How well made this platform is! When you connect with your MetaMask wallet, you feel like you're back in the early 2000s. The interface imitates our old computer screens very well with these extreme pixelizations.
That said, Dego Finance is much more than an interface. Above all, it is a DeFi platform that is experiencing tremendous success. You can use your NFTs in a fun way with very interesting APYs too.
dego finance's mission is to make NFTs more malleable across a wide range of rather fun (and profitable) applications.
Presentation of Dego Finance
As we told you, Dego finance is a combination of NFT and DeFi. It is an open source protocol which has developed a cross-chain system which has existed since September 2020. Built on Ethereum, Dego finance has moved to Binance Smart Chain (BSC) which makes it possible to avoid fees on the Ethereum network, in 2020.
This is also how Dego finances new users.
Regarding the developers and the team, you should know that they wanted to remain anonymous in order to make the protocol a fully decentralized project. They do not have more tokens than users and are supported via donations as well.
In terms of security, the platform was audited by Beosin which claimed to have no security problems. As is the case with other BSC-based protocols, Dego finance uses the Proof of Stake by Authority (PoSA) mechanism.
Dego fiance offers an NFT ecosystem in which anyone can create NFTs, exchange them, trade them and even mine them.
How does Dego Finance work?
Basically, dego finance is very similar to other DeFi protocols. Thus, we can exchange/trade assets including NFTs. Thus, the ecosystem strongly includes NFTs and gives them an important role.
In fact, you can “mine” (not “mint”) dego tokens with NFTs, as we will explain later.
The protocol allows users to explore different blockchains including Ethereum, Binance Smart Chain and Polkadot soon.
DEGO tokens
The protocol's native DEGO tokens are ERC-20 tokens. DEGO holders can participate in governance and decide on important elements of the protocol.
In fact, Dego Finance wants to give importance to users. For example, the community can propose and vote for ambassadors. The designated ambassador will receive a "Dego Ambassador Medal NFT". With this NFT, he will have certain rights as a spokesperson and even receive financial support for this work. Admit that this DAO is exemplary, right?
It must be said that the protocol is well thought out and focused on its users.
DEGO’s tokenomics
The total DEGO supply is set at 21 DEFO and here is the breakdown:
- Mining: 80%, or 16 DEGO;
- Presale: 10%, or 2 DEGO;
- Uniswap liquidity pools: 5,25%, or 1 DEGO;
- DEGO DAO (decentralized autonomous body): 3,75%, or 787 DEGO; Airdrop: 500%, or 1 DEGO.
Earn DEGO tokens (staking and Yield Farming)
To earn DEGO tokens, you must become a liquidity provider on Uniswap for example. The latter will then receive commissions from the pools with a fee of 0,25 of the transactions.
Interesting fact: DEGO tokens are also used to mine NFTs. These are backed by different deposited tokens.
It should still be noted that unlike other DeFi protocols, farming on Dego finances using a distribution method that is intended to be very fair.
Staking and farming offers on dego finance:
See why we say this:
In fact, the rewards are paid like this:
- 1x reward goes to whales (wallets with large amounts of tokens);
- 5x the reward for intermediate investments;
- 3x are allocated to small investors.
How does Dego Finance interest DeFI users?
If you think Dego Finance is just another protocol, think again. Know that it brings a very nice innovation.
So it is especially at the level of NFTs that dego finance stands out from other protocols. For example, other NFT marketplaces allow the auction system for NFTs only. Very often, it is even very reductive. There, with dego finance, we can do more things with NFTs such as trading them, using them for mining and even offering other tokenized products.
You should know that there are 6 levels for NFTs:
- Bronze, Silver, Gold, Platinum, Diamond and Kryptonite.
- Each tier has a specific power value and mining efficiency, with Krlyptonite being the most expensive and powerful.
In fact, the higher the mining of an NFT, the greater the yield obtained in staking. It is in fact the power value which will determine the 6 levels of NFTs.
Users can participate in mining pools with their NFT. This is the great particularity of dego finance.
To participate, you have to click on the NFT tab and then choose "Mining". There, if you do not have NFT picks that you use to mine, you will have to go to the marketplace to buy some. You can buy them directly or on other platforms elsewhere.
NFT auctions are supported by three platforms including dego NFT market, BSC NFT market and opensea, For now. You can also find them on the platform Treasureland (which it is said was created by the Dego Finance team).
What you have to remember then is that dego finance wants to make NFTs even more interesting than they currently are. For this, we can indeed understand why dego finance is so successful.
Final word on Dego Finance with advantages and disadvantages
In fact, the protocol is still in development currently. Other features will be added soon. For example, there will be a yield aggregator and other interesting things (insurance, loans, etc.). Likewise, DEGO Finance is building a Layer 2 cross-chain infrastructure to support NFT protocols.
In short, we understand that Dego Finance has great ambitions and wants to become a pillar in the world of Challenge.
We can say that it is starting strong and that it has everything to become a large protocol with many users.
We still have to wait for further development and see if dego finance keeps its promises. For the moment, it is mainly on Ethereum that we can use dego and we must admit that the transaction prices clearly prevent us from being able to benefit from it.
- ➔ We can buy DEGO token on Binance and Kucoin (also on DEX like Uniswap)
- ➔ Discover dego finance
Disclaimer : This article is provided for informational purposes only. This is not financial, legal, tax or investment advice. Always do your own research before investing in any crypto.
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