Cryptowriter: DEGO Finance Part 1 an Overview


DEGO Finance: An Overview

DEGO finance is quite unique in that the project started on the Ethereum blockchain and within 4 months of the initial launch, DEGO is recognized as one of three yield farming projects on Binance Smart Chain. The DEGO team has also been working on launching their project through the Polkadot blockchain which is expected to be released in the near future. The project aims to build DEGOChain with the purpose of being a cross-chain layer 2 infrastructure that improves the inefficiencies of PoW while greatly reducing the environmental impact associated with current mining techniques.

The beginning of DEGO Finance started with the development of their very old-school webpage Dego.finance which I quite enjoy and their very first NFT giveaway in late September. I was lucky enough to get one of the free NFT’s, but the timing couldn’t have been worse considering the gas to claim alone was 0.01ETH and there was no way to know what the free NFT’s quality would be. On the initial release, the different NFT’s were mining picks that ranged from the lowest quality Bronze, Silver, Gold, Platinum, Diamond, and the extremely rare Kryptonite. Each NFT is given a Par value which is used to limit the maximum amount a single user can mine with. For example, the silver mining pick has a DEGO par value of 2, so the maximum total DEGO par value for mining would be 100 silver mining picks or 200 DEGO.

“I’m always thinking about losing money as opposed to making money. Don’t focus on making money, focus on protecting what you have” – Paul Tudor Jones

The DEGO team then utilized NFT’s for their original purpose and had special NFT’s designed that they auctioned off and the proceeds were used to increase rewards pools as well as to continue development. In my opinion, this method worked extremely well as the extremely rare NFT’s that were auctioned off made quite a good amount of proceeds. This probably greatly increased the speed at which they were able to release their project on BSC, where I have spent the majority of my focus on considering the fees are negligible when compared to Ethereum gas fees. The one thing I have really liked so far is that the NFT’s value stays rather stable until they have all been minted and then the value begins increasing.

The previous auctions that have taken place so far have been solely on the Ethereum based platform and the NFT’s that have been auctioned off have been Satoshi Nakamoto, Vitalik Buterin, Donald Trump, Joe Biden, and Steve Jobs. The very first auction was the Satoshi NFT which was sold with a winning bid of 129.12 ETH and the reward pool funds increased to 103 ETH. The second auction was the Vitalik NFT which was sold with a winning bid of 97 ETH increasing the rewards pool to 181 ETH. The third and fourth were a “presidential competition” that had both Biden and Trump NFT on auction and both ended with a winning bid of exactly 80.17 ETH raising the rewards pool to 310 ETH. The last to be auctioned off was the Steve Jobs NFT that sold for 80.17 ETH as well and this increased the rewards pool total to 374.34 ETH.

As the project has very quickly moved forward, so has their goal with the utilization of NFT’s. DEGO has recently finished an NFT mining campaign in which they partnered with KuCoin to distribute limited NFT’s to users that could then mine KCS through the DEGO platform. The most recent partnership with Bounce Finance has seen the creation of the new BOT NFT’s that will be used to mine BOT tokens through the DEGO.BSC platform. This new mining will be available starting November 10th through Gigafactory 1 Nevada and can be mined with currently owned BSC mining picks. While Gigafactory 2 Shanghai has a launch date set 1 day after Gigafactory 1 but it seems that mining will take place only with newly minted BOT NFT’s considering that the pool contains 80% of the BOT tokens to be mined. Bounce Finance, similarly to DEGO began on Ethereum and is utilizing Binance Smart Chain for the extremely low fees and is also working on cross-chain swaps for the ERC-BEP BOT tokens.

The future for DEGO is looking very bright as they continue to blaze their way through every month with new releases and project updates! They currently have numerous additions to the project that have been in the works since the beginning and have almost no information on. The best example of this is the DANDY token which was distributed to the original recipients of the first NFT giveaway. The DEGO team has received countless questions regarding this token and the only answer to be given is that it will be distributed through a mysterious puzzle-solving protocol on their platform. Some other examples that have been displayed as coming soon are the “Hunter” tab that has been on the platform since its inception and the somewhat recently added “Bounty” tab that was added with no announcement as of yet.

Seeing as the DEGO project has moved forward very fast and expanded to other blockchains within months. I am curious to hear what everyone thinks about this project and whether you think that DEGO can truly help reduce the environmental impact associated with mining?

 

Thank you for taking the time to read my article and I look forward to hearing your opinions!

 

~ Trever Russell

 

Sources:

https://dego.finance

 


This post is published for Cryptowriter in association with Voice.

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This article was originally published on Voice.com

 

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MaddCryptoDogg
MaddCryptoDogg

Current Microbiology Undergraduate, Amateur Race Car Driver, Dedicated Cryptocurrency Enthusiast, and I study Economics and Pharmacology in my spare time.


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I have been around since the early days of bitcoin, I unfortunately wasn't smart enough to hold any of them. Now I mainly do a plethora of research almost daily while passively earning crypto from a couple faucets.

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