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Interacting with a Defi protocol can be a bit of a challenge. Don't worry though, we've created a range of DeFi Glossary to help you get comfortable with Doge Gold Floki !
Last updated
Interacting with a Defi protocol can be a bit of a challenge. Don't worry though, we've created a range of DeFi Glossary to help you get comfortable with Doge Gold Floki !
Last updated
Key terms:
DeFi: Short for "decentralized finance", a catch-all term for financial services that are provided on public blockchains, including swapping tokens, adding liquidity, staking in pools, farming for yield, and more.
Decentralized Exchange (DEX): A protocol that uses smart contracts to allow users to swap between crypto tokens without a centralized intermediary.
Doge Gold Floki core product is DEX.
Swap: To trade some amount of one token for an equivalent amount of another token.
Doge Gold Floki DEX allows you to swap tokens on the BNB Chain as of now but soon we shall expand our DEX on other blockchain.
Liquidity: The extent to which an asset is available to be bought or sold. In the context of a DEX, the amount of crypto tokens that can be traded for one another.
Liquidity Pool: A combination of two crypto assets that allows a decentralized exchange to facilitate trading between the two tokens.
Doge Gold Floki offers users the ability to create liquidity pools of token pairs that are native to BNB Chain.
Liquidity Provider: Someone who adds liquidity to a protocol by contributing 1:1 amounts of two crypto tokens to a liquidity pool.
Users can become liquidity providers using Doge Gold Floki DEX.
LP Token: A new token that is created and granted to a liquidity provider as a "receipt" of the liquidity that they added to a liquidity pool
Users that contribute to a liquidity pool on Doge Gold Floki DEX are granted DGF-LP :- Doge Gold Floki native LP tokens.
Stake: To contribute crypto tokens that you own into a protocol to earn rewards.
Doge Gold Floki provides users the ability to stake DGF in Staking Pools or DGF-LPs in Yield Farms.
Pools: A protocol that allows users to stake one type of token to earn either more of the same token that was staked, or other tokens. Staking Pools can be expressed in the following format: "Stake [token type], Earn [token type]."
Doge Gold Floki offers single-asset staking Pools, including a Stake DGF, Earn DGF in Pool. Users who stake their DGF into this staking Pool earn additional DGF as a reward.
Yield Farms: A protocol that allows users to stake LP tokens to earn tokens as a reward. Yield Farms incentivize users to add liquidity to a DEX so that the DEX can continue to facilitate token swaps between the two tokens in the liquidity pool.
Doge Gold Floki offers Yield Farms that reward users with DGF for staking their DGF-LP tokens.
APR (Annual Percentage Rate): The rate of return on staked assets, exclusive of the effects of compounding. These are subject to change based on a number of different factors.
Doge Gold Floki lists Annual Percentage Rates of return for Staking Pools and Yield Farms in terms of APR.
