CROP Finance: Removing barriers to Yield Farming
Introduction to CROP Finance
What is CROP Finance
Over the last couple of years, we have been quietly hard at work on our exciting new DeFi project. Today, we are pleased to offer those interested in our project, and the problems we are solving in the DeFi space, a chance to learn more.
We have identified a number of important barriers to entry for crypto-investors in yield farming, and we are working on effectively lowering these barriers, so that the average crypto-investor will be able to take advantage of the profitable yield farming strategies that crypto whales are currently enjoying.
We at CROP Finance significantly optimize return on investment, and simplify access to DeFi with our automated cross-chain yield farming platform. That works on the Binance Smart Chain(BSC) and Ethereum’s ERC-20 network.
Integrating a Fragmented Market
Market fragmentation is a known challenge in DeFi markets. This is a challenge that we are tackling head-on, integrating data and information from different protocols. Some of the protocols we are initially integrating with include: Yearn Finance, Aave, BakerySwap, Curve Finance, Sushiswap, PancakeSwap, and Uniswap.
By integrating all these protocols within one platform, and by utilizing advanced automation techniques and oracles, we make it easy and fast to switch to a new and better yield farming strategy whenever available. This is merely a start, and many more protocols will follow.
Pooling Funds to Mitigate High Gas Fees
When markets are fragmented, a lot of switching between protocols is necessary in order to effectively chase the strategies with the highest yield. For every switch there is a transaction and high gas fees. Causing transaction costs for these transactions to become so expensive, that potentially lucrative strategies are only viable for the so-called “whales”.
At CROP Finance we are mitigating the impact of high gas fees on the holdings of crypto-investors by pooling resources. The gas fees for each transaction are distributed across the pool of funds, so that each investor only covers a fraction of the gas fees relative to one’s portion of the pooled resources. This allows the crypto-investor to save as much as 99% of the gas fees, finally taking advantage of lucrative profit opportunities so far only enjoyed by the “whales”.
Avoiding Overloaded Yield Farming Strategies
Traditional trading strategies have a tendency to become overloaded as more and more traders discover them. An example could be triangular arbitrage in the forex market, where a trading with three different currencies creates a profit opportunity. The first traders who become aware of the opportunity can make good money, but as soon as news travels and more traders get in on the action the market will re-adjust, and the opportunity will gradually disappear.
Yield farming strategies have this in common with traditional trading strategies. As trading strategies become increasingly known by more traders the profitability gradually disappears. To reap the considerable benefits that yield farming has to offer, it is critical to be among the first to find out about new and innovative trading strategies, analyze these fast, and trade on them without delay. For every hour that passes, you could miss out on profits, and the first hours with a new strategy are the most profitable.
The CROP Finance solution to the overloaded yield farming is integration with a number of the most popular and established protocols. This allows us to access a wide variety of opportunities. The yield farming automation platform will then utilize advanced automation techniques and oracles. Comparing strategies in real-time, and hone in on the ones that are most profitable.
Since automation provides data much faster than human market monitoring can ever do, we will trade on close to real-time insights, into which strategies are becoming overloaded, and which ones are emerging as new profit-taking opportunities. This way we will be able to get in early on new strategies, whilst they are more profitable, and get out early before strategies become overloaded and less profitable.
In simple words by using our platform you can get the benefits of cross-chain yield farming automation.
Improving the User Experience and User Interface (UX/UI)
At CROP Finance we are setting a new standard for UX/UI in the yield farming industry. We are focusing on creating a user experience that is intuitive, and easy to use, even for first timers.
Yield farming is a new field that so far has been dominated by highly skilled and specially interested individuals, who are very familiar with the trading view of specialist crypto software. For these individuals UX/UI is of minor importance, and the UX/UI has therefore been pretty poor, acting as an additional barrier to entry for newcomers.
Liquidity Mining External Audit Passed
It has always been our goal to develop a platform that provides 100% security for the assets of our users from our side. Mistakes are a part of human nature that we are acutely aware of, however they are preventable with the right review routines. This is why it is so important for us to have external audits by experts that are independent of our project.
On the 18th of March our liquidity mining facility passed a rigorous security audit with flying colors. The audit was performed by Solidity Finance, which is an audit firm specializing in smart contract security audits. Solidity Finance’s audits are so far providing protection for over $700 million in on-chain value across more than 150 projects.
The audit started with a line-by-line code review of all the smart contracts by experienced Solidity code developers. The code review ensures that the logic behind each function used in CROP Finance liquidity mining is sound and that the smart contracts are safe from all common attack vectors.
The next stage of the audit included a simulation of hundreds of thousands of interactions with our smart contracts on a test blockchain, to uncover any security vulnerabilities. This testing uses a combination of manual and automated tools.
In the final part of the audit process the Solidity Finance auditors consult with their clients to rectify any security vulnerabilities uncovered. In our case, the auditors did not find any external threats or other security vulnerabilities.
The auditors did, however uncover some minor logic issues which have been fixed. The auditors also provided some useful inputs on gas optimization, which have now been implemented for the benefit of our users.
A breakdown of the vulnerability categories audited, and the general findings of the audit have been published in an official audit report which you can review here.
Future Plans and Developments
We have been busy lately, so you can expect lots of interesting developments coming up in the near future. One of the first ones to look forward to will be the integration of our Liquidity Pool Program with Uniswap v3.
Follow this and many other developments here on our Medium account, or via our Telegram channel (T.me/cropfi) where you can ask us questions.
We will hold IDOs on two different platforms where you will be able to secure some of the CROP Tokens. More information about this will follow soon.
CROP Finance is a distributed project which will be 100% community owned. This means that by purchasing CROP tokens now, you secure your ability to vote on future decisions that affect the governance and development of the CROP Finance platform.
For more detailed information on the CROP Tokens, you can check out the CROP Finance website, or the upcoming in-depth Medium article on the CROP Token.
