EDDA SWAP is an innovative new DeFi ecosystem championed and developed by an experienced body of fintech entrepreneurs and community marketing staff. The beating heart of the dynamic structure is the native token EDDA, which has multiple yield earning mechanisms, with benefits to be explored in depth later in the article. The team have been working round the clock developing the product, “with months of hard work and sleepless nights…. Our increased belief is that EDDA will truly revolutionise DeFi while ensuring that the DeFi Bench community benefits massively”. NFTZine have been eagerly following this project, as they have developed some top NFTs, commissioning exclusive tokenised artworks. These scarce and beautiful NFTs are to incentivise holding of EDDA tokens. EDDA Tokens can be staked to farm NFTs or liquidity could be provided to the EDDA Liquidity pool and these EDDA LP tokens could be staked to farm NFTs as well. “The ultimate aim of the platform is for the platform to also facilitate the representation of unique, real world tokens on the blockchain. The tokenomics will be laid out in a minute when you read on.
When investors are looking at potential opportunities to expand their holdings, especially in the crypto world it is a real confidence booster to have a public-facing team and not just a bunch of anonymous pseudonyms and blank profile pictures. It inspires confidence that the project has been set up by a development team who will see the job through to bountiful fruition and not just disappear into the ether, (excuse the pun) after pulling all their liquidity and doing the classic but devastating “Rug Pull” manoeuvre. It is also inspiring to know that the team all have a solid background in the industry relevant to their position in the team. Below we will do a brief overview of each of the team.
Founder and CEO: Mehu (Mike) Patel – Has a solid 20-year background as a fintech entrepreneur. He has either started or successfully grown several such internet ventures, all the way from Asia to Silicon Valley. He has been host, moderator and a participant in numerous cryptocurrency and blockchain event panels, at the world economic forum in Davos, Switzerland, on no less than three different occasions. He has also given several keynote speeches at a multiplicity of other crypto conferences. Including the Transylvania Crypto Conference and The World Blockchain Summit. He is such a multi-talented, inspired force in the crypto world that he is already planning his next venture, as founder and CEO of LXMI. An EU licensed crypto exchange that is set to disrupt the DEX market in 2021.
Chief of Technology: Viktor Shpak– Is the technology expert, the man behind the back end of all the fantastic offerings that the DeFi Bench ecosystem has to offer. Like Mike, Victor has also been an avid tech entrepreneur. He has been involved in several cryptocurrency and blockchain ventures and aggregated his skills between founder, architect and tech lead over 13 impressive years. He does advisory work on cryptocurrency and other blockchain projects, across continental Europe and the United States, lending his prowess to the development of DeFi protocols.
Head of Business: Alexandra Navratilova – A graduate in management, with strategic consultation experience in established corporations and start ups in Europe. Recent speciality in business ops and product strategy in the crypto industry.
Head of Design: Kateryna Koropenko – Is experienced in graphic design and illustration. Working for media and tech companies in the eurozone. With an avant-garde, unique style she makes custom designs for her clients. She develops brand identity by crafting logos and digital media output, including media campaigns.
The team have been operating in the crypto space since 2016. Brought together by Mike Patel, after being associated through involvement in the crypto industry for a number of years. They drew common inspiration from the innovation, frenetic pace and disruptive essence of Defi. They came to the thinking, that to appeal to a mass market, perhaps not experienced in DeFi, with its own specialist traders and lexicon. That it would be advantageous to develop an ecosystem, that is not only public and transparent but also community-driven and easy to understand. The DeFiBench ecosystem ticks all these boxes and more, with its superior dApps, with “one-click” functionality. The dApps include Decentralized Asset Management (Vault and Gain platform), an NFT Platform, A Decentralized Exchange (EDDASwap), and The Decentralized Launchpad. All potential token holders, from experienced DeFi degens to crypto laymen can be involved and benefit from the ecosystem.
The DeFi Bench token distribution model has some very special and unique aspects, notably around the limited supply which will be fixed at a total of 5000 in perpetuity. The scarcity of the tokens is designed to combat inflation, no new tokens will ever be minted, and any remaining tokens will be burned when the token sale ends on March 11th 2021. The project has taken consumer confidence and certainty into account at every stage of the development process. This will be illuminated further in the tokenomic structure to be examined next.
1 EDDA Token = 0.75 ETH
- 65% = 3250 EDDA are offered in an open and transparent public sale. A maximum of 25 tokens can be purchased by any singular entity, with a minimum purchase order equal to 0.1 ETH.
- 10% = 500 EDDA are reserved for Vault Rewards.
- 10% = 500 EDDA are reserved for Liquidity Providers.
- 5% = 250 EDDA are reserved for liquidity provision. To be utilised on the DeFi Bench Uniswap pool where an EDDA/ETH pairing will yield more EDDA.
- 5% = 250 EDDA are reserved for the team. This supply will be locked for 7 months.
- 5% = 250 EDDA are reserved for strategic partnerships, marketing and development of the ecosystem. These will be locked in for a 5 month period.
Now we know how the tokens will be metered out, we need to consider how the holders will be able to utilise their assets within the system, with further detail on the security features to instil a culture of asset security and confidence in the project. The native vaults are a place to deposit your digital resource, with programmed yield optimisation protocols to allocate funds across varied DeFi obligations. There is a Gain Platform in which to place custody of assets to earn interest, upon distribution to lending platforms, such as Aave and compound. There will also be the option of EDDASwap, a decentralised crypto exchange that facilitates the permissionless exchange of crypto assets, across the Ethereum network. A percentage of the fees generated in the EDDASwap pool will be allocated from the token designation reserved for such incentives. There is also much more to come. As if the yield options were not enough, we now come to, The Decentralized Launchpad which allows crypto projects to raise capital in a decentralized manner. EDDA Token holders will have the opportunity to purchase tokens at seed or early-stage valuations. The platform will deploy a decentralised vetting process, any project seeking to raise capital will be mandated to submit a prospectus listing all necessary information about the project, EDDA token holders will have a say as to whether the project will be accepted onto the platform. EDDA token holders will have the exclusive right to invest in such projects, thus allowing the projects to offer a level of fluidity and other unique investment structures with their own incentives.
The last of the EDDA holders incentives, making the ecosystem of special interest to NFT Radar, is NFT farming. DeFi Bench has commissioned some top digital artists (such as Primal Cypher as seen above) to craft NFTs, to be offered as staking incentives. The works in question are available only to EDDA token holders, in exchange for their participation in Liquidity Provision in the Uniswap pool. The NFTs yielded by this exercise can then be sold in market places. Considering the provenance of the artistic contributors, this is not only a novel function but could well attract some very attractive returns.
The superb, imaginative and beautifully engineered animations, imbedded within this article are just a taste of some of the assets to be gained through being involved in the ecosystem and staking your EDDA.
Dedication to CZ – Founder of Binance:
Dedication to Andre Cronje – Fonder of YFI and KP3R:
Other tantelising offerings exclusive to Defi Bench ecosystem participants:
Written by : Benny Steele