$FOMO liquidity pools now live
We are delighted to announce that on the 16th May 6:00pm UTC, $FOMO/BNB liquidity pools were launched.
What is a liquidity pool ?
When tokens are deposited into a crypto liquidity pool, the platform automatically generates a new token that represents the share the depositor owns of that pool. This is called a liquidity provider (LP) token, and it can be used for a multitude of functions both within its native platform and other decentralised finance apps.
A key function of automated market maker platforms is the liquidity provider (LP) token. LP tokens allow AMMs to be non-custodial, meaning they do not hold on to your tokens, but instead operate via automated functions that promote decentralisation and fairness. Liquidity provider tokens also unlock new layers of token trade and access across the entire DeFi ecosystem, which has facilitated growth in the form of significant network effects. The non-custodial feature of AMM platforms is key to being part of the decentralised finance ecosystem. On AMM platforms, you remain in control of your assets by receiving liquidity provider (LP) in return for providing tokens like BNB to the crypto liquidity pool, which is managed by code and not by human operation. LP tokens represent a crypto liquidity provider’s share of a pool, and the crypto liquidity provider remains entirely in control of the token.
Why $FOMO/ BNB liquidity pool
The LP pool will be giving the fees from pancake swap. Also, as the fomo/bnb lp pool will give highest out of the three pools APYs which adds extra incentives for anyone who who joins the lp pool. What we are aiming to do is create an eco system where you can re cycle and re use your tokens. Wether that would be stake into other pools, invest into IDO’a which will be available via our exclusive NFT launchpad. There will be other methods to attract more holders to put into the lp. From our side it’s finding the correct balance where APY’s etc cant be manipulated but making sure that stakers are are rewarded nicely.
What happens when you withdraw early ?
All withdrawals from open pool have a 48 hour early withdraw tax of 4%. This is in order to prevent anyone from manipulating pools. The tax is re distributed to fomo holders in passive rewards. Also, all pools have a 2% withdrawal redistribution fee that goes to the treasury wallet for the longevity of the project.
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