What is DeFi Farming-as-a-Service (FaaS)?
Cross Chain Farming (CCF) has been attracting a lot of new investors, and 1 month after launch we are approaching 5,000 holders with minimal marketing which points to organic growth.
However, a lot of people aren’t yet familiar with the concept of Farming-as-a-Service (FaaS). This article gives a simple explanation of FaaS, with particular reference to how we do things at CCF (and plenty of alpha).
What is DeFi yield farming?
DeFi yield farming is a strategy for utilizing your crypto assets to generate more crypto. It involves locking or lending your assets via smart contracts for activities such as:
- Staking tokens to help with the governance of a decentralized ecosystem
- Providing liquidity to trading pairs on decentralized exchanges.
In return you receive yields, usually in the form of fees. At first glance, this seems relatively straight forward however, today yield farming has become multifaceted.
It requires complex strategies, moving funds around to secure the best returns and has become dominated by whales. In addition, transaction fees and the risk of scams and contract exploits make it prohibitive for many to get involved and benefit from these returns.
What is Farming-as-a-Service (FaaS)?
Farming-as-a-Service, or FaaS, is an emerging and innovative concept within the DeFi space and protocols, such as CCF, do the hard work for you!
- You buy and hold the $CCF token in your wallet, paying a tax on buys and sells
- A proportion of this tax on both buys and sells goes to the CCF farming wallet
- CCF uses these funds to farm for you across multiple chains (Ethereum, Avalanche, Fantom, Polygon etc.)
- Farming profits are then compounded and intermittently distributed to $CCF holders in $BNB once certain milestones are hit
Although we’ve only been running for just over a month, we’ve already been generating profits for our farming portfolio. Here’s how we made a 32% return in our first month of operations:
And if you want to understand our approach to strategy and risk management in more detail, then please read our December 2021 farming report linked below.
We are dedicated to transparency. If you want to see our farming portfolio and all transactions, you can do so on our dashboard accessed via www.ccfdao.com.
CCF: The Details
In the previous section, we mentioned buy/sell taxes and farming profit distributions. So how does this all work?
Innovative [22.214.171.124] tokenomics
There is an automatic12% tax on all buys and sells of the $CCF token:
- 3% goes to token burns and liquidity provision (on a 2:1 ratio)
- 3% is redistributed to $CCF holders as $CCF reflections
- 3% goes to the farming wallet
- 3% goes to the marketing wallet.
Hyper deflationary burns 🔥
CCF originally started as an MCC fork and as many are aware, there was a bug in the contract which caused it to be hyper inflationary. CCF was the first FaaS project to solve this inflation problem and we launched our v2 contract, orchestrated a smooth 1:1 migration and airdrop of v2 for all holders days and weeks ahead of the competition.
Version 2 of the CCF contract was the first hyper deflationary FaaS token launch. We re-launched with 2 trillion tokens and with every transaction more tokens are burned. In addition, at launch we immediately sent ~300 billion tokens to the burn wallet which now receives reflections (effectively burning more tokens and making CCF hyper-deflationary).
As you can see in the top left of the above screenshot, the token supply has been reduced to about 1.96 trillion from burns via the buy and sell tax. In addition the number 1 wallet is a dead burn wallet holding circa 312 billion tokens (nearly 16% of supply) and constantly receiving more reflections with each transaction (so even more burns) on top of the auto burns that are happening with each transaction via the 3% burn tax.
We have already burned 18% of the total supply, making $CCF hyper deflationary. This means tokens are taken out of the market and increases the scarcity of $CCF.
At current volumes that additional 50 billion accounts for a 2.5% burn of total supply IN ONE MONTH! We’re looking forward to seeing what happens when volume increases.
We also have the auto-liquidity portion of the taxes constantly strengthening the LP for stable and sustainable growth.
Reflections for $CCF holders 🪞
When someone buys or sells $CCF, the smart contract takes 3% of that purchase or sale and redistributes it to holders in the form of $CCF tokens on a proportional basis. These are known as “reflections”.
For example; if you hold 1% of $CCF circulating supply, you will receive 1% of 3% of the volume on every buy and sell. And don’t forget the burn wallet is also receiving these reflections, making $CCF hyper deflationary whilst increasing the holdings of long-term $CCF holders.
To give you an idea of the returns you can expect on reflections we’ve picked a random wallet from our holders list. You can see the tokens in the transaction on the right, and their current balance at the top. This particular diamond handed holder has not sold a single token since launch. We salute you!
Using the $CCF price in $BUSD at the time of writing (0.000002882) you can see that this holder has made the equivalent of $486 in a month at a 3.18% ROI, automatically compounding with every single buy and sell.
