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Planet Finance - A BSC DEFI project with some attractive stable pooling options....

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@revisesociology
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I've been digging around for a decent place to stick some more stable coins as I do like to be diversified and Planet Finance offers one of the best selections and highest returns on stable pools currently available....

I decided to have a small punt into the BUSD-UST pool (as you can see from above) to test this out, and we shall see how this goes!

NB I opted for that pool as it's build on Pancake Swap, and it's well established.

What is Planet Finance?

It's another yield farm aggregator built on Binance Smart Chain with several different applications organised around a planet theme:

  • Blue planet = stables (what i'm interested in here)

  • Red planet = major cryptos

  • Uranus - riskier so called 'shit coin' pools

  • Also yet to come are lending, NFT and insurance protocols.

Many of these pools are build on already existing farms on Binance Smart Chain - for example their UST-BUSD pool is on PancakeSwap, and Planet Finance just aggregates on top.

There is a 0.1% fee for depositing to the stables pools which seems reasonable to me.

One feature I quite like is that you can deposite to a stables pool with just one stable, in fact it only seems possible to do this with just one coin, rather than two, and the same works for withdrawing apparently.

I did test this out going into the UST-BUSD pool and the fees seem perfectly reasonable, although there was an odd moment when a 0.4 (!) BNB suggested fee cam up for depositing into their pool - which I rejected twice, but I somehow ended up getting deposited anyway, for a suitably reasonable fee (I didn't have that much BNB in my wallet btw!).

So just something to watch out for!

You can read the docs here.

Tokenomics

When you stake to Planet Finance, you earn AQUA tokens, which are the governance tokens of the ecosystem.

There were no tokens distributed to team members and no pre-sale, making this a pretty fair distribution IMO.

However these are only mined for 200 days and end on November the 18th, and as I understand it a new token, the GAMMA token, then takes over the incentivisation function.

Final Thoughts

I quite like Planet Finance - it's got a nice simple interface and I lie the way it breaks down its applications - it kind of makes sense to me.

I also love the returns on the stables, which is I why I punted a small amount with them.

However I wouldn't 'pile-in' when there's only 30 days left of minting their main token, and when I'm not 100% sure how much it's going to cost to withdraw my funds when I want to take them out.

At the end of the day I'm happy to have a small amount of my stables diversified into this platform for now, but I'm going to keep the majority of my stables in slightly lower yielding better established protocols.

Posted Using LeoFinance Beta