Breaking news! Essentia’s coming to DeFi
We’re here with great news: Essentia joins the DeFi craze, offering our own yield farming opportunities — and not only!
We briefly mentioned it in our yearly recap, but now is the time we dive into the details. Hop on!
If you’ve been with us for a while, we’ve mentioned taking a DeFi direction a few times. We’ve always seen the potential in decentralized finance, and in a sense, we were part of it long before. Our goal has always been to bring cryptocurrency into the lives of ordinary people and hand them a simple solution to do so. Sharing the goal with DeFi we eventually decided to pursue this direction.
One of the first steps for us was introducing the 1-click masternode deploy, from the Essentia application. We took it a lot further, and in the next few weeks, you’ll witness…
Liquidity Mining/Yield Farming
One of the goals: to incentivize liquidity and support the ESS/ETH pair on Uniswap (where we are already listed, by the way!).
The yield farming will allow us to boost the liquidity, and thus attract big traders to the platform. Every liquidity provider that will add liquidity to the ESS/ETH pair will receive a reward in ESS!
A sneak peek at some of the functionality behind the Essentia yield farming platform:
Our yield farming platform is designed to lock the rewards in a vault contract. The only way to get them out will be to mine them over the set farming period. You essentially get locking, long-term focused investors and a liquidity boost at the same time. That’s the triple hit!
We’re not stopping there…
Lending and Borrowing
We’re launching our own lending platform. The functionality is a no-brainer: you will be able to use ESS as collateral and borrow major tokens like LINK, ETH, SNX, and a list of other major DeFi top players. You can also lend the tokens you have, and earn off of them: yet another opportunity to earn your passive income.
Apart from the Uniswap exchange you can already find us listed in, we are already working on being added to Balancer and a few other big AMMs (let the other ones remain a surprise).
We’re thrilled to also announce that we are currently working on a scaling solution concerning blockchains other than Ethereum. On February 25th, we will announce our plans of joining a faster and cheaper alternative to ETH: stay tuned for the news!
Here, the end of the announcement. Today we were excited to share the great news — how do you feel about it? What if we say that us taking the DeFi course was partly the decision made by our supportive community? While actually being privately in discussions about adding yield farming to Essentia, we saw a lot of you guys suggesting that directly in our Telegram channel. So, we thought, why not? Thank you to everyone who was supportive and active!
Have questions? Make sure to send them over to us on our social media channels.