[ANN][SiFi]High interest savings through 5% trade fee redistribution mechanics
by
Cryptographian
on 29/01/2021, 16:56:20 UTC
High interest trade mechanics SimianFinance (SiFi) is a fairly new, community powered Ethereum token that belongs in the DeFi/ReFi space of tokens. The Ethereum smart contract charges a 5% trading fee on all trades which is then redistributed among its community of holders. This redistribution happens instantly without the holder needing to stake or claim anything. The redistribution system is compounded meaning that if you hold 10% of the total supply, you get 10% of the 5% fee. These dynamics achieve two things: (1) it incentivizes big wallets to hold longer and only sell fee profits which in turn stabilizes the economy by pushing demand upwards, and; (2) it allows smaller wallets to grow bigger over time, and at an increasing rate. Collectively, holding SiFi serves as a high interest community savings account.
How to buy SiFi
Install an add-on Ethereum (ETH) wallet such as MetaMask in your browser.
Transfer ETH from an exchange (e.g. Binance) to your MetaMask wallet.
Add custom token in MetaMask with this address:
Go to Uniswap via this link and click 'trade'.
Connect Uniswap to your MetaMask wallet by clicking the icon on the top left.
Buy SiFi
If you get an error message when buying on Uniswap, try a round/even number of SiFi (e.g. 5555 not 5555.3) and increase slippage tolerance to 5% or above.
Roadmap and platform development Plans for the platform outlined in their roadmap include launching a dashboard on their website with trading possibilities; establishing a fee ecosystem sustaining early holders; establishing a services platform where services (entertainment etc.) can only be paid for with SiFi; and establishing decentralized investment and banking platforms for the community to enjoy. In other words; the token will have extra utility besides only generating income by holding.
The token was launched without ICO or presale. LP tokens were burned. They have established a community burn pool for deflationary mechanics.
SiFi is traded on Uniswap. 5 million total supply. MC $122k
The price of DOGE has suddenly leaped from 25 sats to 129 sats in just a matter of hours. It was unbelievable. No one was expecting such a rally for DOGE. That's more than 400% of growth out of the blue.
Accordingly, the rally has something to do with the infamous Wall Street Bets which got its popularity through Reddit.
As of this writing, DOGE has already climbed to the 13th rank as per CMC and Coingecko, surpassing the larger names in crypto such as EOS, Monero, Tezos, Tron, etc.
Just a testament to how bizarre this market is
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Topic
BoardAltcoin Discussion
Re: Some DeFi Gems To Watchout For in 2021
by
Cryptographian
on 29/01/2021, 00:53:50 UTC
1. Polkadot 2. KAVA 3. SiFi
Post
Topic
BoardAltcoin Discussion
Re: What are the things to look for when buying Altcoin?
For me it's the whitepaper. In essence, you can see their intentions from reading their whitepaper. You can also spot unsuspecting things from the team by reading the whitepaper. For me though, I decide in the whitepaper to see whether the project is being handled by 15 year old monkeys or a dedicated developers. Well, we have our own preference, this is just mine.
The white paper is always good to read the news about the company and their future deals about the project, till now I have gone through many company white papers and failed to lead that development, not only Whitepaper we should keep track the team in all possible ways. I will trade coins when it is listed higher volume exchanges.
I agree about the Whitepaper parts, but I stopped doing trades on major exchanges and only trade on smaller ones now like Uniswap. Uniswap is able to integrate smart contracts in a way that token creators can be creative (as seen with DeFi and ReFi spaces). For instance, SiFi can have 5% fees on all trades en automatically redistribute them among holders. I think those kinds of mechanics will be more common but they are not possible on Binance.
So I guess what I look for is that they are only listed on Uniswap so that I am sure the mechanics are in place.
I often look for low market cap and low total supply (<10 million).
Sushiswap and UNI are more satisfying to me than some DeFi projects because of their use case, they will stay alive for a very long term, this is something we have to consider when choosing projects, another ones I have interest in is ChainLink, Polkadot and Avalanche, it's always about high quality use cases
Sushiswap and UNI definitely. ChainLink and Avalanche not so much. Recently got into Polkadot and SimianFinance because of the use cases. Judging from their roadmap, SimianFinance is launching a platform where you can only buy services with SiFi tokens. They have a literal use case.