The world of decentralized finance (DeFi) is fast evolving and as expected, it is faced with lots of challenges which most times involve cases of fraud whereby project developers pull rugs and do away with investors funds. According to research, rug pulls accounted for 37% ($2.8B) of crypto related scams in 2021 alone.
Decentralized finance (DeFi) is a secure emerging financial technology that helps to remove the control third parties such as banks and other financial bodies have over money and other financial products and services. Popularly seen as the future of money, defi has seen a huge growth in recent times bringing the total value locked in defi to over $200B In 2022.
Toad.Network is dedicating time and resources weekly to help answer any questions you may have on DeFi and Crypto in general. This takes place every Saturday from 10PM to 12AM UTC in the Toad.Network official Discord.
Please note that main purpose of these sessions is to educate people and solidify their knowledgebase and not to belittle other projects or solutions.
Since defi is seen as the future of money and due to the growth of defi platforms in recent times, they have become a target for scammers who make use of them to fraud investors by writing malicious smart contracts and in many cases, pulling out project liquidity. A recent case of defi related scam can be seen in the squid coin scam which was pulled following the success of the squid game TV series.
Having noted the problems associated with decentralized finance, let us introduce Toad.Network which is an ever-growing ecosystem which offers all in one solution for users and provides advanced solutions for projects. Toad.Network is a full suite defi ecosystem which intertwines many decentralized markets and solutions.
TOAD.NETWORK: AN ECOSYSTEM PROVIDING SOLUTIONS TO PROBLEMS OF DEFI
Toad.Network is a cross chain, multipurpose defi ecosystem developed to tackle and solve various problems of decentralized finance. Most of the solutions provided are liquidity related since this is a major problem in the world of defi. Toad.Network’s anti-rug system helps to ensure that investors are protected and cases of rug pulls are eliminated in the defi space.
Having a robust system which is made up of a unique anti-rug LP incentivization protocol (DPLP), multichain DEX/AMM (Padswap.Exchange) running on BSC, moonriver and moonbeam, a forever rising floor pegged index backing system (The Vault), unique drip yield farms (Farms), a new token launchpad (LaunchPAD) and a GameFi tool learning center (Toad Academy), Toad.Network is well positioned as an industry leader in the world of defi. It is also noteworthy to state that TOAD token holders can join in decision making in the Toad.Network ecosystem since TOAD is a governance token.
DPLP which stands for decentralized perpetual liquidity protocol is a new and experimental LP token farming concept only available on the Toad.Network ecosystem. The goal of DPLP is to decentralize a project’s liquidity by allowing the community to farm all team LP tokens. Besides providing more liquidity for users, this concept makes the project ‘rug-pull proof’. With DPLP, project developers do not have complete access to LP tokens since it is decentralized. The decentralized perpetual liquidity protocol aims to make DeFi ecosystems safer for all users by enabling a new mechanism to provide and maintain liquidity.
PADswap is a multi-chain decentralized exchange currently on the BSC, moonriver and moonbeam networks. PADswap is non-custodial, permissionless and uses an automated market maker (AMM) as opposed to order books used in centralized exchanges. PADswap also has low transaction fees and has an in-house cross-chain bridge as opposed to regular DEXs like Pancakeswap and Sushiswap.
Toad.Network has a highly secure vault which stores the native token (PAD) of PADswap. 0.05% of swap transactions on PADswap goes to the vault. The tokens accumulated in the vault act as a backing for PAD. This simply means that PAD is backed by small amounts of all traded tokens on PADswap and this backing amount grows with each transaction. PAD token holders can at any time burn their PAD tokens and in return receive equal percentage of backed tokens in the vault.
Toad.Network offers a farm that allows users to add liquidity or stake LP tokens in return for rewards. Farms available in the Toad.Network ecosystem include the PAD farms, the DPLP farms and the Partner farms. Further information regarding the farms can be found in the Toad.Network documentation.
The Toad.Network launchPAD provides a service for project teams to complete their token deployment and run their presales without writing a single line of code. Using the LaunchPAD, Toad.Network aims to protect investors by making sure that protect developers can neither rug nor act maliciously with LP tokens.
TOAD.NETWORK TOKENS AND USE CASES
Toad.Network makes use of two tokens which includes the $TOAD and $PAD tokens. $TOAD is a scarce governance token bridged to all supported chains while $PAD is the utility token of PADswap and is independent on every supported chain.
$TOAD is a governance token that empowers token holdes to join in decision making in the entire Toad.Network ecosystem. It is bridged across BSC, moonriver and moonbeam with a total supply of 200,000. With 5,000 burnt on launch, the Toad.Network charges no fees on $TOAD token buy, sell or transfer transactions.
$PAD is the utility token of the PADswap exchange. It serves as a basis of many farms and is used as staking rewards in PAD farms. It has a total supply of 200 billion and is deflationary in nature. It can be burnt to claim the vault backing and has 0% fees on each transaction. It is independent on all supported chains unlike $TOAD which is bridged across all supported chains.
Toad.Network has achieved all tasks stated in it’s road map since February 2021 and has since included some near future plans. Some of the features stated to be implemented in the near future according to the road map include:
- Upgraded Vault system
- First playable alpha of a TOAD game with NFT integration
- New Vault page
- New stats page
- TOAD DAO
- Make TOAD available to purchase through ATMs
- Auto-compounding farms
- Soma Protocol Launch (deflationary stablecoins)
- TOAD NFT Release
Toad.Network has a very vibrant community of loyal supporters across various social media channels. Follow Toad.Network across all social media below for information and further updates about development and release of new features.
You can get the Toad.Network’s documentation and the PADswap whitepaper by clicking the respective links.
Toad.Network aims to build an ecosystem that focuses on providing full suite DeFi protocols for projects in addition to protecting the interest of investors. It is safe to say that Toad.Network are tackling the problems of liquidity and DeFi related scams (rug pulls) appropriately.
Having secured partnerships with familiar names in the crypto space like blockfolio, XT.com, Token Sniffer, Poocoin and many others, it is evident that Toad.Network is well positioned as an industry leader and ready to take over the world of decentralized finance. The Toad.network is definitely an interesting ecosystem to check out as it is still in it’s early stage and looks very promising.