LOFI-DEFI officially entered in to a partnership with BankerDoge today, announcing the news in their Telegram group via social media. BankerDoge will be creating a vault for LOFI holders to be able to stake their token earning extra interest on their deposit. The synergy between the two projects was obvious at the outset of the meeting between CEO’s David Cohen (LOFI-DEFI) and Nathaji Metivier (BankerDoge) as they found similar purpose in an honest, transparent and well planned approach to business development.
“The team behind BankerDoge is extremely professional and capable, I’m very particular about the partners we take on but they checked all the boxes and then some. We’re excited to offer utility to our token holders as we develop our app and platform, I can’t imagine a better project to partner with to do that right now!” — David Cohen CEO of LOFI-DEFI
BankerDoge is providing a platform for ‘meme tokens’, and other similar projects that were are looking to add utility to their tokens, to be able feature staking as an option for token holders. Staking is a process where token holders make a deposit into a ‘vault’ where tokens are stored. Users pay a small entry and exit fee in order to fund the staking pool, which is the pool of money that users earn interest from.
LOFI holders will be able to deposit their token into the vault on BankerDoge where they’ll earn extra interest (paid in LOFI) on top of the 5% reflections they’re already receiving. They’ll have multiple staking options including but not limited to; flexible staking (able to withdraw any time) and 30–180 day soft locking period where you earn extra interest on your tokens the longer you lock them.
The vault on BankerDoge will be exempted from fees via the LOFI-DEFI smart contract, so you won’t be required to pay the normal 8% tax when you deposit and withdraw there, instead paying a smaller tax to fund the staking pool. BankerDoge keeps track of how many tokens you deposit and how much reflections those tokens receive during the time they’re deposited there and they send them to you when you withdraw. That means that LOFI holders won’t lose any reflections by staking your tokens with BankerDoge.
BankerDoge currently has multiple projects in their pipeline for creating vaults, but LOFI-DEFI is near the top of their list with their 3rd slot for new vaults. Updates will be provided through LOFI-DEFI’s Telegram, Discord, Twitter, Reddit and of course Medium.