FarmX is a farming platform on the protocol. It is designed to incentivize and reward people who provide liquidity to PulseX on the PulseChain.
According to the PR and co-founder, Mora Ortiz, users can get into the FarmX platform and support FMX protocol.
FarmX stands out from other decentralized exchanges—or Dex for short. Ortiz adds that it is important to understand that there are dexes on all blockchains and there are a lot of networks that are EVM-compatible. EVM stands for Ethereum Virtual Machines.
These blockchains have different dexes where there are arbitrage opportunities and plenty of auto mod mechanisms or scripts that allow developers to profit from it.
FarmX decided to do something unique. Ortiz reveals that they have designed a protocol that is located on top of all blockchains. This allows FMX protocol to have an exact balance of all stable coins they hold on all different blockchains. This is computed as a total for the FMX algorithm which interacts with those different dexes in parallel in order to make the whole FarmX value increase. That's smart!
Ortiz goes on, saying those value increase tokens will be allocated by the protocol to purchase FMX in order to increase its value, provide liquidity to FMX stable pairs and also to provide liquidity to PLSX and PLS pairs in order to diversify risk and allow FMX protocol to profit from trading fees on PulseX, significantly increasing the benefits for those who provide PulseX liquidity on the FarmX platform.
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Now, let's get back to FarmX
FMX Protocol has been designed with a set of ingenious farming strategies, that come with huge perks like auto-compounding, which is made possible thanks to the virtually non-existent PulseChain gas fees.
The FarmX team has designed a document that tries to summarize the most important features of the FarmX platform and FMX platform and FMX protocol. You can find it on their Telegram channel.
But currently, the FarmX Team is working in order to be able to bring a cross-platform DApp, that can fit everyone, from those who interact with blockchain through web or desktop to also those DeFi users that prefer to keep everything on their phones, whether they use an Android or an iOS device.
Now, you might be wondering—
How does FarmX compare with other dexes?
Let's take the well-known Bunny of Binance as an example. Bunny is one of the most popular auto-compounding yield aggregators on the Binance Smart Chain but six months after its launch, two hundred million dollars worth of assets were stolen from the yield aggregator.
According to Binance, the hacker used PancakeSwap to burrow a huge amount of BNB. The hacker then went on to manipulate the price of the USDT-BNB pair as well as the BUNNY-BNB. The Hacker ended up getting a huge amount of BUNNY through this flash loan and dumped all the BUNNY in the market, causing the price to plummet, then paid back the BNB through PancakeSwap.
The hacker stole six hundred and seventy thousand BUNNY and one hundred and fourteen thousand BNB. At the time, that was equivalent to two hundred million at the time.
Unfortunately, there was a repeat incident in February this year. The Binance Finance team announced that the exploit on Qubit resulted in eighty million dollars worth of loss. As reported by Cointelegraph, the Qubit bridge which is also called X-bridge, facilitated token swaps from Ethereum to Binance Smart Chain, that is also called BSC. The hacker behind the attack managed to exploit a "logical error" in the X-bridge smart contract that allowed them to withdraw tokens on BSC without depositing any on Ethereum.
Now, at FarmX, they have been able to accurately pinpoint where the problems could be so those types of issues will be avoided with the protocol.
The FarmX roadmap focuses on technology development, operations, infrastructure, new partnerships, and marketing initiatives. Let's give a quick recap of the journey so far:
From January 2022 to date, FarmX has been able to carefully evaluate different networks before choosing the current game-changer, PulseChain in March. The team designed the native token, FMX, in April and also planned the initial distribution. In May, FarmX landing was released and on the twelfth of June, FarmX started accepting sacrifices for FMX.
Remember that sacrifice means that you are pledging a particular amount and in return, get airdropped the native token, FMX.
FMX sacrifice is how FarmX Team has decided to fairly launch the protocol token: those who support FarmX protocol before mainnet launch will be airdropped FMX tokens.
FMX creates a token economy set by the demand of FMX Sacrifice, phase I will end on the twelfth of July.
The PR and co-founder of FarmX, Mora Ortiz, indicates that the earliest sacrifices in FMX, that is Phase I sacrifices, will get a full exponents multiplier of four times the amount sacrificed. I wouldn't snooze on that one!
Enrolling in FarmX and trusting FMX Protocol will give those who sacrifice a unique position on FarmX protocol. As Ortiz put it, "...apart from getting a full exponents multiplier…all those who sacrifice in FMX will get a unique position for life in the FarmX dot app."
Plus, everyone that pledges a donation, or sacrifices, will receive a reward bonus multiplier that will reward FMX holders on a higher APY before the others, Ortiz says it would be around eighty or ninety percent.
As you might have noticed, the FarmX Sacrifice has been designed in order to reward FMX early-adopters. This is a common practice for projects launched on PulseChain Ecosystem.
Through this process, FarmX has the capability to develop, promote and expand the FarmX project, so they can reach all networks and users in order for them to promote the massive adoption of PulseChain and PulseX. That is why sacrifice is the easiest and more convenient path for investors to access the FarmX native token before its launch.
The team is managing PulseChain Community Listing in order to have more chain visibility.
We have said this before and it is worth saying again: do not sacrifice directly from an exchange, sacrifice from a wallet that you own, like for example MetaMask, TrustWallet or any other wallet and as we've said, FMX will be airdropped to all those that sacrifice, once FMX Sacrifice finishes and PulseChain Mainnet is deployed.
In order to get FMX right now, all you need to do is send the accepted tokens to this wallet on display on your screen:
All sacrifices will be automatically tracked and the corresponding FMX tokens will be sent.
The FarmX team also accepts other crypto coins and tokens for participating in the FMX Sacrifices. They are Ethereum, USDT, USDC, DAI, HEX, MATIC, wrapped BTC and OHM from the ETH blockchain.
On the Binance Smart Chain, they accept BNB, ETH, BTCB, BUSD, USDT, USDC, DAI and of course, CAKE.
As you can see from the list above there is a wide variety of accepted currencies. Since FarmX has to be accessible and available for everyone, this is the best way to go.
Back to the roadmap, we know that the four times multiplier rewards end on the twelfth of July. From that day till sixteenth of July, the multiplier bonus drops to three times what you sacrifice. Still a handsome return if you ask me.
From sixteenth of July till twelfth of August, again the bonus drops to two point five times the sacrifice.
From the twelfth of August till sixteenth of August, the multiplier bonus is now two times the sacrifice and finally, from that day till the twelfth of September, the bonus is at just one point six times the sacrifice.
Farm X will continue reinventing itself as it comes up with better ways to serve the public with better returns on investments.
A quick recap on FarmX? Sure, why not?!
The FMX Protocol is unique in its ability to run through several blockchains simultaneously and has the capability to generate rewards, those rewards that the protocol generates are invested in providing liquidity and generate itself arbitrage opportunities through adding and removing liquidity in stable coin pairs so the team can increase and maximize FMX Protocol profitability.
Solidity designed and developed the FarmX protocol, so it is secured to ERC-20 standard, allowing the architecture of the platform to offer more project rewards. That is possible thanks to the low-cost and highly scalable system that makes transactions to be processed in no time.
There's one other thing you should know:
FarmX has pledged to fork audited smart contracts on all their platforms, that will be EVM compatible for all networks FarmX accepted like ETH, BSC, Polygon, AVAX, Fantom and of course PulseChain, among others that they will be adding to the list.
We have spotted the massive potential of FarmX and FMX. Currently, they are consolidating community trust, also growing and establishing in the PulseChain ecosystem.
There's a huge announcement: FarmX is open to new candidates being part of their team! Send an email to the email address provided below.
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