BluDAC Rockets are Launching Soon on WAX
DeFi or decentralized finance is a big blockchain trend today. Peer-to-peer trading and lending-borrowing activity without the intervention of a middleman or third party has become possible due to DeFi. The exponential growth of DeFi in 2020-2021 has really surprised the world and provided an alternative to traditional finance with transparency and better financial inclusion. TVL (Total Value Locked) of DeFi is $95 billion+ today i.e., 375% year-on-year growth. DeFi originated on the Ethereum blockchain and maximum DeFi activity is still happening on it but many other blockchains are showing high promise. The future of DeFi is definitely going to be multi-chain.
BluDAC Incentivized LPs on WAX
The TVL of DeFi generally comes from the liquidity pools. These liquidity pools are crowdsourced pools of tokens locked inside smart contracts of decentralized platforms. The pools facilitate the trading of tokens in a trustless manner. DeFi TVL has exploded due to the liquidity pools as anybody and everybody can participate in the pools with their assets and can earn trading fees. Liquidity providing is a market-making mechanism, so the pools provide incentives often to draw more TVL. BluDAC is a new project which is launching high liquidity pool rewards on the WAX blockchain.
WAX blockchain is a dominating player in the NFT market but DeFi activity is still at a nascent stage. Alcor Exchange is the most prominent decentralized exchange on WAX but due to lack of liquidity mining rewards, TVL did not increase much. The upcoming platform of BluDAC is being designed to provide attractive incentives to the LP providers. BLU is the utility token of BluDAC and it will be mined in the liquidity pools of the upcoming projects on WAX. The long-term vision of BluDAC is to become multi-chain by adopting different chains like EOS, Ethereum and BSC and it wants to facilitate all projects to become multi-chain through its platform. BLU is tradeable on the Alcor market already. BluDAC has a promo budget of 5 billion BLU (of 30 billion max supply) for setting new token pairs up with 30 Day reward pools. Every token that gets a BLU token pair listed on BluDAC, will receive a 5 million BLU reward pool in the first month! Any token listed after this year gets 2.5 million BLU. The budget gets halved every six months till the 5 billion BLU promo budget runs out.
Proposed UI sneak peek
BLU will act as the governance token of the platform. People will be able to vote for allocating Blu rewards to the top projects of their choice. BluDAC wants to do something different with incentives. They will launch incentivized pools where the stakeholders will win NFTs. Community power is the key to the success of any DeFi platform. BluDAC wants to tap that by bringing innovation to community building. True decentralization must be brought for the sustenance of a DeFi platform. BluDAC wants to hand over its platform to the community down the line. Within 3 years, they want to fully release BluDAC to a DAO. DeFi and NFT staking budgets are programmed to last 100 years and new allocations of tokens will be decided by the proposed DAO as per their plan.
Membership will be required to get benefits from $BLU rewarded BluDAC liquidity pools. The memberships are available as NFTs on Neftyblocks. The maximum supply of memberships is 100K. The team wants to release tranches of 10K memberships on many chains. The WAX blockchain should eventually have 20-30K memberships available. The price of membership starts from $10 and increases by 10$ per 1000 sold. You need only one membership NFT to take part in the game but there are no restrictions on how many you can purchase.
BluDAC memberships on sale
Riding the rocket
To take part in the BluDAC liquidity pool, you need to buy BLU first. You can buy BLU from Alcor Exchange by swapping WAX for it in the now-deep BLU/WAX pool.. After swapping for BLU, you need to provide liquidity to any listed BLU pool (ex-BLU/YOSHIBK). The liquidity providing mechanism is similar to any other DeFi platform. After providing liquidity, you can stake the Alcor LP tokens on the BluDAC platform when it gets launched. They are targeting Oct 18th to go live after being delayed a few days for more testing. The early liquidity providers are going to get high rewards obviously. Please be aware of impermanent loss when you provide liquidity on any DeFi platform. The high return comes with some risks.
The first BluDAC project partnerships
BluDAC wants to gamify DeFi. It is really good to have fun while you earn. The team behind the project has launched several top projects earlier and now they want to innovate further. A combination of DeFi and NFT staking can be a real winner if it gets proper community attention. Ultimately, a strong network effect helps any project to thrive in the crypto ecosystem. Will they launch native swaps too? As per the project, they do not want to deploy this feature now but they are capable of doing so. Now they will be using Alcor LPs and later they want to use Pancakeswap, Uniswap and Sushiswap LPs. Follow BluDAC on Twitter to get the latest updates.
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