DeFi is the ‘hot’ word these days whenever there is a talk about cryptocurrencies and blockchains. And with every passing moment, more and more systems based on DeFi are coming up.
But since DeFi is in its initial stages, a number of systems aren’t fully transparent as they should be or come up with a huge “closed pre-sales”, “top rewards” and “hierarchy management.” These aren’t exactly what DeFi stands for according to Saeed Hareb Al Darmaki, who aims to change that with his own new Defi venture. .
Enter Sheesha Finance
Sheesha Finance is a new DeFi venture promising a powerful DeFi platform that is well-funded, and strongly supported by its community to earn everyone’s trust. While a number of DeFi platforms consider features as their ‘important suit’, for Sheesha, the community is right there at the top.
In order to participate in this venture, the user has to contribute ETH/BNB in the liquidity generation event (LGE). In exchange for the cryptos, the user will receive Liquidity Provision (LP) tokens. By staking these tokens, the user can take a variety of benefits in the platform.
Now, let’s talk about a few rewards that will be rolled out by the company going forward. To start with, 5 percent of the tokens will be burned after the lottery is redeemed, staking the native tokens will let you receive NFTs from high-quality artists and insurance coverage by third-party partners will be provided by the venture.
Sheesha Finance’s token metrics are distributed below:
- Liquidity Provisions (Tokens for LGE) : 15%
- SHEESHA Staking Rewards: 10%
- Liquidity Provisions Rewards: 20%
- Reserve Tokens: 20%
- Team/Advisor Tokens: 15%
- Development: 10%
- Marketing: 10%
Liquidity Generation Event (LGE)
A liquidity Generation Event will be a 1-2 week time period allowing people to contribute cryptocurrencies to the liquidity pool. LGEs will be for two cryptocurrencies: Ethereum and Binance Coin. Exchanging these at the event will give LP tokens. LGEs ensure that sufficient liquidity is present on other exchanges like Uniswap and Pancakeswap.
The number of tokens allotted for each blockchain is 15,000. This will allow the determination of the base price of the native tokens.
To contribute to the LGE in Ethereum: Contribution in ETH.
To contribute to the LGE in Binance Coin: Contribution in BNB.
Unstaking LP tokens from the platform leads to fees being incurred:
- 1st month: 96% tax
- 2nd month: 92% tax
- 3rd month: 88% tax
- tax reduces by 4% monthly until month 24 onwards where it will be fixed at 4%.
The revenue generated from this will then be used for the token staking rewards.
As of now, Sheesha Finance functionality is available on Binance Smart Chain, Pink Grapefruit Polkadot, Apple Avax, Kiwi Kava, Clementine, Casper, and others. A decentralized Autonomous Organization (DAO) will govern the project. This includes adjusting fees, creating strategic partnerships, etcetera.
An external audit will be conducted by an independent third party in parallel with the LGEs and only after completion, the LGEs will conclude.