What is Centralized Finance?
Centralized finance, or CeFi, mimics the legacy financial industry by allowing people to exchange, earn interest, or get loans; using their cryptocurrencies as a form of collateral. Notable examples include exchanges like Binance, Coinbase, MEXC or even the likes of Celsius, SALT, etc. SwissBorg goes into depth about this very topic, please read here!
What is Decentralized Finance?
Decentralized finance, or DeFi, is a blockchain-based form of finance that does not rely upon legacy centralized intermediaries. That is a technical description of DeFi, but in simpler terms. DeFi is a form of finance open to anyone with a phone and an internet connection. In contrast to CeFi you do not need an ID, to KYC (Know Your Customer) or have a bank account. These are exactly the same requirements for using Algogems and creating an NFT, or interacting with Algorand DeFi.
What is a Decentralized Exchange?
A Decentralized Exchange, or DEX, is a P2P (peer-to-peer) marketplace where users trade crypto directly with each other. Advanced DEXs can allow users to trade, lend, and borrow in one location with no centralized intermediaries. Algogems has chosen Tinyman.org as our DEX of choice.
What is Tinyman?
Tinyman is our favourite DEX on Algorand! GEMS selected Tinyman for the vast majority of GEMS Core Team transactions, and liquidity providing. AlgoDaddy has an excellent guide to walk you through using Tinyman. Make sure to like, share and follow if you learned something!
Tinyman is the Algogems recommended way to acquire your AlgoGems Tokens!
What is the AlgoGems ASA?
The AlgoGems ASA, or $GEMS is the one and only Token of Algogems. The GEMS Team is always developing and improving our shared, decentralized, metaverse marketplace! $GEMS currently has 3 main utilities:
- Tipping Creators on GEMS.
- Collecting 5% of all algogems.io sales to benefit $GEMS holders, and future GEMS-based Governors.
- Passive income through Yieldly staking. This will transition into GEMS-based Governance providing a yield.
I will be diving into $GEMS Tokenomics as well in future Medium posts. Follow our Medium and other socials to stay up to date and learn all about GEMS, and $GEMS, our ASA!
How do you earn passive income with your $GEMS?
Currently to earn with your $GEMS you will need to stake on Yieldly. Yieldly will require you to opt-in to their smart contracts, same as Tinyman, which is a required and normal step.
Yieldly’s Staking Pools page will give you access to our $GEMS/$GEMS, and $YLDY/$GEMS pools. Once you connect your wallet, select the option to Stake.
Any $GEMS that are staked will begin earning passive income. Select the Next button and confirm the transaction in your wallet.
Every 24hrs you can Claim your rewards, and stake them, to compound your $GEMS stack. Thank you @JoshLmao for making this great tool to display how to maximize your returns with Yieldy!
GEMS-based Governance will fully maintain passive income generation with $GEMS!
This is achieved through enabling GEMS Governors to verify or ban Algorand Accounts, and to be rewarded based on the quality of their participation. This can be simply described as a “Paid to Moderate” incentive model! There will also be a small base reward for inactive GEMS Governors.
Join our Telegram, and follow our Twitter, for the freshest info and teasers about GEMS development!
Click here to create your 1st GEMS NFT
Stay tuned, for exciting news and developments. New content to follow, in order of release, covering: 2021 in Review, GEMS-based Governance, and $GEMS Tokenomics.
Thank you for reading, GEMS FAM 💎
Wilder Stubbs
GEMS Core Team Member
