DeFiBOX — EOS One-stop DeFi Application Platform || Complete Guide

what exactly this BOX is about?

You might have heard within the crypto space that DeFi means Decentralized Finance but what is it about this BOX?

Here comes Uniswap!!!

DeFiBOX by DeFiBox Foundation.

DeFi Protocols of DeFiBOX

The big reason behind DeFi(Decentralized Finance) is the ability to have full control over funds and making sure funds are not being controlled by anyone or a centralized body. To have a total decentralized DeFi platform which everyone can be part of without any hesitation then there’s need to make everything open and free for anyone to come into.

SWAP ON DeFiBOX

This is an automated market-making protocol on DeFiBOX which is fully decentralized and readily available to users for swapping one token to the other without a third party interference. There’s a constant product algorithm which makes it possible for this protocol to provide real-time swap prices and also, users are not only allowed to swap their tokens but also free to create a swap market or join an already created or existing one to become a market maker which supplies liquidity in the swap market.

USN Stable Coin

Just like every good organization should set aside something that would serve as risk control/management mechanism. DeFiBOX got USN Stable Coin, a staking stable coin based on EOS Blockchain. This is originally owned by Dancor Project but will be a sub-project of DeFiBOX.

How to use DeFiBOX

  • Swaps
  • Liquidity
  • Market
  • USN
  • Mine BOX
  • Dividend
  • Security
  • Whitepaper
  • Sign In (Where your username will appear after signing in with either a desktop or mobile wallet)
  • Exit and Language
  • Last Records(Of swaps)

SWAPS

Swaps as explained earlier is simply converting from one token to the other. On this page, users can select which token to send and which to receive. Also it is possible to switch this two token, the receiving one can become the paying and vice versa if you change, using the sign in-between the payment and received boxes

Liquidity

There’s a liquidity for every pair and everyone who has contributed to the liquidity pool is known as a market-maker and are automatically eligible to fees paid by users while transacting but this is strictly based on their liquidity ratio.

Market

Market simply shows all important information relating to each token. Anyone visiting DeFiBOX website can have a clue of what each token pairs is like and how they’ve been performing. Market of all token pairs have the following:

  • Price
  • Liquidity
  • 24 hours Liquidity APY (Fee Revenue and Mining Reward %)
  • 24 hours Swap

USN

USN explained earlier as a sub-project of DeFiBOX. This is a project of Danchor and USN is a decentralized staking stable coin on EOS Blockchain. EOS can be staked to generate USN. To know more about USN, go Here

Mine BOX

For everyone who has added an amount to any of the liquidity pool, there’s always a mining weight for each pair of token. This mining weight determines how much BOX in mining will be allocated to the market-makers.

For DeFiBOX governance

Only users that stake their BOX are able to vote on governance proposals and as at the time of writing this article, there’s no tab or page for governance on the DeFiBOX PC version. BOX DAO can only be accessed from any EOS mobile wallet that supports DeFiBOX or visit Here to access the proposal page.

Staking Dividends

If you visit the staking dividend tab, you will be able to stake your BOX token which can earn you dividend in EOS every hour and don’t forget that staking BOX also gives you the power to vote on Governance proposal.

CONCLUSION

DeFiBOX has made DeFi much more interesting being on the EOS Blockchain. A fully decentralized one-stop DeFi platform giving users the chance to experience full decentralization and having a say on their funds and investments.

This article is for the Defibox article contest and link to this contest can be found Here

THANKS FOR READING

I am Bee 🐝

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