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First Yield Optimizer with Reflective Token - Pinecone Finance Is Launching on BSC

·3 min read

SINGAPORE / ACCESSWIRE / August 5, 2021 /Pinecone Finance, the next generation of yield optimizing protocol, combining the best part of productive and reflective token, just made its debut on BSC, with the aim of making yield farming more rewarding, sustainable and effortless.

Pinecone Finance innovates the current yield optimizing protocol by adding automated liquidity and the self yield-generation feature of reflective token to offer token holders dual rewards in both BNB and PCT without the need for staking.

The Rise and Issues of Yield Optimizers
Yield farming is a DeFi concept where users stake their crypto assets in order to receive passive income, which has become in favor these days, especially in the time of crypto market uncertainty.

Nevertheless there are many issues still plaguing yield farmers including the lack of sustainability, poor user experience, and most importantly, security risks especially flash loan attacks which has already caused hundreds of millions of losses for projects and investors.

Pinecone is here with the aim to tackle these challenges.

How Pinecone Helps
Pinecone differentiates itself from other Yield Optimizers in the following ways:

  • Multiple Strategy Single Asset Farming

Pinecone focuses only on single asset farming in order to avoid the risks associated with farming via LPs.

What is unique about Pinecone is that, for each crypto asset, it will offer multiple farming strategies with different risk/return profiles, so that farmers can select the most suitable ones based on their own preferences, and easily switch between different vaults anytime they want.

  • One Token, Dual Rewards. Without the Need for Staking

Combining the concept of yield farming and reflective token, Pinecone Token (PCT) is the first token of its kind to offer dual rewards in both BNB and its native token PCT.

BNB rewards come from the Performance Fee produced by farming vaults, while PCT rewards come from the Transfer Tax charged for any buy, sell and transfer transactions.

The best part is, without any complex staking mechanism, simply keeping PCT in the wallets, holders will receive the PCT rewards automatically distributed to their wallets, and they can harvest their BNB rewards through the website every 5 days.

  • Anti Flash Loan Attacks

No matter how complicated a flash loan attack is, it has to be using smart contract to execute large number of transactions in one block. Pinecone's flash loan attack defending system works in two levels:

  1. It restricts the direct access from 3rd party smart contract unless they go through the white list approval process including stringent security checks.

  2. It sets max transaction limit per block to ensure no flash loan attackers can profit from dumping large amount of PCT to profit within one block.

Pinecone Finance has completed the audit by Beosin and more audits will be on the way.

More Innovations In the Pipeline
Pinecone will keep improving its yield optimizing product with more innovations coming in the pipeline. One of them includes the gamfi financial NFT, based on its membership program with different tiers of transfer tax rate.

"We all know currently NFT is a very hot topic in crypto world, but we have not seen a good example of leveraging the core feature of Non Fungible Token to bring value to users in a meaningful way in DeFi world. Pinecone already has a good plan for NFT integration and I am very excited to see it come to life soon," says Jin, the founder and chairman of Pinecone Finance.

Pinecone Finance has completed the audit by Beosin and more audits will be on the way.

The Pinecone token (PCT) presale will launch on Aug 9th. All presale participants who keep their PCT in their wallets for over 30 days will enjoy the special transfer tax rate for life!

Pinecone Finance

SOURCE: Pinecone

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