Shabu Shabu Finance- A true DeFi Project Survivor
2020 was a unique year in the crypto space as it brought about the rise of a new sector known as decentralized finance (DeFi). Although the DeFi sector had been known for a while, 2020 saw the massive adoption of different DeFi features like borrowing, lending, and staking.
DeFi offers crypto users the ability to have access to financial instruments free from traditional centralized institutions’ censorship. What makes it unique is that it removes middle men’s presence by deploying smart contracts using blockchain technology.
This makes it possible for DeFi protocols to launch financial products that run properly and offer users yield farming opportunities. To understand the scale of its potentials, the DeFi sector grew from $275 million in Feburary 2020 to $17 billion by December 2020. This growth rate showed the massive interest in DeFi.
Despite the success of DeFi, it is not without its risks as some projects turned out to be exit scams and rug pulls. Nevertheless some projects have shown immense potential and one of the undiscovered gems is ShabuShabu Finance.
What is ShabuShabu Finance (KOBE)
ShabuShabu Finance is a yield farming DeFi project that is forked from Sushiswap and Yearn Finance II (YFII). ShabuShabu is a community-centric project designed to satisfy the needs of the DeFi community.
It offers a decentralized governance system that provides a novel and transparent approach to DeFi Services and products.
Core Products and Features of ShabuShabu Finance
Yield Farming – Shabushabu Finance offers yield farming opportunities for crypto community members. The DeFi protocol was launched via the yield farming of its native token KOBE. participating community members had the opportunity to yield farm Kobe by becoming a liquidity provider on Uniswap via various pairs.
The Yield Farming for Kobe was concluded in January with a total amount of 53,999,527 Kobe farmed into existence. It should be noted that the maximum supply of Kobe is 54,000,000. Of the total Kobe tokens farmed 25% was allocated for the development of the protocol, therefore the circulating supply is currently at 40,506,227.
The 25% allocated for development will include community incentives, ecosystem growth, future partnerships, marketing, exchange listings and other activities that would be needed to scale the project.
Governance: As a truly decentralized protocol, Shabushabu offers a decentralized governance model where community stakeholders vote for the direction of the project and how to spend community incentives.
Governance is an important aspect in DeFi and cannot be understated. As a community driven project Shabushabu offers a decentralized and transparent process for decision making.
Decentralized Exchange: Shabushabu offers a decentralized exchange KobeSwap that enables seamless swapping or exchange of cryptocurrency on the ethereum blockchain. Users can easily trade cryptocurrencies with one another without the need of an intermediary.
Trades are made directly between user wallers on KobeSwap and at low transaction fees. It also offers multiple trading pairs and supports several defi and erc-20 tokens.
DEX Aggregator: Shabushabu offers a decentralized aggregator, KobeDex for users to expand their trading experience. KobeDEX utilizes smart routing to facilitate quick trading experience for users without having to send tokens to centralized exchange.
Kobeswap also offers market orders and limit orders to facilitate a unique trading experience for traders.
Liquidity Mining: Shabushabu offers a liquidity mining program through which users can provide liquidity for some assets and get rewarded.
Staking: Shabushabu is set to expand its ecosystem by introducing a staking product in the third quarter of 2021. Investors will be able to stake their KOBE tokens in order to earn a new token called A5.
Kobe has experienced a massive growth in the past few months growing $0.03 to $6.02 as at the time of publication. This represents a 2,000% return for those that farmed KOBE during its launch. It is definitely a great idea to get some Kobe and stake the tokens to earn A5 when the staking platform is launched in a few months.
Smart Lending and Borrowing: Shabushabu also intends to provide a unique ecosystem where lending and borrowing can be facilitated easily. The agreement between borrowers and lenders is done using smart contracts that will replace intermediaries such as banks that manage lending in the middle.
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