Minimax Finance offers a bear market remedy. And organizes an agricultural competition – CryptoMode

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Minimax Finance is a multi-chain yield aggregator hub, where you can stake, lend and mine cryptocurrencies – all in one place. Easy access to vaults from multiple blockchains, DEXs and aggregators on one page. You can choose chests from Aave, Venus, PancakeSwap, Beefy, Alpaca, Autofarm, Aurigami, Bastion, etc. on Polygon, Avalanche, BNB, Fantom, Arbitrum and Aurora.

Additionally, the platform provides a solution for impermanent losses and token depreciation by allowing users to set a stop-loss for their staking, lending, and yield farming deposits. Take profit is also available. The Conversion Depot makes it much easier to access many Minimax vaults without having to switch between DEXs. Read on for more details.

The first Minimax agricultural competition marks an important milestone for the Minimax project. It hosts a prize pool of 4,000 USDT, incentivizing users to generate passive income and get a nice reward. Anyone who deposits assets via Minimax is eligible for the agricultural competition. In addition, the goal is to win as much as possible, with a minimum participation deposit of $100.

The contest runs from July 5 to July 25, 2022. A dedicated Telegram announcement will let everyone know when the festivities begin. Be sure to join the telegram channel to receive a notification when the farmer contest starts, as early participation will increase your chances of winning a prize.

Everyone who participates will have a few simple rules to follow:

  1. You can choose any vault on any blockchain presented on the Minimax platform.
  2. You can deposit all the chips you want to participate in the contest.
  3. The total size of the deposits placed in the vaults during the competition should be worth over $100. All deposits, not an individual deposit. For example, if you have four deposits of $40, $30, $25, and $10 respectively ($105 in total), you qualify for the contest.
  4. Only deposits made during the competition are taken into account. Deposits made before or after the contest period will not be considered.
  5. If you make a deposit during the contest period, you will automatically enter the contest, no further action is necessary.

The prizes will be divided into two segments: absolute winners and percentage winners. There will be ten prizes in total, with the winners of each segment taking home 1,000 USDT. Users who place second through fifth will win 500, 250, 150, and 100 USDT respectively.

The absolute winner has a simple goal: win the biggest possible amount thanks to the Minimax platform.

For the winner based on percentage, the objective is to obtain the highest relative gain. It’s a little more strategic approach to farming.

Be sure to enter the Minimax Farming Contest from day one to maximize your earnings and climb the leaderboard to compete for these lucrative prizes!

What you need to know about Minimax Finance

The main goal of the Minimax Finance platform is to make DeFi investments easier to access and manage, safer and more profitable.

Convenient safe access

Their approach allows users to enter any of the vaults with any liquid token. For example, you can enter the CAKE-BUSD LP token vault without owning either CAKE or BUSD, as Minimax will convert the contributed liquidity into the correct asset. This approach removes the need for users to undertake multiple manual actions and streamlines the overall experience.

This process is made possible through the integration of Minimax with the 1Inch DEX aggregator. 1Inch positions itself as the optimal router for token exchanges, offering the best exchange rates. Additionally, Minimax smart contracts aggregate single tokens into LP tokens as needed.

Stop Loss and Take Profit features

Minimax Finance is a unique project as it provides stop loss and take profit functionality for lending, farming and staking, the three crucial pillars of decentralized finance. If you’re new to DeFi and don’t know what staking is you can find a detailed guide here.

These advanced features help users protect investments against large losses in volatile market conditions and enable automatic profit fixing when prices rise.

With the stop loss feature, users can have their stake removed from the pool and converted into stablecoins if prices drop by a specific percentage.

Along with the profit, a deposit will be mined from the vault and converted into stablecoins if the prices increase by a certain percentage.

It should be noted that users can occupy multiple positions in the same vault, each with different settings. Allowing such a degree of customization is unprecedented in decentralized finance and helps elevate Minimax Finance above the competition.

Fuel future growth

The current appearance of Minimax Finance makes it a compelling solution for DeFi enthusiasts. Additionally, the team has forged several crucial partnerships and integrations to continue to evolve and become more robust:

  • Hacker: for smart contract audits
  • Chainlink Price Feed: to extract accurate and decentralized price data for all supported crypto assets and ensure correct processing of stop loss and take profit events
  • Gelato Network: to ensure reliable processing of stop loss and take profit events
  • 1 inch DEX Aggregator: for optimal token swaps at the best exchange rate

The platform is constantly updated. Its developers have deployed Minimax Finance on BNB Chain, Polygon, Fantom, Avalanche, Arbitrum and Aurora. More blockchains will be added in the future, as decentralized finance is a multi-chain business.

Final Thoughts

There’s a lot to love about Minimax, including the different ways users can customize their vault positions and protect their wallets. Additionally, the solution of depositing any liquid asset to enter any vault is attractive and significantly lowers the barriers to entry in decentralized finance. It is a powerful addition to DeFi and one that hints at the multi-chain future of this vertical industry.

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