Community Update #8
The team is extremely grateful for your continuous support, great suggestions and the friendliest atmosphere in the whole DeFi space. Guys & gals, you are the best🙏
This update covers the following: what is the FryVault? How does it work? How can I participate? And of course, APY? See the new LP multipliers below the vaults information!
Let’s dive into those juicy details!🏊♀️
2X 🍟 Fry pools coming:
To participate you simply stake your 🥞 FryPancake LP tokens
*🍔Burger / 🍟Fries LP moving to 22x multiplier
*All 27 🥞PancakeLP vaults will be live within 24 hours
🚀🚀Introducing Reaper Fries🍟
These vaults will be customized strategies on BSC farms👨🌾 to which all yields will be used to market buy FRIES🍟.
We would like to thank the community member who suggested this!
🥇 I. What is the FryVault?
- Vaults are investment management tools on the blockchain, that utilise a specific set of strategies, to automate the best yield farming opportunities available. The main advantages of using vaults are optimisation of the best yield available, gas costs and automatic reinvestment.
- Vaults enable users to seamlessly perform complex strategies such as: adding selected asset to generate a yield, reinvest earned profits, provide a selected asset to LPs and more.
- Our first vault strategy will be based around farming the Cake token on PancakeSwap! We find PancakeSwap has the best opportunities on BSC at the moment for sustained vault farming. Our strategy will be maximizing the LP token user deposits. This means if for example the user deposits BUSD-BNB Pancake LP token, they will earn more of this LP token when they withdraw from the vault. More details of the exact strategy below!
💰 II. How to use the FryVaults?
Please read this section carefully and follow the steps below.
1. User deposits Cake-LP token🥞
Go to https://exchange.pancakeswap.finance/#/pool and add liquidity to receive Cake-LP tokens based on the available LP pools on fry.world’s vault.
2. User proceeds to the FryVault 🍟
After completing step 1, please proceed to https://fry.world/vaults
✅ FryVault gives an equivalent fryCake-LP token according to the current pool size, and puts the Cake-LPs to work in the selected strategy.
The process: Approve, Deposit, Pending, Deposited.
💡 III. Mechanics of the FryVaults
- The yield strategy farms currently farms 100% of the Cake-LP into PancakeSwap farm.
Everytime “startTheFryer” is clicked on the strategy, the following happens:
1️. Cake is harvested
2️. 40% of the Cake is sold for Token 1 of the LP [Example: BUSD]
3. 40% of the Cake is sold for Token 2 of the LP [Example: WBNB]
4️. Both of these amounts are combined to create more of the LP pair & re-deposited into the PancakeSwap farm to compound profits! This means 80% of each harvest will be auto-compounding the rewards to earn more.
5️. 18% of the Cake market-buys Fries on PancakeSwap and sends these fries directly to Fries Stakers (Ketchup Holders)
6️. 2% (the remaining amount) is paid as a maintenance/gas fee.
> Note*: The team plans to harvest (startTheFryer) 6x a day, every 4 hours. However, it can be pressed at anytime by anyone to start a harvest.
- Anytime a withdraw happens, the users fryCake-LP tokens (shares) are burned, and they make profit in the original LP token, and pay a 0.5% service fee.
The first 6 Cake LP Vaults will be based around the stable-pairs:
BUSD-BNB LP: 0x76c73B5D8DDe3C21790a4f077AdD19e0a78Be85E
USDT-BUSD LP: 0xfB9c87aD6f5eCBe7Ae4Ef2B9bb5A56507583E784
DAI-BNB LP: 0xC7C4778301dD51Fd659B26327D3E434f383DFBaa
USDT-BNB LP: 0x0ED90E411C63770a1F8e1Fa90e57cB3b3F8fB06D
USDC-BNB LP: 0x36B3b83DaaF58A6A5F6aEBb9367b58ad771022bB
FIL-BNB LP: 0xe63bac743186Ba2A4CD6FAef333bd0864aa71278
Late on in the week we will add the following 6 Cake LP Vaults:
- Does the FryVault APY include fees?
The calculator is on the fry.world/vaults page where you can check the estimated amounts including fees.
- What will I get when withdrawal is executed?
You will withdraw the token that you deposited.
- What amount I will receive upon withdrawal?
You will receive the amount you put in + the yield generated (minus the fees), in LP tokens.
- How safe are the FryVaults? What are the risks?
We have reviewed and tested the smart contracts, however the full-scoped external audit has not been concluded yet. We are in the process of starting an official audit.
Be aware that the monetary value of your deposit can decrease but you will always receive same number of tokens.
💥V. WHAT IS NEXT?
We are working on further vault strategies and working on “fryEarn” as well. There will be more details to follow as we continue to load up the Fryers!
NEW LP MULTIPLIERS!✨
We have listened to our community members and are increasing the LP multipliers significantly to bring more incentives to Liquidity Providers.💪
Starting when FryVaults🏦 release
🍔 Burgers / 🍟FRIES LP will be 22x
🏆 BNB / 🍟FRIES LP will be 15x
💲 BUSD / 🍟FRIES LP will be 14x
✅Chinese Community: https://t.me/FryWorldFinance_CN
✅Portuguese Community: https://t.me/MundoFry