What is Alpaca Finance?
This blog post will cover:
- What is Alpaca Finance?
- Where did Alpaca Finance come from?
- What are the advantages of Alpaca Finance?
- What are the disadvantages of Alpaca Finance?
- How to buy Alpaca Finance on SimpleSwap?
What is Alpaca Finance?
Alpaca Finance is the lending protocol that lets users get stable income by leveraging yield farming on Fantom and BNB Chain. Alpaca Finance is a part of the DeFi ecosystem, it acts as an amplifier of liquidity within DeFi parts, and connects borrowers and lenders.
ALPACA is the main native token of the platform. It is used for distribution efficiency payments, farming rewards payments, governance, partnership rewards, special NFT access, etc. In fact, the ALPACA token acts as the main tool in the Alpaca ecosystem, which keeps the whole platform afloat.
Alpaca Finance provides a very expanded and explicit roadmap which adds extra points to the reputation and reliability of the project. The roadmap in general and the steps which are already implemented show the dedication of the team behind the project and gives the grounds to hope that the project will grow and prosper in the future.
Where did Alpaca Finance come from?
It was launched in March 2021 and from the very beginning the project was made a fair launch. It means that the team didn’t hold any pre-sale, pre-mine and didn’t even have investors. As the developers of the project say: by alpacas, for alpacas.
What are the advantages of Alpaca Finance?
- First leveraged yield farming protocol on BSC (BNB Chain)
Alpaca Finance is the first farming protocol on BSC. The team saw BSC as a very promising blockchain to build and develop projects on it, so now ALPACA is the governance and utility token of the unique project.
- Users have multiple ways to gain income
As a lender, users have multiple ways to gain income. These are: borrowers paid interests, incentive rewards both in ALPACA and other partner tokens.
As borrowers users have these ways to profit: incentives for farming (in ALPACA), transaction fees.
- Staking is simple
ALPACA is automatically staked on the platform a user chooses.
What are the disadvantages of Alpaca Finance?
- Relatively new area
Leverage yield farming is still considered a high-risk realm in the crypto industry, thus there are still many people who are not ready to participate.
How to buy Alpaca Finance on SimpleSwap?
Do you want to become the ALPACA owner? You are welcome to use SimpleSwap and follow the instructions:
- Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
- Select ALPACA in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
- Click the Exchange button.
- Enter the Recipient's Address. ALPACA will be sent to this address. Be careful and make sure you use the correct address.
- Create the exchange.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.