We review hurdles new projects face along with how DeFarms help make this journey safe, fun, and rewarding for protocols and their community! ❤
SoulSwap #DeFarms has been a work in progress for about a year now and we strongly believe in the transformative potential our latest feature will offer to the DeFi space. In this article, we cover:
1. Challenges We Help Projects Overcome with DeFarms.
2. SoulSwap’s Mission and Position in DeFi (moving forward).
3. Key Features Integrated into DeFarm Campaigns.
4. Custom Configurations Built Into Campaigns.
5. Special Announcements Covering Additional Benefits We Provide.
6. Concluding Remarks and Announcing Our First DeFarms Campaign.
Challenges We Help Projects Overcome
First and foremost, let’s look into the existing problems in the DeFi landscape as it pertains to launching a new project and acquiring the attention you deserve.
Say you’re a new project and you wanna get the word out that you have a token of interest. Where do you start? Likely with your close crypto connections and with a Twitter page and Discord and Telegram, but how do you deal with problems most projects face when they first begin?
What are these problems? I am glad you asked — let’s review some common hurdles most new projects face in DeFi:
- Exposure: getting more eyes on your project.
- Emissions: distributing your tokens over time.
- Decentralization: spreading your tokens across a multiplicity of users.
- Sustainability: ensuring your project will survive for years to come.
- Trust(lessness): providing re-assurance of your integrity.
- Funding: getting enough funds to support trades on your liquidity.
- Smart Contracts: comprehensive, reliable, and affordable contracts.
- Exchange Listings: capturing volume on CG, adding your logo.
Unfortunately, the status quo is not your friend when you’re a new project looking for the respect you deserve. However, we strongly believe that just because you’re new does not mean you have bad intentions. Just because your community may be small and your funds are not in the million does not mean you do not deserve the level of respect other, much larger protocols command on day one.
We are here to welcome you with open arms!
There are new projects that launch with VC-backing that get placement on exchanges overnight. Some of our competitors will eagerly list you if you’re a large project with $100K+ funds ready and willing to add to the exchange.
However, unfortunately, if you’re not coming to the table with a big bank and clout, then you are likely to be overlooked or ignored altogether.
Trust us — we know. In fact, don’t even trust us — try for yourself and let us know how many hoops and hurdles you have to jump through to get a response, much less a proper listing and recognition from our competitors. This is their strategy, but ours is the diametric opposite.
SoulSwap Finance 2.0: the SOUL of DeFi
Who are we? We are SoulSwap Finance and we want to make a name for ourselves as the People’s Exchange. We are here to ensure projects get the love and respect they deserve.
We understand, first hand, how tough it is to get a project off the ground and we want to make it a point to be there for projects that are looking for a home where they will get the exposure, decentralization, trust, funding, technology, and proper listings they deserve.
Who are we to turn down a project just because they’re new didn’t start off with a $1M market cap on day one? We are not here to turn others down — this is the diametric opposite of the ethos of decentralization.
As such, we devised a set of smart contracts and frontend technology that will enable projects to benefit from a decentralized incentives rewards program. We will allow our community to benefit from this program while simultaneously providing a marketing opportunity for those who create a DeFarm campaign through SoulSwap.
Our smart contracts are publicly-accessible as are our unit tests.
Key Features of DeFarms
• What features should we expect?
• How do DeFarms impact projects and communities?
• Why would a project wanna launch with us?
1. Seamless Campaign Creation (EZ Farms)
- Quickly and easily create and launch a decentralized incentives campaign right from our interface.
- With a click of just a few buttons, you can input or select from custom configurations to launch a farm.
2. Zero Technical Experience Required
- It does not always make much sense for you to set aside additional resources to outsource a development team to compose an emissions strategy and contract, especially when (now) you can do so through us.
- Let’s face it — making farms is not easy.
- Creating farms requires expertise in smart contract development and foresight into key elements you may want to incorporate.
- Additionally, the more sophisticated the contracts, the larger the surface area for attack vectors to intercept user funds or bugs to decimate the entire ecosystem, causing your project to come to a halt.
- For example: deposits could get locked into the contract forever or withdraw fees could fail, be gamed, or over-charge users. Rewards could be miscalculated, which means manually backtracking allocations to resolve. These require complex solutions to resolve — requiring more time that it took to make the contract in the first place.
3. Low-Cost, Speedy Solution
- What’s the cost of launching with us? Currently, just 5% of the rewards you’re rewarding for the DeFarms campaign. This is much less costly than having an auditing firm review your custom smart contracts.
- In addition to the costs associated with audits, you are also going to have to wait for a month or longer until you get the green light from an auditing firm to proceed.
4. Reliable (Trustless) Rewards Programs
- Since you’re effectively outsourcing the smart contract to SoulSwap, you don’t face the level of scrutiny you would expect to have in a world where you decided to deploy smart contract of your own.
- Why does this matter? The logic is quite simple — since you lack the opportunity to add custom logic that would enable you to “rug”, this alleviates concerns newcomers may have as it pertains to the risk-assessment one undergoes prior to deciding to farm assets.
- We understand this may be borderline offensive to hear when you’re an honest project leader, but the reality is a lot of DeFi users have had some unfortunate experiences with projects they trusted with building out a secure and sustainable solution only to be faced with the harsh reality that neither everyone nor every contract can be trusted…
- Since we wrote the smart contracts, as time passes, we demonstrate the impossibility for a developer to steal funds from the contract — you are able to benefit from a tried and true solution we created to make for a trustless experience for both you and your beloved community.
