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FAREcosystem, the Dark Horse in Decentralized Financial Platform Track

Place/Date: - June 8th, 2021 at 2:48 pm UTC · 5 min read
Source: FAREcosystem

FAREcosystem, the Dark Horse in Decentralized Financial Platform Track
Photo: Shutterstock

The development of DeFi ecology in 2020 has directly promoted the advent of a new round of bull market in blockchain. All public blockchains, Stock Exchanges, etc. successively arrange the DeFi ecology. The DeFi ecology applications spring up like mushrooms after rain and cover DEX, oracle machine, Stablecoin, Polymerizer, wallet, etc. The coinbase, Binance, Huobi, etc. as the head transactions, own massive user base and strong background strength to develop DeFi ecology and to build their own DeFi key projects.

The blockcgain field is an emerging industry, where some black horses occur all the time. Every DeFi sector has its outstanding performer, while the decentralized financial platform track has also had a black horse recently- FAREcosystem.

What is FAREcosystem?

FARECOSYSTEM is decentralized financial platform established on Binance intelligent chain, which mainly includes 3 sectors: centralized transaction platform, DeFi debit-credit and mixed coins service platform. It aims to build a decentralized financial aggregation platform of blockchain, to solve users’ problems in transaction, investment, financing and privacy, and to provide users with a safe and reliable transaction environment to truly achieve privacy protection and fund security.

FAR SWAP

As DEX built in Binance intelligent chain, FAR SWAP adopts the mainstream transaction paradigm AMM mechanism on the market. AMM mode doesn’t need to depend on traditional market maker who provides liquidity. The liquidity provider deposits tokens in liquidity pool. Both the buyer and the seller directly conduct transaction with liquidity capital pool. The price is determined by formula. FAR SWAP allows users to transact and make market without permission. Binance intelligent chain featuring with high performance and low cost can support FAR SWAP to adopt AMM mode with lots of calculation and consumption of lots of gas fees. In the meanwhile, it can also reduce the user transaction cost and improve transaction efficiency.

FAR SWAP’s governance token is FAR whose total issue volume reaches 8.5 million. FAR token is used to govern the whole decentralized financial platform of FAR ECOSYSTEM. The FAR’s governance right includes FAR SWAP governance right, FAR community coffer, protocol conversion cost, SOCKS liquidity token governance, etc.

FAR Credit DeFi debit-credit

FAR Credit is the DeFi mortgage lending agreement constructed based on Binance intelligent chain, where user can act as depositor or borrower. The depositor provides liquidity for FAR Credit monetary market to earn interest on deposit, while the borrower lends other tokens through mortgage of its encryption assets. FAR Credit achieves debit-credit through capital pool, which can solve the point-to-point problems with low matching efficiency.

FAR Credit aims to solve two main problems on DeFi loan market:

  • low matching efficiency of point-to-point order and insufficient market liquidity;
  • The hacker attack of other potential risks exist in centralized Stock Exchange debit-credit. FAR Credit aims to become the interest rate layer of token assets, and allows users to earn interest or to maintain the liquidity of market capital when borrowing tokens.

FAR CASH Mixed Coins Service Platform

As the mixed coins service tool based on Binance intelligent chain, FAR CASH achieves the privacy protection by cutting off the on-chain association between transaction sender and receiver. Namely, many transactions are put in the same capital pool and are withdrawn after mixing, to cut off the contact between deposit address and collection address. The matching transaction capital and collection address are certified based on zero knowledge to achieve the withdrawal operation.

FAR CASH can achieve interactive exchange of multi-currency. It mainly focuses on mainstream currency preliminarily, including BTC, ETH, DASH, BNB and BCH, and will expand the transaction currency type in later period, to facilitate the mixed currency transaction by platform users more and to protect the privacy of property.

The investment organizations from which FAREcosystem obtains investment

FAREcosystem obtained USD 0.3 million subsidy from Paradigm Foundation in July 2018. In August 2020, FAREcosystem completed USD 5 million Angel Investment which was led by Singapore UOB Foundation and in which GalaxyDigital, CollabCrypto, NavalRavikant, DCM,Metastable, etc. participated.

How to Participate in FAREcosystem Mining

FAREcosystem will launch the Binance intelligent chain in the middle ten days of June, which opens up the genesis mining. FAREcosystem includes diverse mining forms, such as nondestructive digging of USDT, FAR-USDT LP digging, FAR hedging mining and invitation hashrate mining. Users can select the method they like for mining as per their hobbies and strengths.

FAR Token Distribution Mechanism

FAREcosystem platform token is FAR whose total issue volume reaches 8.5 million. FAR is used for the governance of the whole decentralized platform and adopts the incentive issuance on installment. The community obtains FAR through mining or liquidity contribution incentive, etc. Development team and angel investors only own few tokens, and conduct the linear unlocking in the next few years.

Distribution mechanism:

  • Community users: 5.1 million
  • Early ecological participants: 1.725 million
  • 30,000 provided for initial liquidity
  • Angel institutional investors: 0.85 million
  • 0.6 million awarded for technology developers
  • 195,000 awarded for the global community activities

FAREcosystem has taken a series of measures recently, including layout of HECO chain, ETH chain and OKEXCHAIN in addition to launching Binance intelligent chain. The official information shows that FAREcosystem will publish details of genesis mining. We look forward to more surprise brought by FAREcosystem as a black horse on the decentralized financial platform track.

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