EcoCelium becomes a multichain DeFi platform and launches a new feature.
In previous articles, we have covered some information about DeFi in general, values of different blockchains and features available on the EcoCelium DeFi Platform. This article will provide some information about the recent EcoCelium update and the new implementation with Binance Smart Chain that is now complete. Together with this new chain, the platform has seen a new exciting feature added, EcoCelerator.
What is DeFi
Before we go into the details, let us first do a short recap of what DeFi is.
DeFi is short for Decentralized Finance and can be seen as the opposite of Centralized Finance (CeFi), like traditional exchanges or Banks.
With Decentralized Finance, no central exchange is involved. Instead, users interact with an automated computer program known as a smart contract on the blockchain that creates a peer-to-peer market, allowing you to bypass the need for bank accounts to trade cryptocurrencies, lend or borrow funds, and earn interest through various yield opportunities.
In other words, with DeFi, you can pretty much become your “own” bank.
For more information about DeFi, please read one of our previous articles here.
EcoCelium now with support for Binance Smart Chain.
As we mentioned before, there has been ongoing development to add Binance Smart Chain (BSC) to the EcoCelium platform. An alternative Blockchain currently has some significant advantages compared to the Ethereum chain, allowing users to have high-speed and lower gas fees. The main reason for this implementation was the volatility and sky-rocketing gas fee events on the Ethereum chain. The platform manages smart contracts that might require several interactions within a single transaction, which can appear very costly when the gas fees are high.
Therefore, the BSC version will provide a better user experience and allow the platform to be used as planned from the beginning. With EcoCelium and BSC, you can easily benefit from various DeFi opportunities, stake assets long term or short term and get high APY rewards on your crypto holdings. Your transactions will be done fast and at a very low cost, allowing users to add or remove small amounts of tokens without paying ridiculously high gas fees.
The new version of EcoCelium has a very similar look and feel as the Ethereum version. It allows users to benefit from features like EARN, where you can stake tokens for a predefined period and with a high APY or use the TREASURY tab where you can add tokens with a slightly lower APY with zero looking period.
So, if you have experience using the Ethereum version, you will find the new BSC version very familiar due to the similar user interface.
However, there are some technical differences that you need to keep in mind entering the new EcoCelium BSC version. Instead of using ERC20 tokens, you now need to use BEP20 tokens on this chain.
So, to make a simple illustration, you can almost see this new platform as going on a highway with multiple lanes. They all go to the same place in the end, but instead of using the lane with a lot of traffic, where you have to pay extra for using the road; users can opt on the express lane at higher speeds, where we don’t have to spend as much for using the road either.
Stake LP-tokens with 365% APY
As if this was not enough, with the new Binance Smart Chain integration, EcoCelium users can benefit from a new feature called EcoCelerator. With this feature, you can benefit from high yield opportunities for single tokens and LP-tokens based on various token pairs.
Maybe you are now wondering what is an LP-token? So, before we go more in-depth, let’s start with a few words about what an LP-token is.
LP-token is short for Liquidity Pool token, and you receive an LP-token when you participate and add tokens to a liquidity pool. For example, if you go to PancakeSwap, you can add an equal amount of ECO-BUSD to the Liquidity Pool. By adding this liquidity, you will then receive LP-tokens.
Having the tokens in your wallet gives you a percentage of the trading fees coming from that liquidity pool. Usually, this is what you earn, but with EcoCelerator, you now have a chance to stake your LP-tokens on the EcoCelium platform and get an additional reward on top of what you already receive when you participate in the Liquidity Pool.
Currently, EcoCelerator allows you to get up to 365% APY for specific token pairs and up to 300% on single tokens. So, if you want to earn twice on the very same token, check out EcoCelerator and learn how to benefit from this fantastic opportunity.
Introducing My EcoRewards
As you might have seen, last week, we also released our new BSC EcoCelium Rewards page. My EcoRewards is a page where you can easily claim your rewards coming from EcoCelium. By just connecting your wallet, you will see how much you have gathered from the different features and where you can claim your rewards by simply pressing the claim button. The rewards will then be sent directly to your wallet; it’s as simple as that. Go to https://claim.ecocelium.io/ and check it out for yourself.
New feature coming to EcoCelium!
As if all this was not enough. Around the corner, we will see an additional feature for the EcoCelium DeFi platform to be implemented. One of the final tabs we’re adding to the platform is coming soon. The upcoming feature is EcoLizer, a New Decentralized Exchange that will allow you to switch between various tokens using the EcoCelium Platform, efficiently and straightforward.