FarmBit Pool: Introducing a Cheaper and Equal Access to DeFi for Businesses from Emerging Markets
FarmBit Pool is an open marketplace for businesses that lets users put their assets to work and earn stable yields in stablecoins.
Users subscribe to high yield businesses using their FMB tokens
Trade Invoices from emerging markets are converted into Non-Fungible Tokens (NFTs) to access instant financing on FarmBit Pool.
The FarmBit Pool platform consists of three features: Subscription, Pool Receipt as NFT, and Unsubscription.
To subscribe to any open pool, users must own a minimum amount of FMB token.
In this guide, we’ll walk you through FarmBit Pool and the steps you can take to participate in your first Subscription.
African suppliers lack flexible credit, buyers take a long time to pay. Introducing FarmBit Pool, an open marketplace that lets users put their assets to work and earn stable yields in stablecoins.
Say company A has an invoice from company B for products delivered or services rendered, but payment will be ready in 90 days. Causing cash flow and scalability problems.
At any given time, millions of suppliers from developing countries in Africa and Asia are waiting to be paid by their customers. At this moment, over USD 80 Billion are locked up in outstanding payments. As a result, businesses in Africa struggle with access to cash and are unable to grow or even pay their bills.
On average, suppliers in Africa wait for 68 days to get paid by their customers. Unfortunately, banks and other traditional financial services are not available for most of these suppliers.
Get Started With FarmBit Pool
FarmBit pool allows users to subscribe to businesses with their FMB tokens to earn stablecoins. The number of tokens you earn is relative to the number of FMB tokens you subscribe to the pool. This is to ensure all participating users stand a fair and equal opportunity to share in interest provided by these businesses in stablecoin.
The FarmBit Pool platform comprises three features: Subscription, Pool Receipt as NFT, and Unsubscription.
To participate, users must hold a minimum amount of FMB token. Pools are open for subscription for a determined period, usually less than 3 days. So if you find any interesting pool you want to join, make sure you’re holding the minimum token requirement in your wallet.
Every pool represents a real-world business from emerging markets. By subscribing to any pool, you are directly providing liquidity for a discount of their trade invoices.
Pool Receipt (NFTs)
Once you subscribe, you will automatically receive an NFT as a receipt representing your subscription to that pool. This NFT holds the value of your subscription and your expected yield. You can choose to sell your NFT at any time.
To unsubscribe, you simply have to wait for the asset maturity and click on the “unsubscribe” button on your NFT. You will automatically receive your subscribed FMB tokens and yield in BSUD (Stablecoins). You will be charged a standard unsubscription fee in FMB tokens.
Note: Your tokens will be locked according to the asset maturity. But, you can sell your NFT at any given point, which will allow the new owner of the NFT to claim subscribed tokens and yield at asset maturity. This is where FarmBit NFT Marketplace comes in handy. It should be ready by the second quarter of 2022, in accordance with our roadmap.
Our built-in yield calculator will help users automatically calculate their expected yield.
Step-by-Step Guide on How to Subscribe to Any Pool on FarmBit Pool
●. Web3 Wallets like MetaMask, Trust Wallet, and others.
●. A minimum amount of FMB token in your wallet.
Step 1: Download Your Web3 Wallet and Go to the Built-In Browser
●. Visit farmbit.io and click Launch App. Click.
●. Connect Wallet and make sure you are connected with the right account.
●. Go to the Pool section and browse through all the available pools.
Step 2: Hold the Minimum FMB Requirement.
●. Click the pool and go through the pool details.
●. If you are ready to subscribe, click the Subscribe button and input FMB tokens or choose Max.
Step 3: Pool Receipt (NFTs)
Now that you’ve successfully subscribed, you will instantly get the pool’s NFT, representing your subscription.
During this Phase, users have the option to sell their NFT to anyone or wait till asset maturity to claim tokens and yield. The number of subscribed FMB tokens will determine the number of stablecoins to be earned by users from any given pool.
Step 4: Unsubscribe and Claim Yield
Once the asset maturity has reached, users can unsubscribe their NFT by clicking the Unsubscribe button on the NFT. This will automatically unlock subscribed FMB tokens and yield.
Successful buyers of any NFT from the FarmBit pool will find their purchased NFT in the My NFT.
FarmBit Pool is a real-world DeFi marketplace, with a comprehensive NFT platform that bridges the gap between business owners, suppliers, and much more. To be the first to learn about our latest news, follow FarmBit on Twitter or join our official announcement channel.
For more detailed information on how to use the FarmBit Pool, refer to the following FAQs and guides: