Decentralized Finance (DeFi)

A 2-Minute Complete guide to BNS Project

There has been a keen observer of developments happening in Defi and one of them is BNS.

It would actively participate in it.

A lot of the Decentralised Finance tokens which launched in the last 2 months have got into the top 100 CMC ranks (SUSHI, YFI, COMP, BAL, etc.) compound and balancer were the first exchanges done globally. 

Now getting back to DeFi ( decentralized finance ).

In decentralized finance, the overall premise rests on the fact that smart contracts govern everything including lending, borrowing, interest generation, credit, liquidations, etc.

Simply put, the role of banks is being done by smart contracts now and some of the overheads in terms of running an operation, manpower, etc. are becoming obsolete and now there is a larger yield to be generated.

Yields are higher for other reasons as well, and inclusion of a token which in itself is getting its value attributed to it. 

Yields farming has been a craze.

It is one of the central contexts in Defi.

Meaning, the way funds are deposited in a bank and get returns for fixed deposits, the same way it can be locked in crypto-assets and get returns in the form of crypto.

This is, simple words, is yield farming where you are locking your assets and you can earn yield in the form of newly generated tokens.

Defi has redefined a few things and there is a constant spurt of activity happening there.

Defi has announced the launching of its website where users can deposit tokens they possess and earn a yield on it. The initial yield starts really high. 

Salient features of BNSD

Salient features of BNS
  • Super high APYs
  • Multiple pools for farming
  • Extreme deflationary release over time
  • The halving model contains 4 halvings, where blocks rewards are reduced. 
  • Block rewards start with 1000 rewards per ETH block of BNSD and then reduce, based on halving in the following fashion:
    1000–500–1 day from the genesis block
    500–250–7 days
    250–125–30 days
    125–100–90 days
  • Just 4% of the rewards are reserved for dev funds. This is lowest in comparison across other Defi projects like Sushi
  • The best part; 50% of the dev funds are used for buying BNS on a periodic basis.
  • The contract is super clean as there is no mint function, except for the block rewards being generated per block. So, there is no risk associated. Also, there is no time lock required as only BNSChef can mint rewards and those rewards are specific to block. 

Conclusion

Cryptic Ocean is a blockchain technology company that provides end-to-end blockchain development and blockchain consulting services to multiple business domains.

Our goal is to help companies adopt new technologies and simplify complicated issues that arise during technology evolution.

Contact us for the best solutions about the use of blockchain technology to solve the toughest challenges faced by the world today.

FAQ’s

How do I get a BNS token?

To buy a BNS token, follow the steps below:
1. Go to https://bitbns.com/trade/#/bns-presale/
2. Enter the amount of BNS you would like to shop for.

What is BNS token?

BNS is a future multi-protocol utility token by Bitbns, that aims at enabling general plenty to use cryptocurrency similar to they use fiat currency in regular transactions.

What is WRX coin?

WRX is the utility token of WazirX.
WRX token is predicated on the Binance blockchain. Its total supply is one Billion.
The token holders are going to be rewarded with numerous benefits on the commercialism exchange like commercialism fee discounts, WRX trade mining, token delivery, margin fee, and more.

Is WazirX safe?

Account security is a prime priority at WazirX. WazirX employs two-factor authentication (2FA) supported Google app or mobile SMS. So you recognize that your account is safe.

What is Bitbns?

Bitbns (think BITcoin Buy aNd Sell) is the fastest and simplest way to trade digital coins.
It is Safe and Secure and offers 24/7 Customer Support.

Must read our other blocks on blockchain.

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