INTRODUCTION TO DEFI NFT STAKING PROTOCOL:
B Non-Fungible Yearn (BNFY) is a DeFi NFT staking protocol that creates yield farming more secure and flexible. This protocol allows users to stake their crypto assets inside of unique Non-Fungible Tokens. Due to the implementation of this protocol, the NFTs become tradeable in the open market with their staked value wrapped within. A fork of the extremely successful NFY project on Ethereum, BNFY is the first to launch this protocol on Binance Smart Chain and certain to have similar or even greater success than the original Ethereum based project.
The BNFY smart contract was audited by Rug Detectives who also performed KYC on the lead dev behind the project to reduce the risk of exit scam. The smart contract processed with no issue or potential exploits so the user’s funds and information will be safe on the B Non-Fungible Yearn protocol. Even though smart contracts have been processed without any issues and the introduction of audit adds an extra layer of security, smart contracts are still vulnerable to risks.
As the DeFi protocol allows users to stake their crypto assets into NFTs using the ERC721 standard. In return, users will earn the governance token of the platform,$BNFY.When a user stakes their tokens, the DeFi NFT staking protocol mints a new NFT for them and all the details of the user’s stake are recorded on-chain to the token’s metadata.
Since the trading of NFTs is done on open markets due to the implementation of the DeFi NFT staking protocols which makes the staking more secure and more flexible. When users decide to liquidate their assets, there’s no need to unstake and sell their assets, they can simply sell the whole NFT based on the current market value of all the staked tokens wrapped within it.
BENEFITS OF DEFI NFT STAKING PROTOCOL:
- It is 100% transparent and secure.
- It is very user friendly and accessible.
- It helps the user to unlock additional use-cases.
- Liquidity is better in this protocol.
- It gives the user the ability to earn high-interest rates.
- This protocol allows users to access decentralized banking solutions better.
- It is an environmentally friendly solution.
DEVELOPMENT OF DEFI NFT STAKING PROTOCOL:
Decentralized Finance NFT staking protocol is transforming the world of cryptocurrency. Here’s a list of reasons why initiating the DeFi NFT staking protocols development is the best solution.
- Users can earn an attractive Return of Investment on their collateralized assets.
- Lenders and Borrowers collect governance tokens for providing liquidity.
- Participants can stake and utilize their otherwise dormant cryptocurrency assets.
- Users enjoy complete transparency and access to transactions as the platform is functioned entirely by smart contracts.
- The absence of a third party platform helps reduce transaction costs and optimize operations efficiently.
- Participants do not have to invest in expensive mining equipment in order to receive profits.
- The DeFi NFT staking protocols provides solutions that are extremely economical and eco-friendly.
FUTURE OF DEFI NFT STAKING PROTOCOL:
With over $132M of NFTs being sold in the market and with its sudden exponential growth and popularity in 2021, it is not impossible that after a boom in the economy of DeFi NFT staking, investments are increasing and helps in liquidating the market.
WHY BLOCKCHAIN APP FACTORY IS THE BEST CHOICE TO DEVELOP DEFI NFT STAKING PROTOCOL?
Blockchain App Factory’s expertise in the DeFi NFT Staking Protocol Development keeps track of the evolution of the DeFi market and its upcoming services to empower the DeFi community. As the DeFi space is continuously growing at a quick pace. Therefore, it is essential to hire the services of an established DeFi NFT staking platform development company. We at the Blockchain App Factory possess many years of experience in Decentralized Finance and cryptocurrency.
Our DeFi NFT staking protocol development team is composed of elite developers, business analysts, and market analysts who give unconditional support to your project, thereby guaranteeing its success and our professional experts are highly skilled in the DeFi NFT staking protocol development platform and have helped the clients access the globe to raise their business standards to compete with the others in the domain. Additionally, all of our services are safe, secure, customizable and scalable and we take pride in delivering the highest quality of performance to our clients.