New DeFi Platform With Huge Potential in 2021
2020 was just the beginning of the DeFi craze and while there are many platforms already there is one that I've been following for several months and I think it's gonna be huge.
It's called Cocoricos and the main goal is to make DeFi easier and more accessible to everybody. The native token for the platform is EGG and I'll discuss the tokenomics later in this review.
Benefits of EGG
Using the EGG token, Cocoricos is able to maximize the earning potential.
Some of the benefits include:
- Boosting APY on staking & liquidity pools
- Provide liquidity or stake using a single asset
- Voting governance on the platform
Liquidity Mining with EGG
Liquidity pools are the backbone of decentralized exchanges and often advertise high APY. Well anybody who has participated in these pools understands that it's a process. Well, Cocoricos eliminates these hurdles. EGG is used for all transactions, removing many steps and transaction fees. Instead of having to trade for certain assets, a user can just acquire EGG.
I'll explain this through an example:
Say I have BTC and want to provide liquidity to the ETH-USDT pool. The transaction would look like: BTC -> ETH & BTC -> USDT then add ETH-USDC to liquidity pool.
The transaction fees for this process in ETH would be close to $50.
Well through Cocoricos, the transaction would just be: BTC -> EGG -> ETH-USDT pool.
This is achieved through a series of smart contract implemented through the platform.
Right now, the EGG-ETH pool has an APY of 1244% as a further incentive for users in the beginning.
Staking with EGG
Similar to liqudity pools, staking tokens is an excellent way to generate passive income. Since EGG is used for all transactions, by simply acquiring EGG a user can stake any of the available tokens.
Say I have BTC and want to purchase SNX to stake. The transaction would look like: BTC -> ETH -> SNX -> Stake
The transaction fees for this process in ETH would be close to $50 not including the staking transaction.
Well through Cocoricos, the transaction would just be: BTC -> EGG -> Stake
Right now, staking EGG for 30 days has an APY of 412%.
Tokenomics Uniswap Listing: 15 January 2021 Pre-Sale Price: .05 DAI/EGG Initial Listing Price: .10 DAI/EGG
Total Supply: 60 Million Tokens to Burn: 10 Million Airdrop Rewards: 8 Million Team Rewards: 6 Million *Both Airdrop & Team rewards are locked for 90 days
Looking at these numbers, the circulating supply is only 50 million and 14 million is locked for 90 days so at the initial listing there will only be 36 million EGG tokens (minus any bought during the pre-sale).
Cocoricos is going to provide an answer and solution to the inconvenience of liquidity pools and staking. The EGG token will allow anybody to easily get involved with DeFi and reduce barriers to entry.
I personally am invested in EGG and so of course my review is biased. All the information provided is as accurate as I could find but make sure to do your own research before investing in any platforms. Crypto is filled with risk and ICOs are especially risky.
Let me know your thoughts on Cocoricos and EGG?
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