Drip Protocol Prepares to Launch Animal Farm v2 – BSC NEWS

Spread the love

The Animal Farm v2 offers more ways to earn dividends with $DOGS and $PIGS and reduces tax based on user loyalty.
Drip Network will release Animal Farm v2, which promises more dividends and lower taxes than the earlier version. How low those taxes are, however, depends on a user’s loyalty.
BSC News had the chance to speak with Forex Shark, the Drip Protocol CEO, to better understand Animal Farm and what changes and improvements v2 will bring.
According to Forex Shark, entering and exiting the farm carries a total fee of 4%-6% – either 2% or 3% for deposit, and 2% or 3% for withdrawal.
Governance token ($PIGS) holders will receive 90% of the fees, which in other protocols would typically go to developers. Users who stake $PIGS can vote on community and developer proposals.
Additionally, Forex Shark states that the Total Value Locked(TVL) of the farm is staked in the backend by lending it to PancakeSwap to earn 30%-40% APY. This capital is used for marketing and distribution to governance token holders, who can also vote on when this distribution occurs. Let’s look at some of the attributes of Animal Farm v2:
You can earn $DOGS by staking in non-native farms and pools on the Animal Farm platform. In addition, you can earn tax-reducing loyalty points and $BNB by staking $DOGS at The Dog Pound, a single-asset $DOGS staking pool. The single-asset $DOGS pool allows stakers to choose between standard and auto-compounding pools.
To encourage community loyalty and promote long-term sustainability, the protocol assigns an initial tax of 90% for selling or transacting $DOGS – but that variable tax can be reduced to as low as 6%.
A holder's tax for selling and transferring $DOGs is based on their Token Loyalty Score and Wallet Loyalty Score as follows:
This is a score associated with the number of DOGS tokens staked. Each day, the Token Loyalty Score reduces the tax on a specified amount of tokens by 0.75%. If you stake 1,000 tokens, your tax on those 1,000 tokens will decrease over time.
In addition to tax reductions on staked DOGS tokens, the protocol assigns a Wallet Loyalty Score impacting the tax on all DOGS tokens from a particular wallet. The Wallet Loyalty Score accumulates over time (decreasing the tax by 2% monthly), ensuring that long-term supporters are taxed less when they accumulate new DOGS tokens. Forex Shark said:
Auto-compounding pools offer stakers the benefit of using $BNB earned in the auto-compounding pool to purchase DOGS and pair DOGS/BNB, which is then deposited into their DOGS/BNB farm. The auto-compounding Dog Pound pool increases users’ Token Loyalty Score to 1% per day (up from 0.75% per day).
Selling or transferring DOGS tokens carries a variable tax of 6%-90%. Of taxes collected, 3% are burned to remove the tokens from circulation. The remaining taxes are swapped for $BNB, and $BUSD and distributed as dividends in the single-asset $DOGS staking pool (Dog Pound) and $PIGS staking pool (Pig Pen) as follows:
The DOGS token tax only applies when you:
When you first buy, mint, or sell DOGS tokens, those tokens carry a 90% tax. In other words, if you sell immediately, you will lose 90% of the tokens’ value.
If you stake and hold your DOGS tokens, your tax will decrease by 0.75%-1% per day, plus an additional 2% per month due to your Wallet Loyalty Score. If you use auto-compounding, in less than three months, your tax will be reduced to 6%.
A Masterchef Smart Contract determines the number of tokens minted with each block and uses these tokens to reward stakers. Their rate remains the same for the life of the project. Unlike a Masterchef contract, Animal Farm has a decentralized dynamic supply control algorithm, as Forex Shark explains:
High demand leads to many people buying and staking the underlying token. As a result of the algorithm, the reward and the emission rate increase to encourage people to stake the token.
The underlying assets become deflationary when demand falls as fewer people purchase the farm reward tokens and the governance tokens because a burn mechanism is in place on both. A token's burn mechanism is greater than its emission rate when the dynamics supply control algorithm dips to its lowest emission rate.
Additionally, Drip Network will release two games on top of Animal Farm after the v2 launch: Dogs of Fortune Hacker Simulation Game and the DOGS Roulette.
In addition to the Dog Pound, Pig Pen governance pool dividends will also increase by $BUSD. Pig Pen generates new cash flows from:
According to Forex Shark, the Drip Platform will feature an enhanced UI modeled after the UI of a high-end investment bank. Additionally, to ensure the Drip protocol reaches a larger audience, the protocol has also joined with two marketing agencies. ‍
Although no date has been set for the launch of Animal Farm v2, the CEO is hopeful it will happen this month. BSC News will follow the Drip Network's developments to bring you the latest updates.
Learn more about Animal Farm v2 here.
Drip Network is a deflationary daily Return On Investment (ROI) platform built on BNB Chain. The innovative platform, developed by CEO Forex Shark, a renowned name in the DeFi space, works with a unique mechanism that gives users up to 365% ROI.
Additionally, the protocol, in association with Animal Farm, its native Yield Farm, rewards users for adding liquidity. Users add liquidity in Drip and lock them in Animal Farm to get incentivized.
Where to find Drip Network:
Website | Twitter | Whitepaper | Telegram
Don’t forget to download the BSCNews mobile application on iOS and Android to keep up with all the latest news for BNB Chain and crypto!
Follow us on Twitter and Instagram!
If you need tools and strategies regarding safety and crypto education, check out the Tutorials, Cryptonomics Explainers, and Trading Tool Kits from BSC News.
Check out the Web3Wire Linktree to keep up with all relevant Web3 and Crypto!
Looking for a job in crypto? Check out the CryptoJobsNow!


       if(window.strchfSettings === undefined) window.strchfSettings = {};
   window.strchfSettings.stats = {url: "https://bsc-news.storychief.io/en/drip-protocol-prepares-to-launch-animal-farm-v2?id=1710466850&type=26",title: "Drip Protocol Prepares to Launch Animal Farm v2",id: "322715b3-b532-4225-9106-548e576bf66d"};
           (function(d, s, id) {
     var js, sjs = d.getElementsByTagName(s)[0];
     if (d.getElementById(id)) {window.strchf.update(); return;}
     js = d.createElement(s); js.id = id;
     js.src = "https://d37oebn0w9ir6a.cloudfront.net/scripts/v0/strchf.js";
     js.async = true;
     sjs.parentNode.insertBefore(js, sjs);
   }(document, 'script', 'storychief-jssdk'))

Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.


Leave a Reply

%d bloggers like this: