What problems do we have in BSC DeFi?

How BeGlobal.finance will solve the issues the industry is facing

Everyone who comes into DeFi feels fascinated by the promise of high yields, high returns, that’s for sure.

Probably, one of the first things you might have checked are the APRs that you could earn in order to decide on which platform to allocate your funds.

We are alike. In fact, even our founder Sam mentioned in his letter 📬how he used to be a degen farmer for months, looking for the best deals.

But it didn’t take too long for Sam to realize that although there were high rewards on many DeFi projects, specially new ones, there were also a lot of problems too.

Now it’s time to address these problems and understand how BeGlobal will fix them.

🙅‍♂️ Trust issues + Rug Pull

Let’s take a look at the current TVL on BSC DeFi.

As you can see on the chart below, the Gross Value Locked in September is approximately $ 21 billion dollars.

Source: The Block

Most of the dollars are managed by anonymous smart contract developers.

So it becomes acceptable to trust your money with anonymous teams.

But what if instead of making a profit…you got rug pulled?

DeFi Rug Pulls are a form of exit scam whereby crypto developers abandon a project and run away with investors’ funds.

There are several examples of real incidents with millions of dollars being lost and thousands of investors affected.

Since you don’t know who is behind the protocol, there’s no accountability at all. So there’s no guarantee this won’t happen to you.

No one is safe…not even Mark Cuban (he got hit by an apparent DeFi Rug Pull in June).

Unfortunately, that’s the problem of trusting your funds to an anonymous team.

Sam, our CEO, understood this issue from the very beginning.

As a DeFi investor himself, he was part of many group chats on Telegram and would often hear stories about investors who lost a lot of money on exit scams. He was rugpulled sometimes as well.

And Sam knew, from personal experience, the best way to make anyone feel safe about trusting their funds to a DeFi project was to remove the anonymity.

🙅‍♂️Rug pulling is not an option at BeGlobal.

There’s no anonymity here. After all, our goal is to make you feel safe and have peace of mind when depositing your funds on our platform.

We understand that, as part of your investment process, you’ll do your own research and would like to find out more about who we are.

We understand it. We would be doing exactly the same thing if we were in your shoes.

So feel free to check our website (even our LinkedIn profiles are available there).

🥇Tokens with no utility

Tokens are used as a simple governance tool and don’t offer any real benefits to their token holders.

Utility is the lifeblood of the crypto ecosystem. Without it there’s only speculation. — Mathieu Hardy

Most of native tokens which are part of DeFi platforms are close to useless.

Which is why, at BeGlobal, our token $GLOBAL will actually bring value to you and to our community.

We have thought of different utilities for $GLOBAL:

• You can stake $GLOBAL and earn other tokens. Those ones will come from the swapping fees as well as projects approaching us to distribute their token.
• With $GLOBAL, we’ll transfer the governance to exclusive and unique NFTs. But not how everyone expects it, we are developing a more sophisticated system that actually takes into account people’s commitment into our ecosystem, allowing us to weight investor’s votes properly.
• We plan to carry on developing the NFT ecosystem as well. We are specially interested in the gamification and exclusivity that they can bring to investors.
• If you check our roadmap, our plan is to integrate as many DeFi features as possible. Everything we develop will use $GLOBAL when possible. Anything you might want to obtain in our ecosystem, will be through $GLOBAL.
• Finally, depending on the team’s capacity and community’s decision, we can allocate resources towards GameFi 🎮 where $GLOBAL will play a very important role. We are already exploring this option, but it needs time to do it well.

💰Deposit Fees

We need to talk about deposit fees ASAP.

It’s a common practice among DeFi projects to charge a deposit fee on their farms.

At first, this might seem normal. But this type of tactic hides that is very likely that the DeFi platform might not be here for the long haul.

To make it easier for you to understand, let’s look at the following scenario:

You decided to put your tokens in one farm and had to pay deposit fees in order to be part of this specific farm. Once APRs drop, liquidity providers struggle to get their deposit back 💸and they no longer have interest in adding more liquidity afterwards.

The truth is that deposit fees can only work in the short term to help to pump the token price and behave like a Ponzi scheme.

At BeGlobal, we consider deposit fees as one of the problems in the industry. That’s why we have completely removed them.

Our team is here for the long haul and BeGlobal will not charge any deposit fees.

Only withdrawal fees will be charged to make sure that no one is gaming the system. This fee will be very low, typically around 0.5%.

👨‍💻 Lack of Innovation

One thing that is lacking in the Binance Smart Chain ecosystem is innovation.

Although there are many projects being launched on the BSC almost every day, most of them are exactly the same as the original code they forked (cloned).

If you’ve been around DeFi, you’ve probably noticed that it’s very rare 💎to find something new (or even an improved version) of something that already exists.

That can be very frustrating…who needs another version of the exact same Dapp?

As Sam pointed out in his letter 📬most of the DeFi projects offer no extra value at all to its investors and community.

They don’t seem to care about the product at all and have been using some marketing gimmicks to gain followers and build a community.

That’s why at BeGlobal, we heavily focus on a broad range of products while we make sure we add innovation on top of them

🔒 Security: are we SAFU?

We want you to know that security comes first at BeGlobal.

We understand that you entrust us with your funds and it’s our responsibility to make sure they are kept safe in any circumstance.

That’s why we’ve decided to launch our platform only after all our smart contracts were audited by Certik, which is one of the most trusted companies in blockchain security.

In addition to that, we’ll be implementing several security measures to make sure you feel peace of mind when putting your funds on our platform.

We understand the current state of DeFi and it’s about time to give DeFi the upgrade it needs.

And we’re committed to fixing all these problems and improving your DeFi journey in every single aspect because we understand how you feel from a personal level…we are farmers too.

Join us today as we solve the problems of DeFi together.

Official references and All things about BeGlobal:

💬 TG Chat: https://t.me/BeGlobalFinance

📣 News Channel: https://t.me/BeGlobalAnnouncements

🕊️ Twitter: https://twitter.com/Beglobaldefi