Yield farm DONALD tokens on Binance Smart Chain
Donald Finance is a newly launched DeFi protocol on BSC, short for Binance Smart Chain. The protocol stands out because of its Trump-inspired branding. It launched earlier this week, and already registered more than $6,3 million in volume in the past 24 hours.
Since its launch earlier this week Donald Finance attracted 2,680 unique user wallets. These wallet have been responsible for $8,74 million in million from almost 11 thousand transactions. That’s an average of $794 per transaction, which is pretty steep for a new platform.
The initial hype around a new DeFi platform is common, as yield farmers always chase the highest APY. However, perhaps Donald Finance also taps into that other trend: meme tokens.
High yield with DONALD
Like every new DeFi protocol, Donald Finance promises a high annual percentage yield (APY) on staked liquidity pool tokens or staked tokens. The project uses the DONALD token, but also promises new tokens as staking rewards.
The platform wants to stand out by giving users the option to lock assets away for a longer period of time. This would affect and probably boost the user’s APY. Similar to projects like PandaSwap, Donald Finance takes a commission on staking deposits, which they use to create liquidity for new tokens.
So far, Donald Finance is attracting an audience on BSC. This attraction is driven by high yield on staking their DONALD token, and high an equally high APY of 1,000% or more on several LP tokens. However, as the team is relatively anonymous, it’s advised to invest with caution.
Meme tokens and animal DeFi projects
In recent weeks the crypto market is being dominated by two stories: dog-inspired meme coins on the Ethereum blockchain and animal-named DeFi project on BSC. Dogecoin, Shiba Inu and a whole bunch of copycats have attracted widespread mainstream attention. At the same time plenty of copycats have appeared as well, and as a result the Ethereum blockchain is once again congested. Paying $20 for one transaction is suddenly considered cheap, while it would’ve been outrageous one year ago.
Ethereum users now flock towards alternatives, and especially Polygon and Binance Smart Chain profit from this exodus. Both blockchains offers similar services and use the same types of mechanics as Ethereum. However, they do this with cheap transaction fees not more than $0,20. That’s less than 1% of the costs on Ethereum! This makes DeFi on Polygon and BSC accessible for users with smaller pockets.
In recent weeks we’ve covered some upcoming high yield DeFi protocols that want to claim a market share. PancakeSwap is undoubtedly the biggest DeFi platform on BSC, while Quickswap has that title on Polygon. However, PantherSwap, ApeSwap, Alpaca Finance, PolyCat Finance and PandaSwap are just some of the animal-named DeFi protocols eager to take over.