Earlier this week, Netherlands’ financial watchdog the Fiscal Information and Investigation Service (FIOD) took a 29-year-old developer into custody. The FIOD carried out the arrest in Amsterdam due to suspicions of his involvement in money laundering operations using crypto mixer Tornado Cash. Tornado Cash Facilitating Crypto Crimes The arrest comes shortly after the US Department of Treasury announced sanctions against the privacy protocol. In a release, the Treasury cited Tornado Cash’s role in various crypto crimes since its inception in…
Jetfuel is a decentralized finance network initially launched on the Binance Smart Chain (BSC) to provide a vast array of farming and DeFi-related passive income-earning opportunities. Generally, Jetfuel can be described as a one-stop shop for all DeFi services since it connects many services on one dashboard.
According to their white paper, their decision to pick BSC was because this blockchain is a complete match for the requirements and services they aim to provide. Jetfuel comes with three major sub platforms all interconnected;
Jetfuel.Finance is a website that deals mainly with the optimization of yields through yield farming select tokens. Here are some of the products and services in Jetfuel.Finance.
Staking and Governance
Jetfuel has a dual token support system using the JETS and the FUEL tokens. Each of these tokens has its services they provide, and they all contribute vastly to staking. JETS is the primary token of the network offering governance and staking services as mentioned under staking.
The investor stakes fuel tokens in a minting contract called the Hanger, which converts the FUEL into JETS. After the conversion into JETS, now you stand a chance of earning FUEL rewards. JETS holders get FUEL rewards, and as such, the value of JETS will grow faster than the value of FUEL.
Jetfuel Yield Farming
Among the most primary services of the Jetfuel network is Yield farming, where users can deposit LP tokens and earn FUEL. The Jetfuel farming options are already available in the Jetfuel finance network and are similar to BSC-based farms. Fuel emissions expired on June 5th, 2021, after 6 months.
Therefore, both BSC and Polygon network users will enjoy the benefits of farming provided in the network.
Another excellent service provided by the Jetfuel network is the Vaults system. In the Vaults, users will deposit LP tokens and earn more income than they deposited. The first vaults were launched on 1st January 2021.
All vaults in the Jetfuel network charge a 0.5% withdrawal fee, and there are already several vaults active as of 12th July 2021.
A launchpad is a platform that allows new crypto projects to launch and get community support. Here DeFi projects can sell their tokens in token offerings and, as such, market and garner liquidity from launch.
To access the launchpad services on the Jetswap network, you need to open the partnership section on the website. Here users can launch IJO and be able to access funds.
Fortress loans are another excellent income creation opportunity provided by the Jetfuel network. Here lenders and borrowers can interact in lending and borrowing with the best interest rates fair to both parties.
Jetswap is a decentralized exchange, automated market maker platform launched initially in the Binance smart chain. It launched on 20th May 2021 and made a vast success in the BSC. Jetswap is described as the most critical service of the entire Jetfuel network because it implants many passive income options. Furthermore, Jetswap as a DEX is self-sustainable thus can operate independently from Jetfuel.
Initially, Jetswap, like Jetfuel, was only based in the BSC; however, according to the developers, they have recently worked hard to implant other chains.
JetSwap Launches on Polygon Chain
On 8th July 2021, at block 16645000, Jetswap AMM launched its services live on the Polygon Chain to benefit the users of the Polygon network. The move is part of expanding their services to reach the larger crypto and Defi community.
After less than 24 hours of the Jetswap network launch on Polygon, the platform had a total value locked, hitting 218 million. Other statistics show that Jetswap has, since the Polygon launch, been locking a total of over $350 million every day. On their Twitter page, the platform announced that they burnt around $135 thousand worth of pWINGS.
Accessing the Jetswap Polygon section is easy by following the webpage link here. Under the Jetswap section, there are many DeFi and Dex-related services, all aimed at easing DeFi traders’ works. Here are the services;
- Decentralized exchanges using pools
- Liquidity pools for liquidity farming
- Yield Farming for Multiple pools
All these services mentioned are available both on the Binance smart chain and the polygon network; therefore, users from both ends can vastly benefit.
Jetswap to Start Cross Chain Development
Jetswap is considered the flagship project of the Jetfuel network. The platform should provide services with utter efficiency and reach the most expansive user base possible.
Therefore, the Jetswap project plans to begin developing cross-chain interactions options to widen the scope. The move to introducing Polygon was good, but now cross-chain development makes the interaction and exchange of values even more detailed. In addition, cross-chain interactions will help people from different chains to benefit from assets and tokens found in others.
How Does JetSwap Stand Out?
Security and Transparency
Jetswap network has been implanting security to ensure the users have the best services. One of the ways of ensuring safety is by auditing the network. Two blockchain auditors have audited Jetswap;
- Ether Authority Audit
- Hash0x Audit
The reports for the audits are well listed on the platform’s website to ensure there is transparency. Therefore, users can feel confident about using the entire network.
Convenience and Simplicity
The convenience of the Jetswap platform is noted from the appearance of the platform’s user interface. Primarily, the interface is simplified to ensure the users can easily access all the services there.
Furthermore, the user experience is also top-notch, especially considering Jetswap provides both dark and light modes.
Cross Chain Interactions
As mentioned earlier, the Jetswap platform is the first in the entire Jetfuel network to focus on cross-chain development. This development will continue until it reaches a time when the services will be provided at maximum.
The Jetfuel network is truly a center for all DeFi services. The network provides a vast range of Defi products from lending, DEX, liquidity pools, etc., all designed perfectly for the benefit of the average user. Even more interesting is their focus on security and transparency to protect the average investors.
Jetswap, Jetfuel’s main product, is expanding its services to reach as many people as possible. To receive updates on the development made, follow Jetfuel social media pages, including Telegram, Twitter, and Medium.
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