An overview
At the core of how Bigfoot operates is the Bigfoot Bank BNB contract. This will allow lenders to stake BNB in the contract, in return they will receive bfBNB, an interest bearing BNB equivalent. This interest will be generated from fees charged to borrowers and will be explained in more detail later on.
Additionally as further incentive to lenders, bfBNB will be able to be staked within our ‘Elevenchef’ (Masterchef equivalent) contract where in addition to earning the interest mentioned above, it will also earn our native ELE token as part of our farming rewards. We feel this single asset staking with exposure to yield is an attractive proposition to all BNB holders on Binance Smart Chain.
On the flip side, borrowers on the Bigfoot platform are those who will put up collateral (initially this will be either BNB or 11CAKEBNB) in order to lend additional assets (initially 11CAKEBNB). This allows them to ‘leverage up’ their exposure to a given yield farm.
Last modified 6mo ago
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