OliveCash Comes to Fantom network
TL;DR
Is it another food-themed DeFi protocol? You know it. OliveCash is a
cross chain DEX based in Binance Smart Chain, Avalanche, Fantom platforms launched by anonymous devs with a penchant for healthy foods and sports lifestyle.
It’s very close to PancakesSwap (the ability to farm liquidity provider tokens), but also provides some additional features.
Introduction
We’ve already fair-launched farming platform on the Binance Smart Chain and Avalanche chain
On Fantom Opera network we a have fair launch too no premine, no airdrop, and no presale.
Today we add new farms to stake liquidity on OliveCash for Fantom users. Farms allow customers to store LP tokens and receive rewards.
What is LP token? Let’s dive deeper to some technical details!
What is OliveSwap?
OliveSwap is a decentralized exchange for swapping ERC-20 tokens.
Are you familiar with Uniswap, Pancakeswap, Pangolin? Then you’ll have no issue grasping OliveSwap — they are quite similar in their core design.
The OliveSwap exchange
OliveSwap implements an automated market maker (AMM) model. That means that while you can trade digital assets on the platform, there isn’t an order book where you’re matched with someone else. Instead, you trade against a liquidity pool.
Those pools are filled with other users’ funds. They deposit them into the pool, receiving liquidity provider (or LP) tokens in return. They can use those tokens to reclaim their share, plus a portion of the trading fees.
So, in short, you can trade ERC-20 tokens, or add liquidity and earn rewards. There are also other features we’ll cover later.
You’ll find these LP tokens in several flavors — if you added, say, USDC and FTM to the pool, you’ll receive USDC-FTM LP tokens in return. Or BOO and FTM and you’ll get BOO-FTM LP tokens.
Farming and staking on OliveSwap
OliveSwap also allows you to farm its governance token — fOLIVE.
On the farm, you can deposit your LP tokens, locking them up in a process that rewards you with OLIVE. We added several farms with different rewards multiplier:
Pair Name (reward multiplier)
🌳fOLIVE/FTM (x40)
🌳fOLIVE/USDC (x8)
🍄USDC/FTM (x2)
🍄BOO/FTM (x2)
🍄fUSDT/USDC (x1)
Using OliveSwap
You’ll notice if you visit https://fantom.olive.cash/swap that many features are inaccessible until you click on Unlock Wallet. Click on it, and you’ll be met with two options: MetaMask and WalletConnect.
What? Initially MetaMask is an Ethereum wallet?
Yes, it is, but the architecture of Fantom Chain is such that you can use MetaMask to interact with Fantombased DApps. If you choose to use MetaMask, we suggest you check out our Connecting MetaMask with Fantom Chain guide.
Once you’ve got that set up, you can unlock your wallet to reveal additional information. You’ll see that different LP tokens promise different returns. So how can you add liquidity?
Adding liquidity
Again, if you’ve used any AMM previously, then you know the drill. To farm fOLIVE, you need to first add liquidity to the exchange.
Navigate to Trade on the sidebar on the left, then click on Liquidity, hit Add Liquidity, and select the token pair that you want to deposit. Also, make sure you know about impermanent loss before adding liquidity to a pool.
Check these screenshots for better undestating how to receive LP tokens.
Farming
Looks like you’ve got your LP tokens, now it’s time to stake them to earn OLIVE. Navigate to the Farms tab, and select the option that matches your LP tokens.
As you remember with ERC-20 tokens, you’ll need to approve the movement of tokens — this is what allows the contract to withdraw them on your behalf. When you click Approve Contract, a popup will ask you to confirm the transaction and display a fee.
Once that transaction confirms, simply select the amount you want to stake and confirm it. You can navigate away from the page and come back at any time to check how much fOLIVE you’ve earned — if you want to harvest your rewards at any point, click on Harvest and confirm the transaction.
Swap Design
Yield farming compensations
For brave Fantom liquidity providers and yield farmers, OliveSwap offers excellent rewards. Out of the small 0.2% swap compensation, OliveSwap uses Spookyswap.finance LPs.
👨💻Technical details:
Site: https://fantom.olive.cash/swap
Token address: 0xa9937092c4e2b0277c16802cc8778d252854688a
MasterChef address: 0xC90812E4502D7848E58e53753cA397A201f2e99B
Start block: 16690000
🍄New Pairs and Farms:
Pair Name (reward multiplier)
fOLIVE/FTM (x40)
fOLIVE/USDC (x8)
USDC/FTM (x2)
BOO/FTM (x2)
fUSDT/USDC (x1)
🔐Safety and Audit
We chose to fork Pancakes’s contracts for our base protocol since they have stood the test of time. This will allow our users to interpret the integrity/security of our protocol easily. Simply compare our deployed contracts with Pancakes’s repository so anyone with an understanding of solidity will be able to look through the code, compare Pancakes and OliveSwap side-by-side, and conclude that OliveSwap is safe.
💬Links:
Farming Fantom: https://fantom.olive.cash/
Farming Avalanche: https://avax.olive.cash
Farming BSC: https://olive.cash
Medium https://olive-cash.medium.com
Twitter: https://twitter.com/OliveCashBsc
Github: https://github.com/olive-cash
Telegram News: https://t.me/olive_cash
Telegram Community: https://t.me/olive_cash_chat
