For over a year now, the DeFi sector has been exploding faster than any other trend in crypto, to the point where it has become a core component of the cryptocurrency ecosystem. It has birthed a variety of different services aimed at replicating what traditional banking offers, but in a way that is trustless, fair, and secure.
Take interest bearing accounts. DeFi has a yield protocol, where all that users need to do is lock up their tokens and receive rewards in return, often an order of magnitude more than would be received in a traditional account.
In these cases, the user doesn’t only benefit from the number of tokens that they hold, but also from a positive change in the tokens’ prices. Yield farming also became popular as it minimizes the risk involved. In trading, for example, the user could lose their money in a bad trade or due to a bad price forecast before entering a position. With yield farming, the worst that can happen is that the token might see a price drop.
Fortunately, however, the crypto market always seems to recover from bearish waves, and surge higher than ever before. This is by no means a rule, and some projects end up too weak to survive the bearish waves. However, those that survive will reward their patient investors without a fault.
One of the most recent and most popular projects that deal in yield farming is UltraSafe — a ‘frictionless yield protocol that allows users to earn passive income and enjoy price appreciation as the community-driven hype allows it to reach dynamic milestones.’
The role of ULTRA
The project launched its token, ULTRA, only a few short weeks ago, and indeed, it did hit a number of milestones, including two world records — its market cap went beyond $60 million in under 48 hours, and it hit over 5,000 holders in less than 24 hours.
It was audited by Solidity and CertiK, both of which are well-known and respected security firms. They both not only approved of the project, but gave it a rating ranking it more secure then BSC giant safe moon; thus allowing Ultra to hold the title of “the safest cryptocurrency on binance smart chain. The token, ULTRA, was listed on CoinMarketCap and CoinGecko, centralized and decentralized exchanges alike such as LBANK, and its performance was quite encouraging in the first several days since launch.
Unfortunately, its timing was a bit flawed, so it ended up launching during the recent macro-market drop, which resulted in it dropping from its ATH at $0.000000037 and stabilizing at around $0.000000028. The token does still see periodic growth, followed by a mild correction, although its price fluctuations are not large.
As a native project of UltraSafe, ULTRA will be the token used for yield farming. From what is known, every UltraSafe transaction will send 4% (half of the transaction fee) to liquidity, which will create an ever-increasing price floor and continuously decrease the price impact of sales. At least, this is how the project presented the mechanism. The remaining 4% will be sent back to ULTRA holders, which will serve as a passive income — a reward for holding the token locked up in users’ wallets.
The simplest way to purchase the token right now is via PancakeSwap, the biggest and most popular DEX on Binance Smart Chain. The token can be bought in exchange for BNB, and after that, the goal of most investors is to HODL. With the token’s price currently being low and gaining traction, this is the most sensible strategy for those who believe that it will skyrocket later down the line.