Hello World! Converter.Finance is Online!
Converter.Finance, the First Leveraged Yield Aggregator on Huobi Eco Chain, was officially launced.
Last year, at the center of the crypto world must be nothing else but DeFi (decentralized finance). This ever-changing field has seen the emergence of countless hits: Compound triggered a mining rush in the DeFi market through yield farming; Uniswap’s trading volume surpassed Coinbase’s figure, leaving traditional centralized exchanges at risk; Year.Finance rose to one of the best in the circle, with the price of its token YFI soaring 10,000 times; Alpha Finance pioneered the use of leverage to amplify users’ yield from yield farming…
Though developing at a crazily amazing speed, DeFi is still new to many people. Behind the endless flow of new ideas and products are complicated financial logic and rules, which is a rather high threshold for ordinary investors who do not know how to participate or how to choose between many DeFi projects and liquidity pools.
That has provided an opportunity for an aggregator that focuses on DeFi yield management. The aggregator brings together high-quality DeFi projects and provides users with the best mining strategy through smart contracts. In the turbulent market, all users, both old and new, are baffled by issues such as how to easily participate in DeFi mining, how to optimize the distribution of funds, and how to ensure stable yield. In response, Converter.Finance on Huobi ECO Chain, a yield aggregator protocol that can increase leverage, may offer a good answer.
Combination of Harvest Finance + Alpha Finance, providing the highest APY
Converter.Finance is built on Heco and is Heco’s first leveraged yield aggregation protocol. Users only need to deposit assets, and Converter.Finance will automatically find the highest-yield chain protocol to invest in to help them optimize the financial return rate, and increase leverage for their investment to maximize financial returns when the risk is low.
Earlier, Harvest Finance, another yield aggregator protocol, was a smash hit, attracting many “farmers” to mine Yam, CARROt, and Pearl on the fertile land of Ethereum. At present, numerous excellent DeFi projects are based on Ethereum, yet the network congestion and high gas fees have discouraged many users. Instead, users and project developers have turned to other public chains, and Heco, which is backed by the Huobi ecosystem, has also become one of the most anticipated public chain ecosystems. The efficient, energy-saving, safe and stable Heco has been favored by many projects and also Converter.Finance.
The core function of Converter.Finance is Vault, which must be no stranger to you. In the early stage of its launch, Converter.Finance supports staking and liquidity mining of MDEX’s LP token, and helps users obtain greater yield by rapidly updating strategies. Converter.Finance adopts a single token mining method for the lending platform. Through depositing and loaning single tokens, it not only eliminates the risk of liquidation, but also amplifies the assets. Currently, LP staking supports MDX-USDT, MDX-WHT, MDX-HBTC, MDX-ETH, etc., and the liquidity mining supports the lending platform LendHub.
To meet the diverse financial needs of users, Converter.Finance keeps innovating functions. It is the first product on Heco to support leveraged liquidity mining. Users can use leverage when participating in liquidity mining to get higher returns. The white paper of the project shows that the strategy will be launched in the second phase. Simply put, Converter.Finance is the aggregator of the Harvest Finance+Alpha Finance model on Heco.
Converter.Finance token mechanism
The total supply of CON, the token that empowers the token economy for the platform, is 48.8 million. Each block will generate 2.6 CON, and the output will be reduced by 7% every 30 days. Such reduction will suspend until each block generates 0.26 CON. All tokens will be produced with the output of the block.
The token distribution rules are as follows:
·85% for motivating users to provide liquidity and for the ecological governance DAO funds;
·5% for early investors;
·5% for foreign cooperation and operation;
·and 5% for the long-term development of Converter.Finance.
As a decentralized project, DAO ecosystem construction and governance are crucial. DAO funds constitute an important way for such ecosystem governance. Users who hold CON can participate in the governance of the Converter ecosystem. The use of DAO funds is initiated by the community and determined by community voting. The funds serve all measures beneficial to the development of the Converter.Finance ecosystem, for example, incentivizing community developers and serving users.
The DAO funds for ecosystem governance come from the output of liquidity mining, which is similar to the collection of “mining taxes”. Since the first reduction in production, 1% of the liquidity mining output is allocated to the DAO funds. Every time the production is reduced, the percentage will increase by 1% until it reaches 20%.
A safe and stable project with a profound background
Security always comes first for high-quality DeFi projects. The smart contract code of Converter.Finance has been audited by Fairyproof Tech, a well-known security audit organization in the industry. Having conducted detailed tests on the contract code, Converter.Finance ensures asset security to its best, and strives to take on the responsibility for users and the sound development of the DeFi ecosystem.
Despite the DeFi booms from time to time, the niche market is still in its infancy. No one can predict its future since there are still huge opportunities and development potentials in this field. As DeFi has become ever more difficult for newcomers, it may be the various aggregator projects that can greatly reduce the threshold and learning cost. Especially in the turbulent market, the aggregator can not only allow investors to keep their principal, but also provide stable income. As the first leveraged yield aggregator deployed on Heco, which has excellent performance, low transaction fees, and unquestionable development potential, Converter.Finance will surely gain a footing in the ecological chain, and embrace a bright future.