2 New DeFi on Binance Smart Chain Keep Your Cryptocurrency Investment “Stable”
The Crypto market is always fluctuating. Bull now, bear later. How to keep your cryptocurrency investment “stable”? Let’s check these 2 new DeFi products on Binance Smart Chain.
Helmet.insure
Helmet.insure is a peer-to-peer Crypto assets insurance trading platform on Binance Smart Chain, written by option trading logic, which allows anyone to create any insurance policy easily in the market.
Unlike other insurance products you may have used, Helmet specializes in providing price-shield insurance for BSC assets, the type of insurance depending on token holders and traders.
There are 2 roles in this insurance protocol:
- Policy Supplier: a participant who deposits denominated assets to supply policy on the market.
- Policy Holder: a participant who wants to hedge price loss.
The project team, as one of the policy suppliers, provides 2 types of insurance policy to users: cover 50% off and cover 100% up (cover miss out). Both policy durations are 14 days.
Cover 50% Off is a kind of bearish insurance to prevent “underwater”. The policy holder can pay a premium to insure their bearish assets at a very small cost. The policy holder will get profits when the value of the token insured before the expiration date is lower than “half” of the price at the time of issuance. If the spot price is not less than the policy price at the end of expiration date, the policy supplier can steadily obtain the premium as interest.
Cover Miss Out is a kind of insurance against ‘fear of missing out’. Policy holder pays a tiny cost for a “call’ to prevent missing the pice of X denominated asset rise.
If the insured token’s price is higher than double the issue price before the expiration date, the holder will get a profit. If the value of the Token is not more than double, the policy supplier will receive a stable premium as interest.
Helmet.insure has issued its own governance token $HELMET. The token price shows a high correlation with the protocol’s volume, like we pointed out in 6 Indicators for Trading BSC DeFi Tokens — Boost Your Trading Profit.
Helmet.insure’s 24h volume dropped by 27%, mind if the $HELMET price would drop as well. You can check the $HELMET token profile on Helmet.insure product detail page on dapp.com.
How to earn $HELMET tokens?
Currently, you can mine $HELMET tokens in these mining pools:
- HELMET-BNB LP (earn $HELMET and $CAKE)
- HELMET-hDODO DLP (earn $HELMET and $DODO)
- HELMET POOL (earn $HELMET)
The highest APR at the time of writing is 285.42% for the HELMET-BNB pool.
How to use Helmet.insure to buy (hold) a policy?
- Choose the type of assets you’d like to be protected.
- Choose the type of policy (Cover 100%/ Cover 50%/ Cover Issue Prices).
- Check the best price premium and the max quantity you can buy. (There is always only one kind of policy for expiration date.) type in the quantity, click BUY button.
- After clicking the buy button, it will activate MetaMask wallet to confirm the deal.
- Once you buy the policy successfully, you will receive the LONG Token. The transaction will show up on BSCscan.
- Visit Tradingview tab and under “Policy You Hold”, it will list all the policies you bought. Verify that you received the correct LONG token by checking it with correct type of assets, policy price, premium, quantity, expiration date.
How to activate a policy?
- Visit Tradingview tab and check “Policy You Hold”, choose the policy you’d like to activate.
- Verify you activate the policy at the correct policy price.
- Prepare enough quantity of underlying assets (≥ Quantity of policies you buy) in your wallet
- Click “Activate” button and it will activate MateMask wallet to confirm the deal.
- Your underlying assets will be sent to policy supplier and you will receive denominated assets by your wallet.
Soups Finance
Soups Protocol is an experimental project that enables the generation of SOUP tokens that runs on Binance Smart Chain.
Inspired by projects like Basis Cash & bDollar, there are 3 tokens:
- $SOUP — Soup Dollar
$SOUP is an algorithmic token that is designed to pegged its value to the Binance (BNB) token instead to a stablecoin. The SOUP token can be utilised to buy and sell tokens on PancakeSwap and also can be used to interact with Soup Protocol’s upcoming games such as Soup3D.
- $SOUPS — Soup Shares
$SOUPS is the utility token for Soup protocol. Holders of SOUPS tokens can be locked up to claim a pro-rata share of SOUP tokens accumulated in the Boiler contract.
- $SOUPB — Soup Bonds
$SOUPB tokens help to incentivize changes in SOUP supply during both epoch expansion and contraction periods. When the TWAP of SOUP falls below 1 BNB, SOUPB gets issued and can be bought with SOUP at the prevailing price. SOUPB holders can exchange for SOUP tokens whenever the Soup Protocol’s treasury has available SOUP for redemption. SOUPB tokens have no expiration.
The platform has a game-like interface, which contains 3 DeFi sections, and 1 game:
- Boiler Room
The Boiler Room is the place where SOUPS tokens can be locked up in the Boiler to earn SOUP rewards during epoch expansion periods. Epoch duration = 6 hours. Each deposit or withdrawal of SOUPS to and from the Boiler will reset the locked duration for 6 epochs.
- Soup Kitchen
The Soup Kitchen is the place to receive free handouts. By committing LP tokens or tokens such as BIFI or BDO, users can receive SOUP tokens (15 days) and SOUPS tokens (1 year).
- Freezer (Bonds)
Freezer is the place where users can buy and redeem SOUPB tokens for SOUP.
- Fomo3D
Inspired from Fomo3D, Soup team produces Soup3D, a lottery-like game that rewards both early and late participants to the game. It’s running on Binance Smart Chain that requires the use of SOUP tokens to participate. Tickets can be bought with SOUP tokens, of which 95% of the token amount will be swapped to BNB to purchase tickets when the pot has less than 500 BNB. And when the pot has more 500 BNB, 97.5% of the amount will be swapped to BNB instead. The unswapped amount will remain locked (also known as burnt) in the contract with no means of recovery.
You can check the number of Soup 3D participants on the Soups Finance data dashboard. If you see more and more people participating in the game, it means more and more people have bought the #SOUP token for game tickets. Thus, more $SOUP tokens are burned and swapped to $BNB, pushing the $SOUP price closer to $BNB’s.
