Hi Bitstenians, we have a good news!
Firstly, we will invite you to enter new technologies on the cryptocurrencys world!
The words DeFi, Farming, and Staking should be familiar in the digital finance world, but in fact there are many people who still wondering “What is DeFi?” or “What is farming and staking? And how to do that?”. But don’t worry! Because in this post we would like to explain you about DeFi, Farming, and Staking in a very simple way so everyone –especially new users– can understand it easily.
What is DeFi?
DeFi or Decentralized Finance is a financial system such as Bank. In general, DeFi is a place for users to do deposits, loans, and financial transaction. However, DeFi doesn’t need the third party intervention because everything is done automatically via Smart Contract on BSC (Binance Smart Chain). So, no one has a control over the collected deposits and all the funds are saved securely on the Smart Contract.
Liquidity Provider for AMM
Liquidity Provider is a market maker that determines price of a token so that the token have certain value in the market. For example, there is a BNB-USDT market that has a Liquidity Provider of 100 BNB + 10,000 USDT, it means the price of BNB is 100 USDT.
Why is Liquidity Important?
The more liquidity on a market means the more stable the market is. It means will be more difficult to pump or dump a price of a token. In general, Liquidity Providers will get rewards from the transactions that happened on that market, the rewards usually about 0.3% from the transaction volume and will be distributed fairly to all the people who added Liquidity on the market.
How to Add Liquidity
Adding liquidity is done directly by the wallet users to the smart contract , there is no third party intervention that will take your funds. When you adding liquidity, you needs 2 tokens with the same value. For example, for BNB-USDT-LP market you need to have same BNB and USDT value, example 1 BNB worth $300 and USDT worth $300 and you will get TOKEN-LP (a kind of liquidity stock) from the market.
In short, farming is making a liquidity on a market and getting TOKEN-LP, then you need to deposits that TOKEN-LP to a DeFi Project. After that you will getting rewards, the amount of rewards is depend on provisions of each project.
Staking is depositing certain tokens to DeFi project and get rewards in a certain token too. Each DeFi project has different reward amount.
How much rewards from farming or staking?
From hundreds defi project, each project has different rewards value. The rewards usually about 20% to 500% per year, and one of the advantage from Defi project is we could make withdrawals anytime without having to wait one month or one year. We can make a deposit in the morning andr make a withdrawal in the afternoon, as flexible as it is.
Is it safe to deposits TOKEN-LP to DeFi?
DeFi running on smart contract and the smart contract are visible to public. Anyone can reads the code and understand the flow of the balance in and out of it, but maybe it’s too difficult to understand for beginners. So, smart contract audit services are available to determine whether the project is safe or not. In brief, DeFi is safe when the project has passed an audit.
How big is the chance of profit at DeFi?
The chance is very big, many DeFi projects provides huge returns up to 100% per month.
How to start it?
Okay, now we will try to do a step to start staking and farming on DeFi. The token we will use is WBST token and the DeFi project we will use is kindcow.finance. The steps are:
1. Download Trustwallet on Android Playstore.
2. Send WBST and BNB Smart Chain to Trustwallet
3. Open kindcow.finance via DAPP trustwallet.
4. Go to page app.kindcow.finance/pools
5. Deposit WBST to the pool (start staking).
6. Done! You will starting receive reward after 3 seconds.
7. You can harvest reward or unstake anytime you want.
Update of Bitsten Exchange and Bitsten Token
New Partnership Bitsten Exchange
Good news! Bitsten Exchange now is partnering with a new token community in Indonesia called One Get Coin. One Get Coin is a new token in Indonesia that has a very large community. It just launched on March 7, 2021, and will start the token distribution and enter the market in August 2021.
Bitsten Exchange Update
- Profit-share or Reward program is now fully working. Enjoy holding (HODL) BST on Bitsten for daily rewards up to 50% of trading fees from the all users on Bitsten.
- Reactive the affiliate system. We provide 25% downline transaction fee for users who refer when registering. https://exchange.bitsten.com/invite
- Temporarily deactivate the Swap and Farming features. For system updates, we temporarily disable the Farming and Swap features at Bitsten, as alternative you could farming at kindcow.finance.
- Vote for new listings is lowered to 150K votes. We opened the opportunity to list on Bitsten market (listed at CMC) at a very low cost, 150k votes is equivalent to ~$700. For all of you or your friends who has a project, please submit a vote on the page https://exchange.bitsten.com/vote
- New listing token in March. Welcome to new project listed on Bitsten in March! The project is:
- Delisting tokens that has low volume. To maintain the quality of the Bitsten market in CMC, we will remove inactive or project that has no volume markets like:
- GRT – Global Rental Token
- RBC – Roti Bank Coin
- FCBTC – FC Bitcoin
- L2P – Lung protocol
- BVG – BitcoinVG
- NVS – NewVisionMoney
Please withdraw assests from the mentioned markets above no later than April 15, 2021. After that date, Bitsten will delete them permanently.
Bitsten Token Update
1. BST now active on the Binance Smart Chain Network (WBST).
The BSC community at pancakeswap are very enthusiastic about WBST’s presence on the Binance Smart Chain network
2. BST hit new ATH from the last 2 years
A few days ago BST went up to a price of $0.06 or touched the highest price since 2018. View the history of BST ATH on coinmarketcap
3. BST is starting to used for staking and farming on kindcow.finance
Stake WBST on kindcow.finance and get very high daily rewards
4. Increased demand due to high rewards on farming and staking
5. Our liquidity is increased on Pancakeswap
6. Follow telegram bot for update real time price
1. Continue running bot campaign.
•Get Instant 5 BST after Start.
•Complete all the tasks and get 15 BST.
•Invite your friend to join the bot and complete the task get 5 BST
•After completing all the task, each users will get total 20 BST.
•Reward will distribution after finish KYC
2. Youtube Competition extended to April 15
Detail of this competition can be found here
3. Airdrop for WBST at Binance Smart Chain
On April 1, 2021 we will launch airdrop for new user at WBST stay tune on our channel to update
4. Roadshow by OGC team
Bitsten and OGC team starting roadshow at Indonesia
Next Update Target Finish in next 3 month (early July 2021)
We will make a big change to the website and have developed other businesses.
1. Update to user Interface and Bitsten Exchange System (Bitsten 2.0)
2. New roadmap for extending business model (news portal, etc)
In our estimation, March is the lowest price of Bitsten Token. Don’t miss the chance to get a big profit!
#TeamBitsten are targeting 10 cents for BST (short term) and 50 cents EOY. Only long-term supply and demand will decide how well BST will do.
Don’t forget that BST has a total supply of 12 million tokens and all of these are in circulation.
Bitsten exchange: https://exchange.bitsten.com/
Telegram chat: https://t.me/bitsten_exchange
Telegram announcement channel: https://t.me/BitstenExchangeOfficialChannel