Don-key Product Update
Today marks an important milestone for Don-key Finance. Thanks to two months of beta feedback, Don-key’s team is finalizing crucial product improvements that will enable the platform to offer a more user-friendly and market adaptive yield farming product.
A Hard Look At The Beta
Over the course of the beta, the platform offered it’s users a slew of semi-organized strategies of varying token type, risk, and reward APY. The result was somewhat overwhelming, and a poor method of directing liquidity.
An even bigger issue with the old model was that, because it was hard coded in smart contracts, it was unadaptive to changing market conditions and was unable to chase higher APY.
Also, in light of the recent hacks that have troubled more than a few DeFi protocols, the beta’s system of on-the-fly smart contract strategy building could potentially jeopardize Don-key’s future security, especially as its TVL increases.
The Updated Product
Using the beta’s weak points as an opportunity to improve the platform, Don-key will be rolling out a system wide series of updates meant to refocus the value of the platform, making it easier to use, more profitable for investors, and more secure.
A More Streamlined Product
Because Don-key aims to be the retail market’s entry point into yield farming, it’s incredibly important that the platform be as intuitive and welcoming as possible. In this way, the goal is to combine the best of centralized financial products, by bringing to yield farming the ease of use of coinbase along with eToro’s socialized competitiveness. Don-key will radically simplify yield farming’s complexity and make it palatable to as wide an audience as possible. To do this, Don-key will offer streamlined farming products and only offer the highest APY of each token type, categorizing them by three levels of risk — low, medium, and high.
From the users perspective, once they chose their network- whether it be BSC, Polygon, or whatever else is rolled out- they will be able to select their preferred token, and risk level and farm it for the highest APY available on the market, even as conditions change.
A More Profitable Product
Choosing the highest level of profitability, Don-key is replacing its system of hard coded strategies with an internal one that regularly replaces declining strategies with the most profitable options available in the DeFi ecosystem. While the beta’s system restricted movement of funds from seeking higher APY, the public one will allow farmers to design more adaptive strategies, while still never giving them access to user funds. This change further increases profitability by reducing platform fees, slashing them by an impressive 33%. This will decrease fees taken on profits from 15% to just 10%, making Don-key the most cost efficient product in the space.
Also, because many of the most profitable yield farms deny interaction with outside smart contracts, Don-key’s new product will have a much wider assortment of farming choices built into it. This, along with cross chain strategies, will provide an immense competitive advantage when compared to common yield aggregators.
Don-key’s signature competitive element, or “social yield farming’’ will remain a core element of the platform. With the updated product, the only difference will be that farmers will no longer host competing strategies but will instead compete within strategies for their design to be implemented over someone else’s. All current and previously used strategies will be recorded, and data created to track farmers’ overall profitability so that the very best farmers are featured most.
A More Secure Product
During the beta, the team realized that securely made and quickly made smart contracts (needed for yield farming) are in large part mutually exclusive. Because bullet proof smart contracts are time intensive to develop, they handicap profitable yield farming, which requires flexibility to chase high APY.
Don-key’s new security solution will utilize an elegant combination of decentralized insurance solutions, liquidity collateral, and in-depth team background checks to ensure that security is achieved with as many failsafes as possible. Beyond radically reducing the potential for hacks, similar to the previous system, farmers will never have access to user funds, but will only design the strategies that the funds are routed through.
The Improved Dapp Will Go Public
By the end of August, the team will put the finishing touches on Don-key’s improved platform, and will test it rigorously before public release.
Thank you to the community members whose feedback have helped shape Don-key’s improved product; your involvement has been invaluable and will continue to be something the team utilizes as they bring to market the most intuitive, profitable, and retail ready yield farming product.
