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$BNFY Offers a Better Way to DeFi. How Does it Work?

 B Non-Fungible Yearn ($BNFY) is a DeFi NFT protocol. It was created for utilizing ERC721 tokens for Yield Farming taking place on Binance Smart Chain. The platform allows stakes to be more dynamic by using NFT tokens. It links stakes to a transferable NFT instead of tying them to a user’s wallet address. That means that $BNFY owners can earn money with their favorite collectible.

 

$BNFY is the governance token of the platform. The protocol allows a customer to stake their various digital assets into many different pools to earn these tokens. According to the company, the staking process will be the same as at any other staking platform. But when a user stakes on the $BNFY platform, they mint an NFT in the process. Users can see the details about their stake in the NFT’s unique token ID.

 

Using an NFT has several advantages, among them more flexibility. Users would be able to transfer the ERC721 token along with all other staked tokens wrapped within it. Furthermore, the owner wouldn’t need to unstake their assets. If they want to cash out, they have to sell the NFT right on the company’s marketplace.

 

NFTs are the new financial technology, and they haven’t yet reached their full potential, but the future is very promising. BNFY aims to be a pioneer in this field and be the first to offer it to its clients. The crypto industry moves fast, and soon NFTs will be implemented in every new DeFi project. The company believes that pioneers will get the most profit in the coming months and years.

 

$BNFY becomes available for the ICO today. A total of 15,000 BNFY are for sale. Investors can buy them for $10 per token. The offering ends in three months, on first July.

 

Are there any transaction fees while transferring the coins?

 

According to the company, there are no transaction fees when transferring BNFY or NFT. However, there will be a small fee in BNFY when the owners are using the trading platform. An NFT can not be broken down, so the company will take the fee from the staked value of the NFT. That means that it will take a fee in BNFY before each trade.

 

Furthermore, the users will lock their LP tokens after providing liquidity on a DEX like BakerySwap. When the client stakes their BNFY/BNB liquidity tokens in the BNFY platform, the company locks the LP tokens in the staking contract but not the value. As a result, the protocol will mint an NFT at the time of staking, which will wrap the value the client has locked in a transferable ERC-721 token. The company will store the owner’s stake on-chain in the metadata of the token.

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