Fenix Finance plans to launch its native token tomorrow

Fenix Finance is a new generation DeFi project. It combines a decentralized cryptocurrency exchange, a yield farming platform, an automatic market maker protocol (AMM), and an NFT marketplace. Fenix Finance enables quick expansion of this range by adding new farms, new pools, partner projects, and some completely new spheres of activity. The Fenix team aims to create an ecosystem that can offer any DeFi investor or trader a way to generate suitable income.

Fenix Finance’s Masterchef contract is also involved in profitable farming. However, the team distributes the profit generated from it among all participants of the project’s farms and pools, providing the users with an additional source of income.

Furthermore, Fenix Finance offers the token burning mechanism, which protects farmers from market-induced risks. It also mitigates possible declines in the FenixSwap token exchange rate, thus ensuring its stable growth.

The company removed the Migrator function and implemented a Timelock of 24 hours instead. Fenix Finance hopes to entirely remove the risk of a rug pull so that its farmers could farm without risks.

According to the Fenix team, they will charge a deposit fee at staking and use the funds to purchase Fenix and burn it. Their goal is to create Fenix for everyone to farm from it. Users will be able to earn Fenix and other coins while staking.

What about the token’s ICO?

The initial coin offering will start tomorrow, June 4, 2021. A total of 15,000,000 FENIX will be available for sale, and the price is $0.06 per token. The team plans to raise $900,000 during the ICO sale.

To ensure users’ safety, they took some steps. For instance, the platform will delay any changes made to the smart contract by 24 hours.

However, they will implement that after they finish introducing all their pools and confirm the rewards are working as expected. The team will also report any changes to the contracts, like adding a new pool to the community. They have also removed the Migrator function from the Masterchef contract to ensure the safety of users’ funds during farming.