Toon Finance is a DeFi platform dedicated to bringing the world of NFTs and DeFi together and a lot more. As part of the TFT launch, they are introducing a new decentralized exchange call Toon Swap that allows users to earn tokens like Binance BNB, Ethereum ETH, and possibly Bitcoin BTC.
What is DeFi
DeFi, or Decentralized Finance, is a new wave of financial services built on blockchain technology. DeFi platforms offer decentralized and private financial services that just blows the competition out of the water.
It’s an open-source financial ecosystem that allows users to borrow, lend, trade, and even stake assets. It has multiple real-world use-cases and improves on the current financial systems allowing people to bypass banks and other intermediaries that take part of your money every time you make a transaction when there is absolutely no need to.
Banks take too much money when you make a transaction, and DeFi offers an alternative to users to pay their fees with their own currencies instead.
Non-DeFi users have to pay extra whenever they make a transaction because banks take a large sum of the money. With DeFi, however, you can avoid these fees by using your own currency.
DeFi is more than a buzzword
This is why DeFi is being embraced by everyone in the cryptocurrency space while governments try to place heavy regulation on cryptocurrency due to bad actors like FTX’s Sam Bankman-Fried that caused millions of people to lose all of their assets and even allegedly built a backdoor allowing him to steal over $400 million in cash.
Decentralization allows security and privacy while making sure that people like Sam Bankman-Fried don’t get anywhere near your money. Social media influencers and YouTubers have tried to place the blame of the huge losses everyone faced in the cryptocurrency market on trading platforms like FTX.
Sam Bankman-Fried, CEO of FTX is being called a “bad actor” because he is said to have caused millions of people to lose all their assets and allegedly even built a backdoor allowing him stealing over $400 million in cash.
Binance BNB (or Binance Coin) is a cryptocurrency established by the world’s largest cryptocurrency exchange, Binance. It operates as a centralized exchange and allows token pairs to be traded.
Due to the recent collapse of FTX, Binance and other centralized exchanges are under fire for being vulnerable to manipulation. To combat this, Binance has implemented a decentralized exchange called Binance DEX where users can trade tokens directly on the exchange without providing Binance custody over your cash but unfortunately, it is too late.
Binance DEX is too late to prevent FTX and too early that it can’t compete with established DEXs
Binance DEX sounds good on paper until you realize that Binance’s cash cow is the centralized exchange which means that it is highly likely that Binance DEX is just a PR move without any real substance.
Binance DEX may appear promising at first, but when you take a closer look, it’s clear that Binance’s primary priority will be their centralized exchange and this makes sense business wise. This means that it’s highly likely that the Binance DEX is simply a nod and a wink move without any real value behind it. For obvious reasons, why would Binance cannibalize its own market share?
Toon Finance is a DeFi-based financial platform that aims to provide users with a safe and secure way to lend, borrow, and earn interest on their favorite digital assets. This is just the beginning though as Toon Finance have multiple plans in the works.
Toon Finance is an extreme DeFi project which means it aims to ensure that people will always have access to financial services all over the globe, people will be able to make sure of financial services without banks bleeding them out with transaction fees upon transaction fees.
Toon Finance Token TFT is the native token of Toon Finance which will allow people to use Toon Finance’s Toon Swap’s services. This includes Space Farming where people can stake their money and Space Battle Grounds where people can play against each other for coins.
The Toon Finance Token TFT will allow smooth transaction within Toon Swap and will be listed on other decentralized exchanges to ensure that it will be usable no matter where as how financial services ought to be.
How to earn Binance BNB with Toon Finance?
Staking is a relatively new concept with Ethereum moving away from proof of work to proof of stake. In staking you lock up your cryptocurrency, Binance BNB in this case, and receive rewards depending on how long you stake.
Some have minimum staking while others don’t have this feature. This is why it is important to choose the right exchange to get the most out of your hard-earned tokens.
Toon Finance’s Toon Swap is more secured than Binance’s central exchange
Toon Finance is very similar to Binance in that they are both exchanges but the problem with Binance is that central exchanges want volatility because they want users, holders, and investors to keep their money inside the exchange despite the fact that they should be 100% liquid because CEXs don’t necessarily have the backing of a government.
Even if a government backs a cryptocurrency central exchange, it does not mean that it will save a bankrupt company which means in the end most Central Exchange provide no security benefit to its users and hold all the power since the moment you use a central exchange is the moment you allow custody over your tokens to strangers.
Toon Finance’s Toon Swap and earning Binance BNB
With Toon Swap, people will be able to trade and exchange with each other. Toon Swap is highly unique even among the big projects because Toon Swap is an exchange that allows people to play against each other and win tokens from one another.
Earning Binance BNB with Toon Swap
Earning Binance BNB will be fairly quick and straightforward with Toon Swap Space Farming. Once the DApp is implemented, it is only a matter of time until Binance BNB is allowed for staking, then it’s easy to use staking to earn BNB passively.
Even if Binance BNB is a central exchange, central exchanges still have a place in the space as long as they remind their users that they are not wallets, they are simply places for trading tokens.
Join The Toon Finance Presale Today!