Not a bad return just for holding, and keeping in mind that this doesn’t account for any future farming or spot profit redistributions or future token price appreciation. This is at current volumes, we anticipate much greater volumes moving forward.
Whilst circulating supply decreases, this holder’s % of total supply increases, meaning more reflections. An incentive to hold and a reward for diamond hands who believe in our long-term vision.
Farming and spot profit distributions 💰
The real purpose of CCF is to farm for holders and redistribute profits to holders. Originally our model was to use farming profits for buybacks and liquidity provision, however our burn and LP tax has solved this issue, so we are now redistributing a percentage of the farming profits to $CCF holders once certain farming metrics have been achieved.
Farming profit distributions will start from 28 February 2022. We will redistribute a percentage (TBD) of our farming profits and continue to invest and compound the rest to exponentially increase the farming profit distribution amongst long term $CCF holders.
Given the long term vision of CCF, farming distributions should grow exponentially as the farming wallet (via taxes) and profits (via farming) continue to compound month on month, eventually delivering substantial monthly returns for holders.
Finally, we do something no other FaaS project does. We use a portion of the farming wallet for our spot investment portfolio for long-term investments capable of generating large multipliers.
Profits from the spot portfolio are paid out quarterly (depending on market conditions), starting from 31 March 2022, with the same criteria as farming distributions except that snapshots are taken quarterly instead of monthly.
You can keep track of our spot portfolio investments on the dashboard at www.ccfdao.com.
Marketing done the right way ✅
Finally, we allocate 3% the taxes to marketing but it has to be the right kind of marketing. To date we have focused on organic growth taking our Twitter following to over 15,000, our Telegram group to over 4,500 community members, and our holders to 4,697 as of writing.
We are building for the long-term and are focused on traditional business development practices. We have built a strong, loyal core community of well informed and engaged supporters and we are building relationships with credible thought leaders in the space.
We also signed a media partnership with Gokhshtein Media with a focus on high quality and credible promotion and will be announcing our new full service marketing agency in January. Again, with a focus on credibility, quality and long-term intent.
What we are not doing is paying tens or hundreds of thousands of dollars for low quality paid shills. These do not attract the right kind of participants for our projects and also provide a very low ROI.
However, we are always open minded and welcome ideas and partnerships that could potentially benefit CCF. If you have any ideas or want to chat about marketing then contact Alex, our CMO, on Twitter.
Why choose CCF as your FaaS provider?
Here’s a quick recap of why we feel you should choose CCF to be your FaaS provider of choice:
- We’re on Binance Smart Chain (BSC) which means low fees alongside fair and easy access for everyone to participate in DeFi 3.0.
- Our smart contract is audited by HashEx and our LP is locked until 2025. Invest in a safe manner without worrying about any rugs or scams.
- We make DeFi easy for you. You buy and hold $CCF, we farm, and redistribute a portion of the farming profits to you in $BNB.
- We also run a spot investment portfolio with profits redistributed to $CCF holders in $BNB.
- $CCF holders receive $CCF reflections on every buy and sell, currently returning over 3% ROI per month and auto-compounding.
- The $CCF token is hyper deflationary - with burns on every buy and sell, the circulating supply decreases and increases scarcity of the $CCF token.
- Our taxes ensure we have a constantly growing marketing budget to continue to promote and grow our project for the benefit of all holders.
- One of the hardest working, fairest, and most transparent teams… join our Telegram and ask our community, or speak to the team directly.
Our mission is to provide a full suite of DeFi tools offering democratic, transparent and secure DeFi access for all.
Cross Chain Farming is the first of these suite of DeFi tools. The next will be D3 Protocol, launching in January. If you’d like to learn more about D3 Protocol, please read the article below.
D3 Protocol: a decentralized reserve currency for DeFi 3.0
The D3 Protocol DEFI token is a decentralized reserve currency for DeFi 3.0. An Olympus DAO (OHM) fork with a…
Holding $CCF prior to the launch of D3 Protocol will qualify you for the $DEFI airdrop (the native token for the D3 Protocol).
If you’d like to better understand the differences between Cross Chain Farming and D3 Protocol, please take a look at the article below.
[126.96.36.199] is the team behind D3 Protocol ($DEFI) and Cross Chain Farming ($CCF). Our mission is to offer a complete suite of affordable and secure DeFi 3.0 tools available to all. [188.8.131.52] references our innovative tokenomics model applied across D3 and CCF, and is also an angel number representing completeness, prosperity, and success (👼, 👼).
Join the DeFi 3.0 revolution
Below are all the important links you need to find out more about D3 Protocol, and Cross Chain Farming. The team and our awesome community are usually on hand to speak to you and answer your questions. Join us to find out more about the world of DeFi 3.0 and how you can get involved.
Cross Chain Farming: