Hi guys! hope you are doing great.
Today we are excited to introduce you to our next step as a yield farming platform, Bermuda 🔺.
What is a Bermuda🔺?
Bermuda is a pool like the existing ones, but with the characteristic that the rewards are previously defined and have an expiration date, they also incorporate being competitive so you have the ability to multiply the rewards obtained by them.
How do they work?
By stacking your tokens in one of the Bermuda, they can reward you with a multiplier bonus for keeping your tokens stacked over a period of time or you can spend a number of TAKOs to get this bonus.
Example:
- A person staked 100 tokens and after a while he have 10 Tokens as reward to harvest, he doesn’t have time bonus neither spend TAKO to get a bonus. He earned 10 Tokens.
- Same person have the same 10 Tokens as reward to harvest but this times he spend some TAKO to win a 2X multiplier. He earned 20 Tokens this time.
- Same person have the same 10 Tokens as reward to harvest but this times he waits a while to win a 2X time multiplier. He earned 20 Tokens this time.
What do you mean by 🏆 Competitive Yield Farming?
As the rewards are previously defined, they are depleted, so if users use multiplication bonuses they can deplete resources sooner.
This works in a similar way to Ethereum’s GYSR project, incentivizing stackers to keep an eye on their deposits and earnings.
How much $TAKO or time do I have to spend to get the multipliers?
That depends on each Bermuda, the time necessary to obtain the maximum multiplier is determined when creating a bermuda so you will know it before.
As for the $TAKO you need to spend, this is calculated logarithmically
How does this help incentivize the use of TAKO?
It helps improve the TakoDefi market as it gives it a new use case and also 3% of the TAKOs deposited for stacking will be burned immediately and automatically.
And as for the TAKOs used as a bonus booster 25% will be burned and the other 75% will be used as funds for future burns/Bermuda/team funds
🔥So we will be burning a lot of extra TAKOs.🔥
When do they start and what will be the first Bermuda?
Although the contracts are ready to be deployed, we still have to do some tests and incorporate these functionalities to the web, so during this week we are working hard to finish, we hope to open the first Bermuda ending this week.
As a preview, we want to tell you that the first Bermuda will reward you with $BANANA🍌 for staking $TAKO 🐙 as you voted a few days ago!.
Where will the funding for Bermuda come from?
As we warned in the previous post, we are changing the use of commissions obtained from farms and pools that do not use $TAKO, the detail is as follows:
Fees obtained from Non-TAKO deposits:
- 75% will be used to create new Bermuda 🔺.
- 15% will be used to buy back and burn $TAKO 🔥
- 10% For Marketing funds and others.
I know that right now you still have many doubts, but we will be solving them during the week, you can also read the GYSR documentation to get an idea and then we will incorporate a FAQ in the documentation with more info.
Disclaimer
Bermuda is a competitive Yield farming, so you should understand that here several will be trying to get the multipliers and the rewards could be exhausted before you can get them. This is an experimental pool that we hope will help the project grow, but we still recommend investigating #DYOR and investing only what you can afford. Remember that the fees will not be returned and that what was burned there stays. 🔥
If you have come this far, I thank you very much for trusting in the project 💜 see you soon!
Follow us on all our social networks to keep up with the news! 🐙
Web: https://takodefi.com/
Twitter: https://twitter.com/TakoDeFi
Official TG Group: https://t.me/TakoDeFi
Announcements Channel: https://t.me/TakoDeFiAnn
Price Bot Channel: https://t.me/BinanceRocketTAKO
