DeFiBOX - EOS One-stop DeFi Application Platform || Complete Guide

in The City of Neoxian3 months ago (edited)

Hello Readers!!!

Today, I have brought you a great topic on my blog!!!

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Seeing the title, you must be thinking and wanting to ask about DeFiBOX and

what exactly this BOX is about?

You might have heard within the crypto space that DeFi means Decentralized Finance but what is it about this BOX?

Read on!!

Not too long ago, few months back, an initiative which has been in existence for so long started gaining more ground and was taken more seriously within the crypto space. In a bid to always have everything in the space as decentralized as possible.

DeFi started becoming the talk of crypto users and it solely means that everyone wants to deal with decentralized coins/tokens, everyone wants security, everyone wants a financial system nobody controls, everyone want to do transaction without a third party involvement.

Here comes Uniswap!!!


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Uniswap is a fully decentralized protocol for automated liquidity provision on Ethereum Blockchain, you can swap ERC20 tokens without a third party. Uniswap enables a trust-less token swap, ERC20 users are able to provide liquidity for token pairs on Uniswap making the whole process work.

This has been so good and users are really eager and willing to go fully into decentralization but Ethereum high gas fee and slow block confirmation isn't helping the situation so well.

Now this DeFi and new dimension of being fully decentralized is not limited to Ethereum Blockchain alone.

As we all know,

EOS is one of the largest blockchain in the crypto space known for fast transactions and can handle many TPS(Transaction Per Seconds).

On EOS blockchain, there's only one popular and leading decentralize exchange that allow users to trade their tokens in a very decentralized way, no deposit, no withdrawal and users don't need any trusted party to do their trading. This exchange is none other than NEWDEX

To bring DeFi into EOS Chain on users interests and convenience and considering ETH high fees. Newdex has supported and Funded.

DeFiBOX by DeFiBox Foundation.

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DeFiBOX was launched on the 21st of July, 2020 and it was started by DeFiBOX Foundation. The project first goal is to become the DeFi Application Platform which will be widely used by everyone on the EOS chain or anyone willing to come into the DeFi world of the EOS Blockchain.

DeFiBOX Foundation starting this great initiative simply means they are in charge of the management, goal settings, strategic planning and going concern of this project making sure the project continue to exist.

DeFiBOX Foundation will continue to manage everything until they are able to organize a strong community of BOX holders which will be referred to as BOXDAO. This community will be organized through governance voting or proposal which will be aimed at jointly maintaining all operation by the DeFiBox Foundation and BOX holders to ensure growth and development of the project.

Having explained DeFiBOX!!!

Let's talk about DeFi Protocols of DeFiBOX

DeFi Protocols of DeFiBOX

The big reason behind DeFi(Decentralized Finance) is the ability to have full control over funds and making sure funds are not being controlled by anyone or a centralized body. To have a total decentralized DeFi platform which everyone can be part of without any hesitation then there's need to make everything open and free for anyone to come into.

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DeFi Protocol of DeFiBOX did exactly this.
It has been made very open for individuals, organizations, dApp users, contract developers or anyone at all to come into without any threshold or special formalities.

SWAP ON DeFiBOX


This is an automated market-making protocol on DeFiBOX which is fully decentralized and readily available to users for swapping one token to the other without a third party interference. There's a constant product algorithm which makes it possible for this protocol to provide real-time swap prices and also, users are not only allowed to swap their tokens but also free to create a swap market or join an already created or existing one to become a market maker which supplies liquidity in the swap market.

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Becoming a market-maker on DeFiBOX isn't free, all market-makers earns from transaction fees paid by all users of DeFiBOX but this is only based on the liquidity ratio provided by them to the market.

USN Stable Coin

Just like every good organization should set aside something that would serve as risk control/management mechanism. DeFiBOX got USN Stable Coin, a staking stable coin based on EOS Blockchain. This is originally owned by Danchor Project but will be a sub-project of DeFiBOX.

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USN meets various financial needs most especially obtaining floating capital and leveraged trading. USN is pegged to the US Dollars at 1:1 ratio, serving as a risk control mechanism on DeFiBOX.

Aside the two protocols mentioned above. DeFiBOX has got a pending protocol for the future which is Decentralized Lending and Synthetic Assets. This development rolling out in the future will make a complete DeFi Protocol Matrix.

The above listed and explained are the DeFi Protocols of DeFiBOX.

