*obligatory not financial advice*
What is Devil Finance?
It is a yield optimizer that runs on the Fantom blockchain and is backed by the power of hell. It allows its users to earn a high APY on all kinds of Fantom assets in a cost efficient way and it will launch more DeFi tools until it becomes a one-stop-DeFi solution for its blockchain. The name is based on the spooky theme that almost all Fantom dApps have.
The flagship product of Devil Finance are its vaults. There are countless vaults for all kinds of tokens where users can pool their funds together and have Devil Finance reinvest them automatically in various dApps on Fantom. The advantage here is that the users are saving gas fees because since they all have their funds pooled they can all move their tokens with a single transaction and share the network fee. It also makes it more cost efficient and easier to compound your crypto because Devil automatically adds the earned interest to the pool.
There are vaults for single tokens as well as for liquidity pool tokens and they get reinvested into protocols like SpookySwap, Scream or Dark Knight.
There are no platform fees for depositing funds, but there is a 0.1% withdraw fee, which means that the vaults are ideally only used for long term saving. There is also a 2% service provider fee on all earned interest that is going to stakers of the native DEVIL token. This fee ensures that the DEVIL holders use their governance rights properly to attract more users and their funds.
The goal was always to make saving and earning cryptocurrencies easy for both beginners and professionals. That is not only limited to the service of yield optimization, so the founders of Devil also want to add things like a decentralized exchange, a lending feature, a NFT marketplace, a lottery, a Launchpad and more applications. The platform will eventually unite all kinds of DeFi applications into a single platform.
As the Fantom DeFi ecosystem grows and more features are added to Devil Finance, it could grow to be one of its biggest dApps.
The DEVIL Token
Devil Finance has a native token called DEVIL. It is used for governance to vote on possible changes to the protocol and it also earns a share of the platform fees. The 0.1% withdraw fee and the 2% service fee in all vaults are distributed to people that stake their DEVIL tokens.
You can stake your DEVIL tokens in a vault where you can withdraw anytime or you can lock them for 7, 14 or 30 days. If you lock your tokens for longer you receive a higher APY. You can withdraw your "locked" tokens sooner if you want but you will get a part of your tokens slashed as penalty.
Staying true to the devil theme, there is a max supply of 66,666,666 tokens. The tokens will be distributed over 3 years and the emission of new tokens is lowered by 3.33% per month to reward early adopters more. 1% was pre-minted by developers for various purposes, 6.41% of the emission is going to the team, 6.41% was used for airdrops, 11.59% is reserved to fund protocol development and the remaining 74.59% is earned by the users of Devil Finance. The lion share is going to the actual users like it should.
The value of the token depends on how many funds are held in the Devil Finance protocol. That is because there will be more demand for governance rights if they affect more funds and also because the DEVIL holders can expect to earn more fees. So far Devil Finance is in the top 10 of the most used dApps on Fantom and since it will launch many more useful applications it will likely stay relevant in the Fantom community. The success of the platform mostly depends on the success of Fantom, if it continues to grow in popularity then there will also demand for a yield optimizer there.
The token is not listed on any centralized exchange but you can buy it on SpookySwap. You can store your DEVIL in a MetaMask Wallet that you can also use to interact with Devil Finance if you connect it to the Fantom blockchain.
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