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Drip Network is a new DeFi project running on the Binance Smart Chain (BSC). Its goal is to grow a community around its deflationary BEP-20 token, DRIP, and reward members with a passive income.
Decentralized finance provides people with countless earning alternatives. However, some projects do not offer the opportunity to gain a return on investment right away. Furthermore, some delay paying their liquidity providers almost indefinitely.
Drip Network calls itself “the first-ever deflationary daily ROI platform” and seeks to change how crypto communities earn passive income.
This short Drip Network review looks closer at the project’s features and roadmap. Then, read on to discover how you can join its ranks!
What is Drip Network?
Drip Network is a community-driven crypto initiative that aims to pay its users 1% of their investments daily. Furthermore, the platform encourages users to re-compound their earnings for the chance to attract even higher earnings. Naturally, this happens for as long as they do not withdraw their daily ROI.
Drip calls this passive income opportunity “hydrate and claim” and says users could earn up to 3,678% APY. This amount excludes fees and is possible only if they “hydrate” their daily returns on the DRIP token.
Additionally, holding onto their DRIP tokens could reward users even more whenever the token’s price rises. This is possible thanks to the platform’s deflationary mechanics and the token’s inelastic supply of 1,000,000 units. A tax system and low-risk payout add to Drip Network’s stability and long-term potential.
Lastly, thanks to the network’s rewarding referral program, the community members could enhance their income when bringing new users abroad.
Drip Network Faucets
Drip Network revolves around three smart contracts:
The Drip Token Contract
This contract drives DRIP, the network’s deflationary token. Also, it takes a 10% tax on all transactions, except for the buys. Next, it sends the tax to the Faucet Pool responsible for paying daily ROI and bonuses.
The Faucet Contract
This is the network’s staking contract and the platform’s primary engine. First, it allows users to buy DRIP tokens and stake them. Next, it recycles 90% of every stake back into the pool while sending 10% of it to the tax vault. The latter contains the amounts necessary for paying referrals and the daily 1% ROI for the staker.
The Reservoir Contract
The Reservoir contract allows users to engage in yield farming and earn a passive income. Anyone can add or remove liquidity in this contract and have the chance to earn DRIP rewards.
At this point, the system lets investors choose whether to take the daily 1% as a reward. Alternatively, one can deposit the amount and let the compound interest rate system do the rest.
The DRIP Tax System
Drip Network seeks to attract users with a beneficial tax system that prevents crypto whales from controlling $DRIP. For example, it takes every newly-deposited token out of circulation. Also, it keeps in the Faucet Contract the necessary amount for the 1% daily rewards. This way, the platform should achieve long-term sustainability without the risk of default.
Crypto whales are those users who accumulate a large enough sum of tokens to dictate is price fluctuations. Drip Network combats this damaging activity with a Whale Withdrawal Tax. In other words, users could pay between 0.99% and 50% depending on how much they withdraw from the Faucet.
Lastly, Drip Network imposes a 10% tax on deposits and a 5% tax on compounding (hydrating).
The Referral System
According to the Drip Network whitepaper, Drip members can attract more rewards by referring new users. Also, members with five or more referrals can deposit under a “team wallet” to boost their referral income even more. As we mentioned above, the platform recycles these rewards through the Faucet contract ensuring a continuous reward system.
The Drip Network team is open to suggestions and proposals for its improvement. To this end, it incentivizes those users who take the initiative of bettering the platform’s protocol. In the long run, this kind of collaboration should help the Drip community grow more vital and more influential in DeFi.
Drip Network is a relatively new project in decentralized finance. Nevertheless, it advances rapidly through its extensive roadmap. Some of the most critical milestones in its path include:
- A private pre-sale accessible to R34P DAO members
- A public pre-sale open to supportive Telegram groups.
- A cross-chain bridge allowing users to swap ERC-20 and TRC-20 tokens for $DRIP
- NFT rewards for users who attain specific goals and for team competitions.
- High risk and high ROI liquidity locking contracts to drive more capital into the DRIP liquidity pool.
The Bottom Line
Drip Network is a new crypto initiative looking to build a loyal community around its deflationary token, DRIP. The 1% ROI rewards promise should entice investors from both expert and neophyte DeFi. After all, the platform is open to anyone looking for crypto passive income.
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