DEFLECT Protocol: Now with more Circuits of Value
If you’re a newcomer, the first thing to do is read this webpage about COVAL.
You came here for COVAL (and you’ll leave with more COVAL in your bags), but first you need to understand a little bit more about DEFLECT Protocol ($DEFLCT). Directly form their website (which you’ll visit through this tutorial):
It is an Ethereum token that improves on the many innovations of Reflect (RFI). These improvements consist of upgraded tokenomics via an increased token burn rate, liquidity locking to prevent “rug pulls” which increases the decentralization value, and also provides utility functionality for external tokens inside of the DEFLECT ecosystem.
Deflect is an integration platform that provides solidity power, smart contract tokenomics, and ecosystem mechanics advisory and maintenance to other blockchain and defi projects. Those integrations are built on top of a rug proof, fair launch smart contract foundation.
The ecosystem is fueled by the DEFLECT token, a truly native inversed fraction reserve-based medium of exchange and store of value.
Deflect provides Liquidity platform for external projects & also offers them a fair launch launch-pad and Tokenomics/ecosystem support. And Smart-Contract building/deployment for external projects. It’s a DeFi Hybrid of all the best bits of defi. Everything is open source in the code.
This is Deflect:
- Unlimited scalability
- Unlimited funding potential
- Gas-less re-distribution
So how do you get your hands on some of that sweet, sweet 25,000,000 pool of COVAL Tokens? This is the way
Purchase DEFLCT Tokens on Uniswap! You could purchase some DEFLCT with ETH, USDT, RFI, or RFR on Uniswap.
Now let’s add some liquidity. If you haven’t done this before, then you’ll find that it’s quite easy. First, as always, make sureyou’re connected to your wallet. In the above screenshot, you should click “+Add Liquidity”. You should be taken to this page, which magically appears on your computer screen through something called ‘Computer Science’.
After entering an amount of both DEFLCT and COVAL, you will be asked to “Approve” your tokens before you are allowed to add supply to the liquidity. This will costs a little bit of that all organic ETH Gas. Once approved, you’ll click “Supply”, and then again “Confirm Supply”. And once again, you’ll need to put a quart of Gas into the ETH machine to complete the transactions and receive your LP Tokens (Liquidity Provider) in your wallet. If you want your liquidity tokens to appear, you’ll need to “Add Tokens” in your wallet using this contract address: 0x44143818ff5bb762fcbf640871d6dd70da39e6d6 which could be found here.
Now that you have your liquidity tokens, head over to the pools at DEFLCT: https://deflectprotocol.io/pools … Find our DEFLCT/COVAL pool busting at the seems with 25 million COVAL. It’ll look something like this (MUST HAVE WALLET CONNECTED TO VIEW POOLS):
You’ll click on “Approve DEFLCT/COVAL to stake” and confirm the approval in your wallet. Once the approval transaction is completed, you may need to refresh the page so the display for the DEFLCT/COVAL pool can change to the image below. Enter the amount you want to stake, confirm the transaction and pump it full of your locally-source ETH gas, and wait for the transaction to be completed.
Congratulations your staking is now earning you COVAL!
You can BOOST your stake in a number of ways — to understand all the details, vist Deflect’s webpages. But this is COVAL so let’s look at the Boosts available for the DEFLCT/COVAL pool. Right now, you can Boost this pool with RFI, LINK, WBTC, or MATIC. In this example, you can which token you want to boost and submit another Approval transaction. When that’s complete, you may SPEND (key word: spent, it’s a purchase, you’re buying a Boost here so you won’t get that token back when you Claim and Exit the staking pool — there are no redistribution of spendables back to token holders). If I wanted a 50% Boost in this COVAL pool, then I could Spend 40 LINK to get that.
At this point, you’ve probably spent enough time on the pool webpage, so you discovered that you can Spend your COVAL for a Boost in the DEFLCT/RFR pool. Which could be pretty lucrative if you wish to participate in multiple pools!