From here we can proceed to how to use DeFiBOX

Using DeFiBOX might not be so difficult, for everyone who is familiar with the decentralized way of trading and have traded on one or two decentralized exchanges before, most especially the Newdex Swap.

DeFiBOX should be very easy to use but for those who never used decentralized platforms like this and
the whole new thing relating to DeFi and token swaps, there might be a great need to explain this.

Before I proceed on how to use DeFiBOX. It is important to let users know that DeFiBox has become one of the biggest liquidity market for EOS. It has more than $20,000,000 locked in USD Value.

How to use DeFiBOX

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Starting to use DeFiBOX, you definitely have to visit the DeFiBOX official website.
DeFiBOX has a very friendly user-interface and on this first page. You will find the followings

  • Swaps
  • Liquidity
  • Market
  • USN
  • Mine BOX
  • Dividend
  • Security
  • Whitepaper
  • Sign In (Where your username will appear after signing in with either a desktop or mobile wallet)
  • Exit and Language
  • Last Records(Of swaps)

For the benefit of this article and my readers interest. I will be taking us through the most important ones.

SWAPS


Swaps as explained earlier is simply converting from one token to the other. On this page, users can select which token to send and which to receive. Also it is possible to switch this two token, the receiving one can become the paying and vice versa if you change, using the sign in-between the payment and received boxes

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The screenshot above shows the token being paid/the one to be received, shows the price of one EOS, the liquidity pool of EOS/USDT, the fees for swapping, the mining weight and then finally the SWAP button to complete the transaction.

You can always select any other pair for swap. Below is another example of NDX/EOS

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Liquidity

There's a liquidity for every pair and everyone who has contributed to the liquidity pool is known as a market-maker and are automatically eligible to fees paid by users while transacting but this is strictly based on their liquidity ratio.

You can add liquidity by clicking the liquidity tab and selecting which pool you want to provide liquidity for.

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Market


Market simply shows all important information relating to each token. Anyone visiting DeFiBOX website can have a clue of what each token pairs is like and how they've been performing. Market of all token pairs have the following:

  • Price
  • Liquidity
  • 24 hours Liquidity APY (Fee Revenue and Mining Reward %)
  • 24 hours Swap

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The above listed are self explanatory

USN


USN explained earlier as a sub-project of DeFiBOX. This is a project of Danchor and USN is a decentralized staking stable coin on EOS Blockchain. EOS can be staked to generate USN. To know more about USN, go Here

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Mine BOX


For everyone who has added an amount to any of the liquidity pool, there's always a mining weight for each pair of token. This mining weight determines how much BOX in mining will be allocated to the market-makers.

Therefore, BOX mining is always in progress as it is released every seconds and settled every hour. There's a BOX mining allocation for Liquidity, Swap and Generation but not all liquidity pool receives BOX mining. Some won't receive BOX mining because their mining weights are not greater than zero. BOX from this mining can be claimed if you visit the Mine BOX tab.

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Screenshot below contains list of token pairs with which their liquidity pool receives BOX mining

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For DeFiBOX governance

Only users that stake their BOX are able to vote on governance proposals and as at the time of writing this article, there's no tab or page for governance on the DeFiBOX PC version. BOX DAO can only be accessed from any EOS mobile wallet that supports DeFiBOX or visit Here to access the proposal page.

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All you have to do is click on the proposal and either agree or disagree then vote.

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Staking Dividends


If you visit the staking dividend tab, you will be able to stake your BOX token which can earn you dividend in EOS every hour and don't forget that staking BOX also gives you the power to vote on Governance proposal.

On this same page, Users can see the number of EOS to be claimed and the amount already claimed.

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Also, If you click on Manage, you'd be able to stake more BOX and unstake any amount you want.

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You can see the latest record of swaps that happened on DeFiBOX if you scroll down the swap page.

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CONCLUSION


DeFiBOX has made DeFi much more interesting being on the EOS Blockchain. A fully decentralized one-stop DeFi platform giving users the chance to experience full decentralization and having a say on their funds and investments.

I really can't tell how happy I am for this great initiative on the EOS Blockchain. No transaction issue or slow block confirmation. Every of your transaction can be found on EOS Blocks Cafe which is Bloks.io

If you have any issues, you can always refer back to this article or see official website for more information.

This article is for the Defibox article contest and link to this contest can be found Here

THANKS FOR READING

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I am Bee 🐝 in the City of Neoxian

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