Crunchy Review: DeFi Development on Tezos is Getting Simpler
How to launch a DeFi farm on Tezos without writing a single string of code? Use Crunchy, of course!
Back in July, Crunchy was rolled out in the mainnet, and we made a review. Here, we’ll talk about the concept of DeFi-as-a-Service, Crunchy’s current functionality, and the reasons why one could want to use the platform.
What is DeFi-as-a-Service
Let’s say you want to open an online shop. You can write a website, set up the server, connect to the payment processor, and deal with advertising. Otherwise, you can just go to eBay.
Marketplaces, hosting providers, cloud storages, and thousands of other services take on the routine so that their clients could focus on pressing matters. Crunchy is a solution of this kind seeking to relieve DeFi devs from hard work.
Crunchy is a DeFi solutions provider in the Tezos ecosystem. If a developer has an idea, they can use ready-made smart contracts and UI to save time. Find out more in our interview with the creator of Crunchy.
What services are available at Crunchy
At the time of writing, there are three services at Crunchy: Deep Freezers, Farms, and Fire Pit.
Deep Freezers are contracts that lock LP tokens by Quipuswap for a fixed time period. This way the project’s team shows that they can’t sell their tokens or withdraw liquidity from DEX.
The Deep Freezers tab shows the overall liquidity of the Quipuswap pool, the cost, and the number of locked LPs, as well as the unlocking period.
Farms are for rewarding liquidity providers. The team creates a farm, sets up farming params, and deposits tokens for reward payouts. Users lock their LP there and get rewards from the farm’s balance.
The Farms tab shows the type of LP tokens, the farm’s APR, and the amount locked therein. Click View Details to open an additional menu for easy deposit control and additional info. Green badges under the farming end date give you details on the farm’s reliability.
- Shield: Crunchy has audited the project.
- Taco: a farm by Crunchy.
- Lock: the farm’s creator locked tokens in Deep Freezer.
- Handshake: the farm was created by Crunchy’s trusted partner.
Fire Pit is a contract for token burning. Developers send tokens and Crunchy produces a public proof of burning.
How much are the services of Crunchy
Token burning is free. Blocking LP tokens and creating farms costs a fixed fee + a share of the deposit. The more CRUNCH is paid by the user, the lower the fee.
At the time of writing, CRUNCH costs $0,055.
Why DeFi projects would need Crunchy
First, it’s about saving time while launching DeFi services. A team may launch a farm on Crunchy in a few clicks and then focus on development.
Second, it’s about security. A team may miss a bug in a smart contract and then have a hack on their hands. Crunchy offers standard and double-checked contracts to its users.
Finally, it’s about marketing. Even though only 2k users deposited tokens in farms, the locked sum amounts to $12m. If the project launches a farm on Crunchy and gets green badges, its chances of being noticed by serious investors get higher.
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