PROPHET FINANCE-Deflationary Yield Generation Token that offers High Rewards
Prophet Finance considering its token fundamentals was developed to ensure investors earn high annual per yield on their capitals. This was achieved through a series of mechanisms put in place to ensure token has a strong support against extreme bearish conditions of the crypto market.
What does Prophet Finance Stands For?
Prophet Finance is a fork of Reflect Finance but with refined features for the longevity of the protocol. They are aiming to bridge the gap of difficulty into yield farming. Most farming methods out there require users to go through a whole lot of technical processes. This ends up getting the interests of such beginners down.
First of all, it had a fair launch with a capped sale of transaction avoiding any chances of early investors scooping large numbers of tokens. The whole concept of this project is to charge currently 3% fee of all transactions made on the protocol and redistribute it to holders.
Features that would sustain the Protocol in the Long-term
Many projects have fallen out since the race began in the digital space and you can relate some of these failures to poor tokenomics or organization of operation of activities. In view of this, the team behind this project has put good mechanisms in place to ensure the smooth running of Prophet Finance Protocol in the years to come.
A Deflationary Token Supply
Scarcity of supply has always been one of the good support systems for stabilizing the value of cryptocurrencies. Consider most of the major cryptocurrencies like Bitcoin, DASH etc. and all of them have a capped supply to regulate its value across the open market. However, in the case of Prophet Tokens, they have a limited amount of supply and a burning rate of 1% on all transactions on the protocol. About 6.5% of the token has already been burnt increasing the demand of the few within the ecosystem at the moment. From a long-term perspective, the value of this token will rise steadily as the project grows and expands.
Flexible Fee System
Another feature that was really refined in a decentralized manner is the rigid fee system of Reflect Finance. While, Reflect had its fee strictly at 1% Prophet had a starting rate of 2% and also made it possible that this rate can be changed based on community request. Since its launch this has been increased to 3% as per the time of writing. This makes sense, as it creates a fair system where new investors would also have the chance to earn enough rewards from their purchase. Having it strictly at 1% only contributes huge rewards into the wallets of early supporters.
In addition to this, are Robust Liquidity that has been provided as well as Rewards for Liquidity Providers. previous review of this project to find more about these features and how they sustain the Prophet Finance Ecosystem.
Partake in the Lottery with Zero Risk
The team as part of their efforts to keep the community active with activities have come up with a risk fee lottery that will reward the lucky participant. Users have to purchase exactly 200 $Prophet Tokens in order to make a pledge and can do this once a day. This gives each member a chance of 7 tickets in a week. Draws are made at the end of the week and the lucky winner is awarded an amount of 5000 tokens. Users who did not win would receive their tokens back from the Offertory address. Follow up on this for more information about the Prophet Zero Risk Lottery. article
The Power in the hands of the Community through a DAO
Right from the onset of this project, the interest of the community has always been placed first. To make this official, a Decentralized Autonomous Organization has been created to put the power into the hands of the people. Through this DAO the community can make proposals of adjustment with regards to features such as Tax Rate, Burn Rate and other community activities. Token Holders will be able to apply to be part of the governing community once full details about it is announced. In the long run this also adds up to the utility of the token to add more liquidity on the market.
Yield Farming began as an earning space for experienced crypto investors cutting off the huge number of new investors that are entering the space every day. Initiatives like Prophet Finance have made it simple by just holding your tokens in your wallet and enjoy a 3% rate of rewards on all transactions that are made. According to the developers, it’s their plan to really see that this initiative is a decentralized one hence the creation of a community Decentralized Autonomous Organization.
Originally published at https://www.cryptofolds.com on December 7, 2020.