Customizations and Bonus Features
For those of you who did not find the features convincing or exciting enough, let’s dive into additional benefits and configurations we provide…
1. Custom Campaign Duration
- When creating a farm, you may input the duration of the campaign that you desire. You can choose your campaign to last for a week, a month, a year, or however long your heart so desires ❤
2. Custom Withdrawal Fee (Duration)
- SoulSwap (our farm) uses an early withdrawal fee that decreases by 1% daily until reaching 0% thereby unlocking free withdrawals.
- We use this to prevent malicious of otherwise spammy behavior where, for example, a whale may enter and exit with a bunch of rewards while providing relatively little benefit to the protocol overall.
- This also prevents flash loan attacks as you cannot enter and exit within the same block when a withdrawal fee is in place (without losing a substantial profit).
3. Set Your Custom Logo (via a URL)
- When you creating a farm, you’re prompted to provide a URL for your logo, so it is available whenever you launch your farm. This logo is also previewed directly on the interface, so you can verify your submission.
- This removes the need to contact the devs for confirmation that a logo has been added — allowing seamless integration for those looking to deploy and an operable farm, ready for marketing immediately upon creation.
Note: the logo may be updated by SoulSwap if and when it is offensive or illegal, which is something we reserve the right to do for liability reasons.
4. Ability to Pause Deposits and Withdrawals
- Let’s say you’re not yet ready to begin rewarding incentives, then you have the ability to simply pause deposits.
- You also have the ability to initiate emergency withdrawals, which is an additional safeguard for your community and their deposits.
4. Ability to Withdraw and Restart Campaign
- Say you need to restart the campaign because the settings you used were invalid or a governance proposal from your community requests an extension or reduction in emission.
- Our smart contracts allow your DAO to reclaim all of the underlying rewards, so a new campaign may be launched.
- In order for a DAO to reclaim the rewards, we require SoulSwap DAO to enable reclaims, which, when activated, automatically shuts down deposits and normal withdrawals and unlocks emergency withdrawals.
- This is an example of how we put to use our ability to prevent malicious behavior while also ensuring: (1) your token is not susceptible to being locked in a contract, (2) your community may withdraw their deposits no matter what, and (3) projects are able to restart or redo a campaign.
- This is especially useful in the event that the DeFarm is set with invalid, immutable constants, such as an invalid deposit address, invalid start and end times, and also once the campaign has completed (ended) and after awhile of claimable rewards remaining in the contract.
5. Access to Custom APIs
- Why does this matter? Well, the APIs will allow you to display any of the key data you would like to share with your community.
- Bots can tap into the APIs, so you can share with your communities on Telegram and Discord when prompted with questions such as TVL, etc.
- You’re also able to use these APIs to share with tools such as CoinGecko, CoinMarketCap, DeFiLlama and DeBank, when it comes to tracking TVL.
6. Subgraph Access
- Creating subgraphs can be a headache if you’re not already familiar with the ins and outs of how to deploy and maintain one. So, your team is able to leave the subgraph management up to us.
- What are subgraphs and why do they matter? Let’s say you want to display the total deposits on your interface — subgraphs allow you to calculate this and track it over time.
- This is a great resources for graphs, especially. Checkout our analytics page for an example of how useful (and quick) these subgraphs can be when it comes to tracking changes over time.
7. Exposure to (Fellow) DeGens ❤
- We want to be the place every DeGen goes to when seeking up and coming projects on blockchains such as Fantom and Avalanche.
- The economic model is the same as why clothing stores, for example, benefit from being centrally located within a shopping mall.
- Having your competitors (or market siblings) lined up next to you enables users to have a central location to shop around. As such, you get to tap into users and communities that would not have otherwise known about your project.
Revenue-Generation Opportunity for Communities
We are super excited to announce special features our community will love as will those who are leaders of Telegram or Discord groups that support small market cap (moonshots). There are 2 special announcements we would like to share — both pertain to how that 5% fee is allocated.
Referrers (aka “Enchanters”)
- We have a whitelist of referrers we call “enchanters”, who will receive 20% of the total fee that is collected.
- If you believe you qualify to be added to the list of referrers and wanna earn from referring Campaigns through our platform — shoot us a DM on Twitter or send an email to SoulSwapFinance@gmail.com today!
- In the case of a 5% fee, this means referrers receive 1% of the incentives rewards simply for referring someone to us!
Karma Pools: What Goes Around Comes Around…
- What do we mean by this? Well, when we collect the fees, we want to make sure we can give back to our community, which is why we are also introducing Karma pools, where SOUL can be staked for rewards paid out in DeFarm Campaign incentive tokens.
- This not only adds further utility to SOUL, but also acts as another distribution layer for your protocol — it acts as more exposure (marketing) for you as our community tries out what your project has to offer.
Thank you so much for joining us during our Twitter Space where we made these revelations! In case you missed out and wanna hear what was said — click here to listen to the recording. We genuinely hope you find this DeFarms Launch event as exciting as we do!
Our first DeFarms Campaign for $SURV launches Saturday, March 18th.
Meanwhile, this upcoming week we plan to open source our contracts for external review and consult with upcoming projects to ensure we meet (or exceed) their expectations. We’re also demoing this concept internally to ensure sure our first campaign launches smoothly.