Holders of 5 or more YFII tokens will receive a FNX airdrop worth ±$180.
DeFi Tuesday held by the YFII community on January 19th, Cao Yin and Ron , YFII core volunteers, were in talks with FNX founder Yang Tao and SIL community volunteer Big Orange.
FNX airdrop
FNX has multiple innovations and advantages compared to its competitors in the field of DeFi derivatives. It plans to develop new products for YFII and host an airdrop for YFII holders this Friday. The specific time of the airdrop snapshot is 4:00 PM (GMT8) on Friday. All holders with more than 5 YFIIs in their Ethereum wallet addresses will be awarded 1000FNX. The current value is approximately $180. How to claim the FNX will be posted within the YFII community.
What is FinNexus?
FinNexus is the new open finance protocol currently live on Ethereum and Wanchain blockchain. It is a hub for connecting different decentralized ledgers to each other and users and also for connecting with traditional finance applications. The first iteration of FinNexus will be a marketplace for hybrid decentralized/traditional financial products.
FinNexus is pioneering a cross-chain DeFi protocol for writing options exposure for multiple assets from within collateral pools. This groundbreaking Multi-Asset Single Pool (MASP) methodology for decentralized peer-to-pool options platforms enables anyone anywhere to leverage or hedge their positions in a variety of cryptoassets. Currently live on Ethereum and Wanchain, FinNexus intends to bring its blockchain-agnostic FinNexus Protocol for Options (FPO) to other chains.
FNX Token
The FNX token is the network token for the entire suite of FinNexus protocol clusters. It serves a variety of purposes including payment medium, settlement medium, collateral, liquidity mining, governance, voting and more.
An open subscription event for the FinNexus platform token FNX was held in May of 2020 using FinNexus’s innovative ICTO token offering model. 44 million tokens were made available during the subscription event. The subscription rate at the end of the event was ~95%.
More details on the distribution of FNX tokens can be found on the dashboard and tokenomics.
For FNX whitepapers FinNexus_Whitepaper_en.pdf
The focus is project cooperation and eco-development on SIL.Finance Integrations as a project with unique features of LP group-farming , SIL.finance intends to integrate into the YFII dApp to enrich the composition of YFII products. SIL will give YFII higher multiples of mining weight when SIL tokens are distributed in about two weeks.
SIL Product features
- Dual currency SIL Vault
- Each user only needs to stake currency to join LP pool. Currently dual currency APY is generally higher than single currency mining.
- SIL will bring real liquidity to partnered Swaps. Not a simple matryoshka doll mechanism.
- There is no need to exchange for another coin for mining, each party of the paired LP bears one coin’s impermanent loss for free, but obtains high annualized earnings.
- Compound interest model
- Deposit token into SIL and it will be paired into LP, stake LP to mining contract CLAIM earnings
- CLAIM earnings are exchanged for 2 coins to form a new LP and re-stake. And the newly added LP will be distributed to the current LP pool users according to the share.
- Token automatic matching LP
- When the user adds the token to SIL, it will be automatically paired to LP for mining. At the same time, the user holds half of the LP’s equity (that is, the LP gains after the burn, the corresponding token gains), and can choose to withdraw the token from the LP at any time.
- The matching mechanism is a three-tier model to ensure that the first entrant has a superior queue position.
- Token pairing earnings: Token paired as LP, there will be two levels of earnings.
- As an LP liquidity provider, receive transaction fee earnings of automatic market making (for example, Uniswap provides 0.03% transaction fee)
- LP stakes for mining, swap the mined token (UNI, SUSHI, etc.), re-form LP and distribute to users, enjoying passive compound interest growth
For example: Adding USDT and paired with ETH in the pool as LP, and the user has the ownership of this LP (USDT part), and at the same time has the earnings of LP transaction fees, as well as the compound interest earnings of LP. When the user chooses to exit, the LP releases more USDT depending on the compounded interest and returns it to the user. The corresponding ETH will re-enter the pairing queue to prepare for the next pairing.
Source : SIL Finance Ushers In The New Era of DeFi • CryptoMode
