So, let’s have a look at what Animal Farm is about.
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We have some awesome updates that will shake the market! ??
Onboarding page goes LIVE today!??
Be part of the Animal Farm revolution! ??#animalfarmdefi#PiggyPlinko#Web3Gaming#Trendingpic.twitter.com/BVhazhZ8dE
— AnimalFarm (@animalfarmdefi) March 23, 2023
What Is Animal Farm, and How Does It Work?
Animal Farm is set up by Forex Shark. He’s also the developer of the Drip platform. This current Animal Farm protocol is the third version. Previous versions were on Ethereum, like
However, this protocol is on the BNB chain. A benefit of being on the BNB chain is low transaction fees. It also has a user-friendly interface. The protocol offers two native tokens. You can earn them by staking idle assets like, for instance, , Ethereum, or BNB.
The two native tokens are,
- The Animal Farm Dogs (AFD) token. This is the reward token. It’s also the token listed on CoinGecko and CoinMarketCap. You can stake this in a pool called ‘Dog Pound’ and earn BNB.
- The Animal Farm Pigs (AFP) token. This is only listed on CoinMarketCap. It’s also the governance token. You can stake this in a governance pool, the ‘Pig Pen’. This increases your ownership share and profit streams of the platform.
You can earn rewards in and BNB. The protocol generates these rewards in two ways, for instance,
- Liquidity provider fees.
- Low-risk lending
Be aware that in Drip and previous Animal Farm Pig Pen versions, you could not withdraw your initial investment. The current withdraw limit in the Pig Pen is 2% per day. In other words, if you deposit $100, it will take 50 days to withdraw this sum.
In the Dog Pound, there’s a withdrawal tax of 90%. There’s a 1% reduction per day. You can increase this rate by staking at least 10AFD. This gives you a 2% reduction per month. It’s called the Wallet Loyalty Score. It’s quite complicated, abut there’s a good explanation in their Wiki papers. The picture below shows the Pig Pen. The withdrawal limit is clearly indicated.
Source: Pig Pen pool
Key Features of the Animal Farm Platform
Here are some of the key features of the Animal Farm Platform.
- The PIGS Governance token – The more AFP tokens you hold and stake in the Pig Pen, the higher your reward. Investors receive rewards via BUSD distributions. However, if you sell your AFP, there’s a 3% tax.
- Decentralized Dynamic Control Algorithm – This adjusts the supply of DOGS and PIGS tokens. The protocol manipulates the farm’s emission rates. It adjusts these rates, based on current native assets demand.
- Piggy Plinko crypto game – This is a newly released on-chain crypto game. Onboarding went live on 24th March 2023. It’s a verifiably random game. Playing the game is coming soon. All profits go to the Pig Pen and its AFP stakers. It has an aggressive referral and affiliate marketing program. More games are still planned.
- A guide to the platform – Animal Farm has complicated DeFi mechanics. However, they have a Wiki Guide that explains all facets of their platform. Since it’s a DeFi protocol, there’s also no need for a KYC procedure. The ‘Know your customer’ onboarding set up. Instead, the platform offers a fiat on ramp.
- The roadmap – There are plenty of updates coming. For example, Single Asset Lending or Partnership Vaults.
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— AnimalFarm (@animalfarmdefi) March 23, 2023
We looked into Animal Farm, a lending, and yield aggregation platform. The platform has a different take on how you can unlock the full DeFi investment potential. It uses two native tokens, AFD and AFP. You can earn rewards in BUSD or BNB. Furthermore, we highlighted some of the platform’s key points. For instance, their governance token and the Piggy Plinko game.
