Narwhalswap Protocol; Expanding the Sustainability of DeFi on the Binance Smart Chain

DeFi, a short form for Decentralized Finance has been the major topic of discussion within the Crypto world. This concept has been there for a while but in the year 2020, there was a very high demand for it as it offered a variety of financial services on blockchain technology. These services ranged from Yield farming, staking, borrowing stablecoins, trading, and insurance. One of the most popular DeFi services was the Yield Farming, and it is a process where users can contribute to the Liquidity pools while earning rewards in the process. This service reached its peak earlier this year with a large influx of people, leading to the conjestion of the Ethereum blockchain network and a very high and sharp increase of transaction fees.

This is where Narwhalswap Protocol brings about the DeFi services on the Binance Smart Chain to ensure its sustainability. The reasons the Binance Smart Chain was used were simple; it's Faster, Cheaper and can be used anywhere and anytime.

Introducing the Narwhalswap Protocol, DeFi on the Binance Smart Chain

Narwhalswap Protocol is an Automated Market Maker, also known as AMM, and it's a protocol that allows its users to simply trade one BEP-20 token for another via liquidity pools. Most of the liquidity gotten on this DEX are from those who participate in the processes of Yield Farming on the platform which in turn are being rewarded in the form of crypto.

A unique feature of the Narwhalswap Protocol is that its liquidity mining can allow for the staking of other BSC project tokens on the platform and incentivizing the user's with the NAR tokens. As such, it will allow for the development of BSC projects as well as creating a sustainable and creative ecosystem for other incoming BSC projects. The Liquidity Mining pools for farming the NAR token were launched in September and they include the following;

• NAR/BNB Liquidity Pool
• BUSD/BNB Liquidity Pool
• USDT/BNB Liquidity Pool
• DAI/BNB Liquidity Pool

More Liquidity Pools will be added in the future and that can be determined by its NAR Holders with the use of its on-chain governance.

The Narwhal Protocol Tokens (NAR)

The NAR tokens are the backbone of the Narwhal ecosystem and its a governance and equity BEP-20 token based in the BSC blockchain. It has a total supply of 21,000,000 NAR and the presale of 7.5% of these tokens were completed on 12th October, 2020.
The NAR tokens is being used for incentivizing Liquidity Pool Providers, and holders of this tokens can take part in the decisions making process of the platform as well as receiving dividends.

Other Treasures of the Narwhal Protocol; GEM and the GOLD tokens

These new tokens were released by the Narwhal Protocol and they play a higher role in the further development the platform.

• The GEM tokens are gotten from staking of the NAR tokens, and it's total supply is totally dependent on the total supply of NAR.

• The GOLD tokens are gotten from the staking of the GEM tokens and only about 576 GOLD are distributed daily.

The Runes of NAR: NFT features of the Narwhalswap

NFT, also known as NON Fungible Tokens are gaining a very mass popularity this days. They are a unique, rare and non mutually interchangeable type of token. They are used in the gaming industry, art, collectible transactions and many others. The Narwhal Protocol NFT tokens are unique in the manner that it offers utility as well as collectibility. This means that it has an important function in the platform as well as it can be traded among the users. Currently, the platform plans to release its NFT in phases and only Phase 1 is available.

The current Phase 1 NFTs or Runes are the "Potion" Rune and the "Rank" Rune and they can only be gotten randomly from the Gacha Machine which makes use of the GOLD tokens.

The NAR Bazaar is the NFT marketplace of the Narwhalswap Protocol Protocol and users can auction their NFTs acquired. The accepted form of currency here is either in the form of BNB or the NAR tokens.

Final Thoughts on the Narwhalswap Protocol

DeFi gives us a new system which is very revolutionary and innovative. Narwhalswap Protocol is one of the DeFi ecosystem with Innovative Features which provides on the Binance Smart Chain with more benefits for its users. Narwhalswap Protocol acts also as a stepping stone for current and incoming DeFi Projects on the Binance Smart Chain. It showed a great potential, especially with the introduction of its NFTs, the RUNE of NAR.

Thus, this is a very Amazing and Unique DeFi Platform on the Binance Smart Chain and I see it making a lot of wonders in future.

I think it's enough for now, Don't forget to follow & upvote for more content about this amazing project, here is some links related to Narwhalswap Protocol below for further research. Thank you very much!