BooBanker is a deflationary yield farm on Ethereum for staking Uniswap LP tokens. The DeFi project provides users with rewards in its yield farming token BOOB. Additionally, users can earn a second token ECTO by transferring BOOB. Both tokens are deflationary to ensure a sustainable long term operation.
What is BooBanker?
The project is heavily inspired by RottenSwap, another two token farming platform that features deflationary tokenomics. In fact, both communities overlap, so we can probably expect some spooky crossover NFTs for Halloween. For holders of both tokens, don’t worry, a special ROT-BOOB farming pool will go live this week.
However, unlike other deflationary farming platforms, BooBanker is able to offer users very high APYs. As of the time of writing, all of the farming pairs offer over 3500% APY.
BOOB is the platform’s main reward token for yield farmers, designed to keep a total supply of around 50,000. Interestingly, the protocol is dynamic, meaning it can adjust BOOB’s emissions and burn rate to stay within the target total supply. For security, all actions that change the emission go through a 48 hour timelock. When a holder transfers BOOB, 3.5% to 4.5% will be burned, however, the tokens are not just destroyed. The burn mechanism design intends to help the project grow and provide value for the seller. As a result, 1% of every burn goes into the marketing fund, and the remaining turns into Ectoplasm (ECTO) tokens.
Meaning there is an incentive to keep transferring BOOB tokens, as you’re paid in ECTO. This will speed up the whole deflationary nature of the Boo Banker ecosystem, creating stronger buying pressures. Furthermore, ECTO tokens are burnt at the same rate as BOOB for every transaction.
BooBanker is not aiming to just be a farming protocol. As you can see by the pairs offered for staking, the team does not want to attract freeloading farm whales with ETH-USDC pairs. Each pair requires either holding BOOB or ECTO, or both. Additionally, to provide more value to token holders Boo Bank will launch an NFT marketplace. These rare NFTs, most likely a spooky ghost theme, will only be purchasable with BOOB and ECTO together. As a result, there is a strong incentive to hold and not dump the rewards tokens immediately.
Future plans include releasing a gambling dapp that will use ECTO and a merch shop for BooBanker Memelore where payment happens in either token. With Halloween just around the corner, surely it’s a good time to hold a ghost?