Introducing SIMBA FARM

3 min readNov 23, 2020

SIMBA FINANCE TOKEN(SIMBA)

Project Background

DeFi started in the middle of 2018 and is currently showing rapid growth in 2020. DeFi’s Yield Farming along with Staking has become a big new trend in the blockchain communities. Starting with the launch of COMP, governance token, from Compound. New DeFi products like Balanceer, Curve, and Yearn Finance launched with high expectations from the community.

Why do we need DeFi? The current real-world financial system lacks transparency and trust. DeFi can use blockchain technology to eliminate external interventions in businesses and create transparency and trust.

The lack of liquidity in the current centralized cryptocurrency exchanges causes an unfair trading environment due to users who use high spreads and high-frequency systems. Although there is a DEX trading platform, it is neglected due to a lack of composability and spreads due to low liquidity.

About SIMBA Finance

SIMBA Finance is launching an automated market making (AMM) and decentralized exchange (DEX) based on the Ethereum blockchain to enhance liquidity for ERC-20 gold stable coins on decentralized exchanges.

Along with the launch of SIMBA Finance, DAI will be launching a liquidity mining event. There will not be any presale or team allocation of tokens. To ensure fairness, all tokens will be mined by the most active users and community. Users will be able to mine SIMBA tokens by providing liquidity through liquidity pools and functioning as liquidity providers (“LPs”).

Phase 1: Growing Lion
To bootstrap the platform, we will be providing the highest amount of tokens in the first month. Each week, the number of tokens distributed per block will be reduced by 20%.
250 SIMBA per block for Week 1 (~ 45,000 blocks)
200 SIMBA per block for Week 2 (~ 90,000 blocks)
160 SIMBA per block for Week 3 (~135,000 blocks)
128 SIMBA per block for Week 4 (~180,000 blocks)

Phase 2: The King of Lions
Token distribution will be reduced by 50% every two weeks.
64 SIMBA per block for Week 5 & 6 (~270,000 blocks)
32 SIMBA per block for Week 7 & 8 (~360,000 blocks)

Phase 3: Lion, the King of the Jungle
The token distribution will be brought down to normal rates, halving will occur every month.
16 SIMBA per block for Month 3 (~ 540,000 blocks)
8 SIMBA per block for Month 4 (~ 720,000 blocks)
4 SIMBA per block for Month 5 (~ 900,000 blocks)
2 SIMBA per block for Month 6 (~1,080,000 blocks)

At this point, there will have been enough tokens distributed to the community. The community will vote and decide on further distribution if needed.

Liquidity Pools

SIMBA Finance allows users to create any type of liquidity pool between any two ERC-20 tokens. Users can become LPs by staking equal parts of both tokens into the existing pool, enhancing the liquidity of the pool, and earning LP fees of 0.25% for all transactions made. A potential risk of being an LP is the risk of impermanent losses. The liquidity pools ensure that there will always be a ready and functioning market for the trading pairs. (e.g. SIMBA-ETH pair)

Farming

The LPs staking in selected pairs will receive SIMBA tokens during liquidity mining.

Roadmap

SIMBA Finance plans to develop the project to reflect the opinions of project participants and communities as much as possible.
• Easy and convenient UI/UX application
• Community activation for LPs and SIMBA token holders
• Expanding the ecosystem through various events and partnerships

SimbaFarm: http://simba.farm/

Twitter: https://twitter.com/farm_simba

Medium: https://medium.com/@simbafarm