Evolution DeFi, or shortly called EvoDefi, is a yield farm platform on BINANCE Smart Chain and Polygon that allows users to increase their farming efficiency by leveling up NFTs. In the past week alone the platform increased its active users with 68% to more than 1,180.
This isn’t about the big numbers and millions of volume, but about adding gamification to yield farming and making earning money actually fun. The project originally started on April 9th as a yield farm with elastic emission of tokens, to protect the native token from pricing volatility. Now EvoDefi has become a growing cross-chain platform with lots of utility for the native GEN token.
From the public marketplace users can use GEN to acquire an NFT that provides a farming boost on their annual percentage revenue (APR). In addition they can use GEN to buy lootboxes, which contain GEN and NFT rewards. Then they can use their NFT, stake some liquidity pool (LP) tokens, and earn GEN tokens.
Getting more into the NFT action
EvoDefi users can also level up existing NFTs by combining four of the same, which will give them one NFT of a higher level. A higher level also means a bigger boost. For example, a level 1 NFT gives users a 2% APR boost, while a level 2 gives a 5% boost. The maximum level would be a level 7 GEN Android NFT which provides a 35% farming bonus. That’s how users can boost their yield on EvoDefi.
An extra opportunity to level up NFT, presents itself through the Daily Evolution mechanism. Here users pay GEN to receive a chance to level up their NFT, the more someone pays the bigger the chance becomes.
EvoDefi doesn’t only allow players to use their NFTs as a yield farm boost, but there’s also a different kind of NFT on the platform: Monsters. Users can acquire eggs to spawn new monsters, breed them, fuse them, and ultimately use their best monsters in battles. Evodefi offers daily monster battles with prizes paid in GEN tokens. This is the game element on the platform.
Yield Farm Expansion Evodefi
Since its launch in April on Binance Smart Chain, the team at Evodefi has expanded their playing field to Polygon blockchain. They’ve also created a bridge between the two projects, allowing users to move their GEN tokens and all NFTs between the two blockchain platforms. In addition the bridge allows users to transfer stablecoins from Binance Smart Chain to Polygon and back.
However, transferring assets between different blockchain system isn’t free. Users need to pay these fees using the native GEN token.
Later this year the development team wants to add more gameplay functionalities to the platform, while also allowing users to create NFTs. The team also expressed to be eager in expanding their DeFi services, as well as opening a DeFi-related jobs platform.
Future of DeFi is multi-chain
DappRadar already highlighted the latest evolution in the DeFi industry in their most recent Dapp Industry Report. DeFi protocols are embracing a multi-chain approach in order to broaden their reach.
Dapps adapt to the issues with gas fees, and expand their services to other blockchains. The adoption of the multichain paradigm is the next blockchain development stage. Going forward the success of the dapps might be determined by their ability to function well across a variety of blockchains.
While Ethereum is still leading in terms of DeFi ecosystem TVL ($64 billion), Polygon protocol made the largest improvement during May 2021. Polygon TVL grew by 1102% month-on-month reaching $5.7 billion at the end of May.
