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After months of careful preparation, BambooDeFi is now ready to introduce its advanced suite of features to the DeFi arena.
BambooDeFi, the DeFi project by blockchain developers at Nexxyo Labs, took a major step forward recently after being listed on Uniswap, Ethereum’s biggest token swapper. Having an official listing page on Uniswap is a major step forward for the project, which is hot off the heels of a successful IEO in which 314 ETH were raised.
In the spirit of Uniswap, Sushi Swap and other decentralized token exchangers, BambooDeFi offers a new way for cryptocurrency investors to trade, stake and lend their coins. Within the platform are several finance management components, all bundled together in a friendly user interface. These components include yield farming, staking, an internalized governance system, liquidity pools, “Raindrops” (lotteries), and regular tokens burnings.
Thus far, the most popular trade pair on Uniswap for BambooDeFi’s native token, BAMBOO, is with Tether (BAMBOO/USDT), with almost all trades being conducted using this pair. Thanks to Uniswap’s advanced token pricing and transaction engine, however, BAMBOO can now be traded for any other ERC compliant token that is hosted on the Ethereum network. All token conversions take place behind the scenes with Uniswap and the only fee that needs to be paid is the Ethereum gas fee for the associated transaction.
On Feb. 2nd, BAMBOO went live on the MXC cryptocurrency exchange, adding another entrant to their list of markets. MXC has paired BAMBOO with USDT, with their main difference from Uniswap being MXC is a centralized exchange and Uniswap is not.
Unlike many DeFi projects, the team behind BambooDeFi went to great lengths to guarantee the contents of their whitepaper were up to standard, hiring financial planners at Pulsar Capital EAFI to make sure it contained all the specifics necessary to properly inform potential investors. With a dedication to transparency and simplicity, BambooDeFi is attempting to make it easier and safer than ever to stake coins, earn rewards and participate in the broader crypto ecosystem.
Another way in which BambooDeFi is different is that its liquidity pool providers can continue to receive rewards even after they have withdrawn liquidity. Of the 0.3% fee charged for each transaction through BambooDeFi, 0.2% is distributed among liquidity providers, 0.06% is held in a vault account, and the remainder is distributed to BAMBOO holders.
In addition to finalizing the features of their DeFi platform, Nexxyo Labs has a lot in store for the remainder of the year. According to the team at BambooDeFi, “We have a large number of other products, such as contracts, escrows and a game-ified NFT market” in the works, adding that “2021 will bring many good surprises.”
Containing more details on what is to come, the team released an updated roadmap in Nov. 2020 which outlines their plans through Q1 2022. So far, most goals for the project have been completed on or ahead of schedule, which is an encouraging indicator of future performance.
A breakdown of the latest BAMBOO statistics and price chart can be found on their page at CoinGecko. The project also maintains an active presence on Twitter and Telegram.
Nexxyo Labs is a company that develops technological solutions for the problems of individuals and businesses. Headquartered in Navarro, Spain, they have several different focuses, including blockchain development, cryptocurrency ATMs, industrial applications, and web design. Nexxyo Labs can be reach by phone at +34 948 498 358.