On this episode we dive into Dego as they prepare for their release of NFT crafting, staking and more! Dego Finance crypto price prediction, coin review, meaning, and more!
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Table of Contents:
1:07 A Quick Peek At Total Market Cap.. Potential Market Impulse??
2:36 Peek Into Dego Market Cap & Supply
3:52 Deep Dive Into Dego Finance
8:41 How To Mint NFT on Dego Finance
10:26 Dego Finance Technical Analysis
16:36 Dego Price Predictions! 20x Boom?!
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Dego is a DeFi project that aims to revamp the purpose and utility of non-fungible tokens through an array of fun and clever applications. One of the most noteworthy protocols at the junction of decentralized finance (DeFi) and non-fungible tokens (NFTs) is Dego Finance (DEGO) – a project that aims to revamp the purpose and utility of NFTs through an array of fun and clever applications. Dego Finance is the combination of NFTs and DeFi. The platform allows users to develop NFT-powered applications, mine, sell, stake, and trade NFTs. In essence, Dego is an open-source protocol developing a cross-chain system launched in September 2020. It was built on Ethereum (ETH) but transitioned to Binance Smart Chain (BSC) to avoid high fees and other issues related to ETH’s network. The protocol has similar features to general DeFi protocols. As the Dego Finance team has stated, NFTs have more potential use cases than just being digital representations of unique items. Thus, the protocol allows NFT trading, mining, and auctioning. Dego developers want to incorporate a layer 2 cross-chain system where developers can create blockchain projects for NFTs. In addition, Dego aims to provide an ecosystem where NFTs can have a more meaningful role in the DeFi space. To accelerate the mass adoption of NFTs and DeFi, the protocol allows users to explore several blockchains by supporting Polkadot (DOT), Ethereum, and BSC. Besides, it allows them to create and issue their assets as well as mine, trade, and distribute their tokens and NFTs on Treasureland. The platform has been audited by Chinese blockchain security firm Beosin. The firm did not find any high-security problems. Like other BSC-based protocols, Dego uses proof-of-stake authority (PoSA), a consensus mechanism by which a cryptocurrency blockchain network achieves distributed consensus. There’s a total of 21 validators with a large number of Binance Coins (BNBs) that are responsible for validating transactions and producing blocks. Dego finance is a combination of NFT and DeFi. It provides not only the classical aspects of a decentralized protocol, but also new features for NFTs. Typical NFTs marketplaces will only allow auctioning for NFTs, reducing its use to mere digital representations. As for Dego Finance, it offers a unique infrastructure with an independent ecosystem where users can trade, mine, issue their own tokenized products. Dego NFTs have six grades: Bronze, Silver, Gold, Platinum, Diamond, and Kryptonite. Each grade has a specific power value and mining efficiency, with Kryptonite being the most valuable one. The more mining efficiency an NFT has, the greater the yield earned when staking NFTs to receive DEGO. Power value determines the seven tiers of the NFT. Users can cast an NFT by combining their ERC-20, BEP-20, and other Non-fungible Tokens to stake in mining pools. These combinations provide great mining power. In other words, a pool can receive an extra injection of 0.1% to 0.15% if it has the greatest combined mining power (meaning, the sum of the staked NFTs). Likewise, the number of tokens in each pool halves every week. To auction NFTs or sell them directly, users can go to any of the three supported platforms. They include DEGO NFT Market, BSC NFT Market, and Opensea. Dego plans to give NFTs more features apart from being mere digital representations of unique items. Its team is currently developing Dego NFT, a module that combines gaming and finance by allowing mining, creation, and auctioning of NFTs into GameFi. As stated, tokens deposited during the casting of NFTs are locked but can be later retrieved by decomposing the NFT. The protocol is still in its development stages. The team is now conducting tests for the dividend system to launch a “V” of its casting module. Several other modules are also in process. Among them are a yield “Hunter” aggregator, a “mystery” Dandy module, Dego Swap, Rewards Pool, Dego Lending, and Dego Insurance