest services on the Binance Smart Chain.
Can I start farming by myself?¶
Self-compounding (position locking) using Venus, Pancake Swap, and other services on the BSC is a very tedious process, and it is often difficult to determine the optimal frequency and time when to increase and reinvest positions and lock in profitability from farming. DeFireX will conduct all of these activities for users, as well as save on gas and minimize risks.
Which farming scheme should I choose?¶
Each farming scheme requires its own token of one of the pools we offer, for example DAI, ETH, USDT, BUSD, DFX, BUSD / DFX. In addition, different farming schemes pose different levels of risk for DeFireX users. A high APY usually means more volatility in the price of the underlying token. For example, USDT has a much lower composite APY than BNB, because USDT is a stablecoin pegged to the US Dollar and is not subject to volatility.
What are the risks?¶
- Systemic risk
Systemic risk will consist of a decrease in the monetary value of the deposited assets in BNB, DFX, etc. For example, BNB can be worth $200 when making a deposit, and $150 when withdrawing, but even in this situation, the drawdown on the main deposit will not be more than 0.25%. This is because the positions in other farms are usually broken down into several crypto assets. Our platform does not contain such risks, because the entire position in DeFireX is placed in the asset that users deposit in. The breakdown model is used most often in simple farming pools, while we are liquidity providers!
- Idiosyncratic risk
Idiosyncratic risk is the risk associated with our actual project. Although our code has been audited by Pessimistic, there is always a risk that projects will fall prey to hackers. At the same time, our developers at DeFireX take into account the security risks of smart contracts and will only interact with contracts that meet the necessary security threshold.
How is it possible to determine daily percentage returns?¶
Since the APY is constantly changing on all the services used on the BSC, the composite APY on the DeFireX platform is also constantly changing. Also, since the APY is calculated based on complex exponential growth, it cannot be calculated in a linear way (e.g. APY / 365). As long as users keep their tokens on our platform for a long period of time, their assets will continue to grow exponentially.
Where does the APY / APR percentage come from?¶
The simple APY percentage for USDT and BUSD stablecoins is 70-150%. But after compounding with DFX, it becomes about 350% APY.
How 70-150% is obtained for stablecoins:
- DeFireX Pool (Farming) 25-30% + 40% Fees + 10% Venus + 50% DFX. It does this by adding the % from Venus, Pancake Swap, and other services on the BSC.
How 350% is obtained for maximizer strategies:
- DeFireX Pool (Farming) 25-30% + 40% Fees + 10% Venus + 50% DFX + 30% of the buyback of DFX Tokens from DEXs of the profit of the service. (The volume of demand exceeds supply, so the price of DFX and the percentage of the pools are growing).
Find out more about all our strategies and mathematical calculations in our “Wiki” documentation section, for example, in the section: “Pools & Earn strategy” and “Yield Farming Strategies”.
What is the commission structure in DeFireX?¶
We have a 30% farming commission in any of the pools in our platform, but most of the profits from these commissions are returned as rewards for staking in the DFX staking pool, thereby ensuring the sustainability and longevity of our project and benefiting the DeFireX community and holders DFX Tokens.
Find out more about all our strategies and mathematical calculations in our “Wiki” documentation, for example, in the “Pools & Earn strategy” and “Yield Farming Strategies”.
How often is income from farming recorded?¶
Currently, income from all pools, with the exception of the DFX Staking pool and the DFX / BUSD pool, is pooled and the profits are fixed on a daily basis by selling farmed tokens on any of the DEXs, such as Pancake Swap. DFX Token rewards that are accrued upon farming in any of the DeFireX pools are currently not cumulative. Only USDT, BUSD, DAI, ETH rewards are added automatically.
How is profit calculated?¶
At the moment of closing a position with our smart contract (exit & claim), 100% of the profit is calculated in a proportional manner between all providers of liquidity pools in DeFireX, of which 30% (of all profits) goes directly to the BUSD / DFX pool for the buyback of DFX Tokens, after which the distribution takes place within DeFireX through a smart contract autonomously and transparently!
When can I collect all my deposit and profits?¶
There are no restrictions. Users can withdraw all their funds whenever users see fit. Also, users can fix / pay profit from farming to their wallet, even daily.
How does the profit timer work?¶
When users withdraw funds, before the end of the process of fixing profits with the DeFireX smart contract, they lose profit for the current 24 hours. Therefore, it is better to wait for the completion of the profit fixation process and reset the “expected income” timer in the personal account. This timer is reset every time the DeFireX smart contract fixes a profit and distributes it among all users.
Why is my TVL or deposit showing 0?¶
If users see “0 tvl” or “0 on deposit”, they should just try to refresh the page in their browser and reconnecting the wallet.
Why can’t I conduct transactions?¶
Unfortunately, this is a common problem in the BSC network lately. Try to increase the gas by 5 GWEI. When this happens, it probably happens in Pancake Swap (as well as other BSC services), and it is generally normal if users use 18-20 GWEI when making a transaction.
Where can I learn more about DeFireX farming schemes?¶
Please read our Medium articles. We try to regularly add new articles describing news and functionality updates. We have plans to scale the available pools and more!
Find out more about all our strategies and mathematical calculations in our “Wiki” documentation, for example, in the section: “Pools & Earn strategy” and “Yield Farming Strategies”.
Who is behind DeFireX?¶
The DeFireX project was created by a team of developers and blockchain specialists! Our team is not anonymous! We are winners of many nominations for blockchain development, we have numerous successfully implemented cases and projects. Like all other revenue aggregator projects in DeFi, we believe our code is who we are! Thus, we ensure complete transparency and security of our service. This is all confirmed by the presence of our DFX Token on all major trackers / monitors, and other major platforms.
Who manages the smart contract and how?¶
None living! Code only! The DeFireX project is open source!
More details can be found in our “Wiki” documentation, in the section: “Guarantee & Proof”
How secure is DeFireX?¶
As with all DeFi projects, it is important not to trust, but to verify the legitimacy of each project by verifying the data / code. We thus provide complete transparency by releasing all the code / data required to ensure the smooth operation of DeFireX. Visit our github for more information.