Decentralized Finance (DeFi) projects have been on the increase since the advent of DeFi, and the year 2020 saw many DeFi projects getting launched for different purposes, but primarily as a way to bridge the gap between the world of decentralized markets and traditional finance systems. With the growth of DeFi came another way for DeFi investors to earn income, and this was through a process called “Yield Farming”. One of the features of yield farming that seemed to attract a lot of investors was the fact that they could earn as much as 10% APY, and thus more people got interested in hedge funding.
However, the unprecedented growth of both Yield Farming and DeFi may have been quicker than anticipated, because in no time Yield Farming projects began to experience difficulties and irregularities from within the projects. Investigations and analysis about the downward trend of Yield Farming revealed that the innovation was being challenged by three major flaws that include hyperinflation, a lack of intrinsic value for the project’s incentivized tokens, and a not so pleasant user experience (UX). Those challenges were not enough to scrape a profitable venture like Yield Farming, and thus the CEO of Gourmet Galaxy, Hubble reached out to the CTO, Matrix, and together with the team they provided workable solutions to the challenges.
Gourmet Galaxy is a blockchain-based project that combines gamification, NFTs, and Yield Farming to surmount the challenges experienced by other yield farming projects where intrinsic value is a myth. For those who are familiar with the crypto space, you may have heard of “CryptoKitties” that was introduced in 2017, where users got real value for digital pets they got from the platform. CryptoKitties attributes some of its success to the NFT technology that tokenizes real value. This same technology is what Gourmet Galaxy has adopted for its Yield Farming project, such that tokens will not only have intrinsic value, but also function in different real world use cases.
There are four main products from Gourmet Galaxy, and they include:
Being able to swap tokens is an important part of yield farming, and GUM Swap was created for this purpose. The swap protocol can be understood and used easily, and its design is based on similar protocols used by SushiSwap and Uniswap. On the other hand, GUM Farming refers to the platform specifically set up for yield farmers to use for their yield farming investments, and it will be made available to potential investors in the first quarter of 2021. One of the advantages that GUM farming has over other yield farming platforms is the high value profitability it gives.
The gamification of the system is a good move to improve on the user experience with the yield farming process, and the NFTs Universe also makes it possible for the project to get intrinsic value. With it, users and investors will enjoy real use cases of the tokens for different purposes.
As the name implies, the Galaxy Market is a platform to facilitate the exchange of the platform’s token GUM for other tokens to be used on the Gourmet Galaxy platform for the creation of planets.
Basically, the team behind Gourmet Galaxy is looking to provide users and investors with a seamless and user friendly platform where they can perform their yield farming activities without experiencing problems, and while enjoying high value profitable from the yields. This they hope to achieve through the products they have made available.
It may interest you to know that aside the GUM token, there are other tokens on the platform that are referred to as Gourmet Galaxy NFT tokens, and they are used for different purposes within the Gourmet Galaxy ecosystem. The three major tokens used on the platform include:
This is a utility token (ERC-20), and it has different uses on the platform. It is used as an incentive to reward users of the platform that contribute liquidity to the yield farming project. The token is also used for accessing the Gourmet Galaxy platform and participate in the game where users build/buy planets and food on the food market. Furthermore, it is also used for governance, and as a model for revenue sharing.
This is an ERC-1155 token that is non-fungible, and users of the Gourmet Galaxy platform need it in order to build individual PLANETS. FOOD’s price is expected to increase with the rise in market demand.
The PLANET token is an ERC-721 token that comes with two types of value: as a factor of the GUM rate, and also dependent on the price of planet at the marketplace. PLANET has different types of rarity, and the value of its selling price is also dependent on how rare it becomes. It may interest you to know that PLANET has 8% APY and in some cases, users can get 15%/year.
The game play (yield farming process) is quite easy to understand. The first step is usually to get GUM by swapping assets like ETH, DOT, USDT, etc, and then purchasing FOOD with the GUM token on the Galaxy Market. After getting some FOOD, the next step is to use the FOOD and amazing recipes to create unique a PLANET. From the PLANET the user creates, they can generate more of the three different tokens, and then swap them into the assets they used to invest (reap the profitability of their yield farming activities). The process can be repeated as many times as possible.
As mentioned earlier, three highlights of the Gourmet Galaxy solutions include the ease of use of the platform, the availability of intrinsic value, and absence of hyperinflation of tokens. These highlights are the advantages that Gourmet Galaxy has over other yield farming projects. As part of the future plans of the platform, the team intends to ensure that the tokens become versatile and be able to function as part of the Polkadot Framework.