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KIMCHI DeFi Protocol Raises $ 500 Million Within Hours After Starting Trading
The new token raised nearly half a billion dollars in a few hours after the start of trading
The project claims to become "new hit among profitable farmers in the DeFi industry".
KIMCHI is a forked clone of existing similar protocols such as SUSHI.
DeFiDecentralized Finance (DeFi) – this is financial services, technology-based blockchain that offer users access to open, efficient and … More the industry continues to develop the culinary theme. This time, it smelled of Korean cuisine, because SUSHI and YAM were replaced by … KIMCHI. And now it’s the hottest dish.
If you haven’t heard of KIMCHI, the new DeFi Farmer token, it’s because it wasn’t there yesterday. But today he has already attracted about half a billion dollars worth of coins for staking..
Half a billion dollars locked in $ KIMCHI since it launched… 4 hours ago? five?
Money isn’t real pic.twitter.com/5VoB6sfpoC
– notsofast (@notsofast) September 1, 2020
The project’s growth trajectory follows the experience of recent DeFi farmer projects like Yam. Recall that this token As the use of cryptocurrencies grows, new types of tokens appear. They can represent value or something intangible like voices. Two … More rapidly rose in price from zero to $ 150, and then just as quickly returned to zero. The whole boom-bust cycle was done in 48 hours or so.
At the time of this writing, the KIMCHI token is selling for $ 5.76, while at the moment the price peaked at $ 12.26. For an hour, the coin fell in price by more than 20%. At the time of this writing, $ 150 million is blocked in the protocol, while the average daily trading volume exceeds $ 76 million.
To whom sushi, to whom kimchi?
The KIMCHI token is a fork of yuno and sushi, which in turn is a fork of Uniswap. Read more about the sushi project and what vampire mining is.
KIMCHI has just appeared, he is not even a day old, so it is still difficult to say how he differs from his progenitor SUSHI. Meanwhile, the Sushiswap project offers users SUSHI tokens in exchange for liquidity..
Additionally, users staking on the platform receive discounts on trading commissions. As a reminder, tokens entered into a smart contract for staking cannot be taken back, transferred, or spent within a certain time. The principle of operation is partly similar to term bank deposits.
KIMCHI appears to allow profitable farmers to place ETH, SUSHI, TEND, USDT, or Uniswap assets in exchange for sky-high interest promised (up to 66,000 APY, according to information on the platform).
The KIMCHI protocol uses smart contracts that have not been audited for security, so users invest in them at their own risk. In addition, the project description succinctly fits into one proposal that KIMCHI could be the next hit in the field of profitable farming on DeFi-protocols.
We ask the nervous ones to leave
Over the weekend, the total amount of assets blocked in Defi protocols exceeded $ 8 billion, confirming the huge interest in such platforms from cryptocurrency owners who want to receive passive income from their coins. Moreover, people are ready to rush headlong into a new project, even without having any information about it..
More curious users can look at the smart contract code, but to understand what’s what, you need to understand it. In addition to potential golden mountains, such projects give participants a powerful adrenaline rush and excitement: this is a game in which you need to have time to jump into a new hot project and jump out of it before it collapses. Perhaps this is partly the secret of their popularity..
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