LaCucina cooks up a recipe to bring minnows to Binance Smart Chain
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LaCucina cooks up a recipe to bring minnows to Binance Smart Chain
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Journalist/speaker/founder/musician/nomad. Co-founder @ Badass Bureau, PR & storytelling for female founders in tech
The number of projects moving to Binance Smart Chain is growing. This new blockchain platform is decentralized and high-speed, allowing users to make transactions much faster than Bitcoin and Ethereum. It also has a built-in sidechain system that can handle an unlimited number of concurrent transactions.
BSC is an attractive proposition. On average, the gas price on BSC is only 10%-20% of that on Ethereum. But, recent growth has come from "whales" such as high-value traders, according to a report published recently by the blockchain data firm Nansen.
Nansen concluded from blockchain data, including the active addresses labeled as big traders by Nansen and stablecoin transactions by value on BSC, the layer 1 blockchain supported by Binance.
One DeFi engagement platform - LaCucina - recently came out of stealth and officially launched on the Binance Smart Chain to change the balance of power and make it easy for regular users to enjoy DeFi. The platform will offer various engagement enhancement opportunities to users who use selected decentralized exchanges through its advanced engagement-enhancing program.
As part of the launch campaign, LaCucina will allocate perks to users who provide liquidity to select liquidity pools on Uniswap, Pancake, and Sushiswap in summer 2021. The users will not have to do additional staking or pull their tokens out of the DEXs to claim their rewards.
The platform's flexible engagement enhancing system, or Cooking Plans, is designed to prioritize factors other than the stake size, such as the time when users made the stake, its duration, and other engagement factors.
This allows small users to punch above their weight with well-timed and committed engagement.
Many DEXs and farms offer lucrative opportunities with high-percentage yields. Yet, they are often designed to benefit the crypto whales, allowing the rich to get far richer, while those who hold less see prolonged growth. These benefits derive from staking protocols that mostly reward users who stake large sums into the liquidity pools rather than their dedication to bringing liquidity, no matter the staking amount. LaCucina evens the playing field by rewarding engagement more fairly, fun, and flexibly.
The platform currently employs a four-pronged engagement enhancing system for its users to encourage DeFi engagement, distributing the platform's native utility "LAC" token. Here's how it works, with programs that enable users to maximize their yields in a fun and unique way.
These include external farming, where users who stake their tokens into promoted liquidity pools at the top 10 select decentralized exchanges may receive "LAC" tokens in LaCucina's "Ovens" (equivalency of farms), which serves as an additional engagement layer on top of other DEXs.
A rewards multiplier system offers a fun way for users to get involved at a low level. Each of LaCucina's "Ovens" will have its own tailored set of "Cooking Plans," engagement enhancing policies that may prioritize early or lasting liquidity provision, resulting in small users enjoying DeFi more than in any other platform.
Keeping the cooking metaphors going, LaCucina lets its users cook up "dishes." The LAC token can be used, among other things, to get "Secret Ingredients" - special NFTs, such as "Space Mushrooms" and "Martian Worms." These NFTs are created and released on an ongoing basis and represent an image of a specific ingredient. These NFTs could be used to cook a pizza, zuppa, pasta, or other non-transferable NFT dishes, which are not only visually appealing but will also carry a multiplier value that may boost user earnings in the "Ovens" to a greater extent.
Finally, NFT avatars are available. Users can mint specialized alien avatar NFTs to compliment the exosystem. The NFTs are guaranteed to be unique, distinctive, minted on the blockchain, and wholly owned by the user. The NFTs are theme-related, with the Genesis Theme (available since December 2021) consisting of a limited 10,000 avatars. LaCucina will announce a future series.
"LaCucina was born out of the necessity for projects to create appealing and attractive ways to incentivize users to engage with and promote such projects. None of the existing DEXs and farms out there offer the level of flexibility that LaCucina offers, resulting in biased allocations of rewards, in such a way that the rich get richer and the small players do not stand a chance of properly enjoy DeFi," says LaCucina's Head Chef. "But the vision doesn't stop there. LaCucina plans to be the most impartial launchpad for crypto projects, facilitating direct engagement between projects and users and allowing projects to reward users for their engagement with the project directly. LaCucina's roadmap for the near future offers a truly special product and aims to set a new standard for launchpads."
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