Why I am toaded

By bbrujas | bbrujas | 31 May 2021


Hi All.

I am pretty new to this crypto currency world and really enjoying writing and sharing with the community about this new experience I'm living.

I entered the crypto space thanks to a friend that's been involved in it for a few years now.

Everytime we talked, he brought it up in conversation. Always telling me to be cautious and stressed the importance of actually putting some time in to study before investing.

For a couple of years I felt reluctant about getting involved (thinking about economic bubbles ect) and the uncertainty of putting my money somewhere else other than my bank.

Finally he got me in!!

It took me a while to get involved but since then (barely two months) I have read tons of pages, and posts, and got into twitter just to follow as many people as I could, amazed with the amount of people and projects doing great things around the Crypto ecosystem.

I have a technical background, so I'm used to digging for info. I've read a lot about finances and the benefit of passive incomes and also have started to understand how clever it is to set up different projects to provide you with these passive income.

I have created my first NFT, and explored the incredible new world opening up for all the artists who are now empowered with new tools to "kill the middleman" and become more self-sustained.

I have learnt what DEXes are, and the different between centralised and decentralised economy.

DeFi has become one of the most amazing financial discoveries of my life (probably it is only out done by the PIGGY BANK, bearing in mind not only benefits, but also risk involved around).

This last two months I have devoured hundreds of posts about staking, Impermanent Loss, tokenomics and even Solidity is now within the curricular I am studying…

Through my readings, I have discovered that there are many projects around and there are even some new blockchains being designed and put into practice while I am writing this very post no doubt. Most of the projects I am sure are created with intentions of building good solid ideas that bring benefits to the community.

During these two months, I have got into a number of well known established DEX'S. Studied a nice amount of different projects and only scratched the surface of many more.

The list is long.... the strong coins / robust projects in the environment (ETH, BTC, ADA, DOT...), some of the stables like DAI, VAI, USDT..., some DeFi are quite disruptive like PUNK, SOVRYN, OPENSEA or SOLANA and, of course, plenty of the BSC based tokenomics projects around like beefyfinance, pancakeswap, toad.network, pancakebunny, alpaca, venus…

Nevertheless, I realised quite soon that emotions, especially greed, fear and doubts were all around and almost as soon as I got started digging into projects, I started hearing about many instances of people getting scammed by those who built certain projects or even bad actors that saw an opportunity for their own profit, even while damaging the whole ecosystem that fed them.

I started reading about the different scams that where moving around, and started looking into projects whose tokenomics seemed more robust, had an actual commitment with their roadmap and their developers were openly discussing with the community about the current state of crypto and plans for their respected projects.

I found a few other interesting projects outside which are not looking into any tokenomis strategy, but building safety and helping people Doing Their Own Research about the projects they might be interested in, like the RugSteemer one, or independent audits like SpadeAudits that are performing quite nicely and transparently, helping the community understanding the risks and flaws of the projects around.

Thanks to this kind of behaviour it is that I decided to go deeper into padswap.exchange and their governance token $TOAD. It took me a while to get a full picture of what this project is bringing onboard to the DeFi ecosystem.

The tokenomics developed around the project is focused on long term investors, as a safe place to keep your funds at work while waiting for any "bad weather" to calm down and surf safe. Basically it's built to be "rug-pool proof".

The contracts set up for the project do not allow minting nor burning coins, so that price can not be manipulated nor be exploited to drain liquidity funds as it has happened recently with this flash loan vulnerability scattered among many projects in the BSC ecosystem.

The development team permantently locked the funds they invested in the project, and the mechanism built around the exchange ensures not only the corresponding yield earn for those investors who stake their funds but also another small percentage is send directly to the Vault from each transaction done on the swap/exchange. The vault mechanism built into the system works in such a way that it will create a floor price for the pad token with a forever rising peg as the supply will be decreasing. (Read the white paper for a much thorough explanation).

Another revolutionary idea this team brought first was the liquidity pool farming, allowing you to earn more LP tokens and therefore increasing your earnings from the fees collected.

For the time being, there are some good news coming from the project, like the games platform, the listing on a major Asian Exchange, some new LP Pairs that have been added this week to padswap and the amazing stats page that is currently showing more details about the projects state of the art.

If you are interested in getting more details about all this things I am talking about, please head over to the project's website or reach them through telegram. You'll find an interesting comfy community, quite supportive and willing to help.

Stay funk, stay safe, stay DeFi!

bbrujas

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bbrujas
bbrujas

I came to the crypto ecosystem to enjoy and learn while trying to improve my financial autonomy... Stay funk, stay safe, stay defi...


bbrujas
bbrujas

Just DeFi

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