What Is VyFinance (VYFI)?
Deposit to the VyFinance Neural Net, which dynamically partakes in liquidity pools across the Cardano ecosystem according to your risk. If it is your key, it is your money. Participating in the market without ever leaving your wallet. Here you’ll find a list of PancakeSwap’s official Social media channels and communities. If English is not your first language, they have a number of non-English communities that would love to have you join them. Although PancakeSwap distributes some of its technology under open-source licenses, the PancakeSwap and CAKE brands are not distributed under the same licenses.
VyFinance strongly believe in and follow the open source ethos, protecting the PancakeSwap brand is extremely important for your users’ security, so that users know what is a genuine product/endorsement and what isn’t. Use your common sense and creativity. If you want to make something relating to the PancakeSwap ecosystem, make it your own. Have fun making a unique brand that’s clearly yours – if your product is strong, you won’t need to rely on remixing PancakeSwap’s brand.
VyFinance Storage Key Points
|Circulating Supply||7,007,140.00 VYFI|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
PancakeSwap is an Automated Market Maker (AMM), and the Exchange is at the heart of PancakeSwap. PancakeSwap is the leading AMM on the BNB Smart Chain, and as statistics tell, the most popular Decentralized Exchange (DEX) ever. PancakeSwap lets users trade without the need to go through a Centralized Exchange. Everything you do on PancakeSwap is routed directly through your own wallet—no need to trust someone else with your coins.
VyFinance can only swap tokens on PancakeSwap if there is enough liquidity for those tokens. If nobody has added much liquidity for the token or tokens you want to swap, it will be difficult, expensive, or impossible to do so. Providing liquidity will get you LP Tokens, which will earn you rewards in the form of trading fees for making sure there’s always liquidity for the exchange to use.
Yield farming lets users that are providing liquidity earn VyFinance rewards by locking their LP tokens into a smart contract. The incentive is to balance out the risk of impermanent loss that comes along with locking in your liquidity. An Initial Farm Offering is an event that lets users buy into a limited-time offer to purchase new tokens. The IFO price is usually very generous. Trading on PancakeSwap is very easy compared to most exchanges. You aren’t going to be overwhelmed by charts or jargon, and calculations are all handled for you.
Before you can trade, you will need a BNB Smart Chain-compatible wallet. You can learn how to get one here. You will also need to have some BEP20 tokens to trade with. You can learn how to get some here. Unlock your BNB Smart Chain-compatible wallet by clicking Unlock Wallet (you can also Connect in the top right-hand corner). VyFinance you haven’t yet connected your wallet to PancakeSwap, you can view the guide to here. In return for adding liquidity, you’ll receive trading fees for that pair, and receive LP Tokens you can stake in Farms to earn CAKE rewards.
Whichever token you choose, you will need to make sure you have some to trade with. Your balance is shown above the token dropdown menu. Choose the token you want to trade to in the “To” section as above. Next, type an amount for your “To” currency by clicking inside the input box. When you are ready, click the Confirm Swap button. Your wallet will ask you to confirm the action. To provide liquidity, you’ll need to commit an amount of any token pair you like. Your lowest value (in USD) of the two tokens will be the limit to the liquidity you can provide.
As an example VyFinance you deposited CAKE and BNB into a Liquidity Pool, you’d receive CAKE-BNB LP tokens. The number of LP tokens you receive represents your portion of the CAKE-BNB Liquidity Pool. You can also redeem your funds at any time by removing your liquidity. Providing liquidity gives you a reward in the form of trading fees when people use your liquidity pool.
Whenever someone trades on PancakeSwap, the trader pays a 0.25% fee, of which 0.17% is added to the Liquidity Pool of the swap pair they traded on. VyFinance make being a liquidity provider even more worth your while, you can also put your LP tokens to work whipping up some fresh yield on the CAKE Farms, while still earning your 0.17% trading fee reward.