Introducing NEW opportunities in DeFi!
Abyss Finance is thrilled to announce its latest release of a new awesome DeFi tool! We invite you to tune in while we explore together the workings of this new DeFi service that rests on the smart contracts of Abyss Lockup.
Using a sophisticated smart contract Abyss Lockup allows you to lock ERC20, BEP20 and LP tokens with a guaranteed waiting period for an unlock after a request for withdrawal. The following options are available for the unlocking waiting periods: 1, 3, 7, 14, 21, 28, 90, 180, and 365 days.
With the rise of DeFi, many of us witnessed unsettling events like rug pulls when new projects would suddenly reduce their liquidity causing prices to plummet close to zero. If a project team places their liquidity tokens on the Abyss Lockup smart contract, you won’t have to worry about rug pulls since you’ll have plenty of time to react when you recognize a withdrawal attempt.
Let us demonstrate how it works:
Say you lock any token with a 14-days unlock waiting period, for example. And it stays locked until you decide to withdraw it. After you submit your withdrawal request, you will need to wait 14 days before getting your token back. Sounds pretty straightforward, right? Not only. Abyss Lockup is part ingenious when you consider the possibilities.
Let’s start with who can benefit from this innovation:
1. Projects that want to assure their token holders that their liquidity or team tokens cannot be withdrawn in one day will greatly benefit from this DeFi.
2. Users who don’t want to be subjected to impulse decisions.
3. Projects that want to arrange staking options for their coins.
Abyss Lockup supports all types of rebase. There is an opportunity here to distribute funds to everyone who makes a deposit simply by sending the amount to the smart contract address.
So why is this excellent news in DeFi?
Let’s push the limits here, guys. Stay with us for a second.
1. It supports rebase of any kind. Hence by locking your tokens, you will continue to receive interest even if it’s a stETH token. This alone is quite an achievement.
2. When withdrawing funds, the withdrawn amount is sent to a separate smart contract. Therefore, the projects protecting users from being rug pulled will have to become transparent since the users will see how many tokens are locked with a guaranteed time for withdrawal.
As soon as anyone tries to withdraw tokens, the total sum of locked tokens will be reduced at once, making it possible to see how many requested withdrawals. Based on this data, the community will be able to make better decisions.
3. The lockup is in the format of time to withdraw, not just a lockup for a period of time. That’s an important distinction to make, guys. No one can interfere with the project and put a lock for 180 days just to withdraw all at once on day 179. As a result, this has to be the soundest protection from rug pulling — a lockup with a guaranteed withdrawal time!
If you see tokens, for example, on the AbyssSafe90 smart contract, it’s a guarantee that within the next 90 days, these tokens cannot be withdrawn from the said contract. A convenient way to form decisions, wouldn’t you agree?
4. To use the service, you need a certain amount of Abyss tokens on your balance. But these are only required for contracts with a short lockup time of fewer than 90 days and only at the stages of deposit, withdrawal request, and withdrawal. So, they can be sold after the deposit and repurchased before the withdrawal.
Also, you are protected from changes in the number of tokens needed for actions because when you deposit, you record how many Abyss tokens were needed and then use this amount, even if it changes in the future.
Are you stoked yet? Please give it a go and see how utterly amazing it is to get excited by new possibilities. We want to assure you that we took the necessary measure and will have the Abyss Lockup smart contract audited twice for your protection and everyone’s peace of mind!
Important to note that Abyss Lockup is available not only for Ethereum but also for the Binance Smart Chain!
Source code is available in our GitHub: https://github.com/abyssfinance/abyss-lockup
Try our new service here: https://abyss.finance/lockup
