Minimax Finance offers a remedy for the bear market. And hosts a Farming Competition

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

Moreover, the platform provides a solution for impermanent loss and token depreciation by letting users set stop-loss for their staking, lending and yield farming deposits. Take profit is also available. Conversion depositing makes it much easier to enter lots of Minimax vaults without having to switch between DEXs. Read on for more details.

The Farming Competition is about to begin!

The first Minimax Farming Competition marks a significant 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. Every person who deposits assets through Minimax is eligible for the Farming Competition. Additionally, the objective is to earn as much as possible, with a minimum participation deposit of $100. 

The competition takes place from July 5 to July 25, 2022. A dedicated Telegram announcement will ensure everyone knows when the festivities begin. Make sure to join the Telegram channel to receive a notification when the Farming Competition begins, as early participation will increase your chances to win an award.

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

  1. You can choose any vaults on any blockchain presented on Minimax platform.
  2. You can deposit any tokens you like to take part in the competition.
  3. The total size of deposits placed in the vaults during the competition should be worth more than $100. All deposits, not an individual deposit. E.g. if you have four deposits of $40, $30, $25 and $10 respectively ($105 in total), you qualify for the competition.
  4. Only deposits placed during the competition are taken into account. Deposits placed before or after the competition period will not be counted.
  5. If you place a deposit during the competition period, you will automatically take part in the competition, no need to do any additional steps.

Awards will be distributed across two segments: the absolute winners and the percent-based winners. There will be ten awards in total, with the winners across each segment taking home 1,000 USDT. Users who rank second to fifth will take home 500, 250, 150, and 100 USDT, respectively.  

The absolute winner has a simple objective: earn the biggest amount possible through the Minimax platform.

For the percent-based winner, the goal is to achieve the highest relative gain. It is a slightly more strategic approach to farming. 

Make sure to participate in the Minimax Farming Competition from day one to maximize your earnings and climb the rankings to compete for these lucrative prizes! 

What You Need To Know About Minimax Finance

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

Convenient Vault Access

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

That process is made possible thanks to Minimax integrating with the 1Inch DEX aggregator. 1Inch positions itself as the optimal router for token swaps, yielding the best exchange rates. Moreover, Minimax’s smart contracts bundle single tokens into LP tokens when necessary. 

Stop Loss And Take Profit Features

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

Such advanced features aid users in protecting investments from big losses amid market volatility and enable automatical fixing of profit when prices go up. 

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

With take profit a deposit will be extracted from the vault and converted to stablecoins if prices go up by a certain percentage. 

It is worth noting users can hold multiple positions within the same vault, each with different parameters. Enabling such a degree of customization is unheard of in decentralized finance and helps elevate Minimax Finance above the competition. 

Fueling Future Growth

The current look and feel of Minimax Finance make it a compelling solution for DeFi enthusiasts. Moreover, the team has forged several crucial partnerships and integrations to keep evolving and growing more robust:

  • Hacken: for smart contract audits
  • Chainlink Price Feeds: to pull 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
  • 1Inch DEX Aggregator: for optimal token swaps at the best exchange rate

The platform is constantly updated. Its developers deployed Minimax Finance across BNB Chain, Polygon, Fantom, Avalanche, Arbitrum and Aurora. More blockchains will be added in the future, as decentralized finance is a multichain endeavor. 

Closing Thoughts

There are many things to like about Minimax, including the various ways for users to customize their vault positions and protect their portfolios. Moreover, the solution to deposit any liquid asset to enter any vault is appealing and tremendously lowers the entry barriers to decentralized finance. It is a powerful addition to DeFi and one that hints at the multichain future of this industry vertical. 


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