DONUTEZ FARM — First yield farmings constructor on Tezos blockchain
The February of 2021 appeared to be full of amazing events and one of the most remarkable is Tezos DeFi Hackathon by Tezos Ukraine. The hackathon is focused on improving the Tezos ecosystem and enhancement of the economical potential of the blockchain.
We thought a lot about ideas that can improve the Tezos ecosystem and bring new users and their actives into the blockchain. And after a huge amount of brainstorms, we decided to create something new, something actual for this ecosystem, something that can match all the criteria. We decided to create DONUTEZ FARM — the first yield farmings constructor on the Tezos blockchain.
The problem
Tezos blockchain is a little young. It has no so many users and many of their locked actives in it. In a month or less the MadFish.Solutions company is going to release the QuipuSwap DEX. This DEX is aimed to allow users to create XTZ/token pairs, add liquidity to the pools and retrieve QS LP tokens as theirs share in the pools.
One of the main usages of LP tokens is theirs staking in yield farmings. We have researched a lot and didn’t found any active yield farming on Tezos at all. We also know that developing the new yield farming from scratch is too expensive.
Solution
DONUTEZ FARM — flexible yield farmings constructor that allows everyone to create the yield farming that can help to bring new users` funds to the QuipuSwap DEX pair and allows users` to stake QS LP tokens and earn their rewards.
Our constructor helps create yield farming in 5 minutes. You just need to set up a few parameters:
- QS LP token address (token for staking);
- rewards token;
- the lifetime of the farm;
- reward period (in seconds);
- reward per period (in rewards token).
That’s all. After that everyone can deploy their yield farming (with deploying fee in our DTZ tokens) and use it for staking and harvesting rewards.
What is the uniqueness of the solution?
- This is the first yield farmings constructor in the Tezos ecosystem.
- All contracts are fully tested.
- All calculation formulas are sewn into the contract and can’t be changed by anyone, which allows you to be sure that the yield farming is fair.
- Everyone can create their yield farmings without any knowledges of programming.
Additional features
- The solution contains factories for deploying simple FA1.2 and FA2 tokens.
- User can deploy their yield farming with the discount and staking DTZ tokens in our yield farming for getting the rewards in DTZ tokens at the same time.
- Users have access to all their deployed tokens and yield farmings from our service.
Summary
It is only a small part of the initial concept we came up with during the hackathon and were able to implement it in time.
The list of possible features consists of but is not limited by:
- make the constructor more flexible by adding the ability to customize it so that yield farming can distribute more rewards to those who entered the pool earlier than others and reduce the level of distribution of rewards over time;
- add a marketplace for NFT tokens, in which the design for the user’s yield farming will be sewn.
We are excited about the experience gained during the Tezos DeFi Hackathon and believe in the bright future of the project!
Links
Demo
GitHub