Seeding SOY Finance
Bridge Callisto Network to DeFi.
Article published on Medium on 10th March 2021.
DeFi has been at the forefront of Blockchain trends in recent months, not because of any buzz, but because the concept is groundbreaking. The term DeFi refers to a series of protocols launched as smart contracts, allowing everyone to benefit from different financial services and products without involving any central entity.
While Ethereum has historically been the leading smart contract platform, network congestion combined with high transaction fees has prompted users and developers to look for alternatives. In this way, Binance Smart Chain has recently surpassed Ethereum in terms of daily transactions.
As platforms, both Ethereum and Binance Smart Chain have advantages and weaknesses; however, alternative options are available.
Callisto Network was launched in 2018 by the Ethereum CommonWealth developers (one of the leading ETC developers back then). The team has been involved in the smart contract ecosystem security from the first days and has acquired recognized expertise.
The deployment of a dedicated DeFi ecosystem on the Callisto Network blockchain seemed evident to us, in light of its advantages:
SOY Finance will deploy a set of services on the Callisto Network blockchain, including decentralized swap, yield farming, as well as a stable coin. SOY Finance aims to provide a comprehensive solution through its own token, the $SOY.
From our point of view, an efficient DeFi solution must meet four essential requirements:
- Low fees.
- User experience.
SOY Finance - phase 1.
SOY Swap allows the users to exchange ERC20 tokens on Callisto Network without relying on a third party.
The protocol is designed to redistribute all the fees paid by users to the liquidity providers. Thus, by combining SOY Swap advantages with the Callisto Network’s low-cost transactions, users can benefit from transaction fees among the lowest in the industry.
SOY Finance - phase 2.
Yield farming will be a sub-product of SOY Finance. It will ensure SOY Swap’s smooth operation by allowing users to provide liquidity to the different liquidity pools by staking their tokens.
The liquidity providers will earn SOY tokens as a reward for their participation.
SOY Finance - phase 3.
Stablecoins have the particularity to maintain a constant value against the FIAT currencies. The SOYUSD will provide flexibility to users who wish to limit their exposure to the cryptocurrency market's volatility.
We are planning to launch a semi-decentralized stablecoin using the stablecoins from other chains as collateral. Thus, users will be able to deposit USDT, DAI, USDC, PAX, or BUSD and obtain SOYUSD.
Our bidirectional mechanism will allow users to:
- Obtain SOYUSD tokens by depositing their stablecoins in a pool.
- Convert their SOYUSD tokens to stablecoin by burning them.
Based on the Uniswap protocol in a first step, we plan to interconnect the DEX with Bitcoin Cash, QTUM, Litecoin, Dogecoin, BSV, Dash, and Decred afterward.
In our next article, we will cover in more detail SOY Finance technical features. Besides, we are gearing up to release the landing page of our website in the coming days, so stay tuned!
SOY Finance Team.
- Website (landing page).
- In-depth article.
- Tokenomic and SOY Airdrop.
- SOY Swap launch.