Rigel Finance | A Modern Day Cryptocurrency Platform for Individuals and Businesses
“Automated Market-Making Decentralized Exchange,” this statement realizes itself with the five instruments available on the platform for the users. This includes RigelSwap Exchange, Rigel Liquidity Pools, RigelFinance Farms, RigelFinance Staking, and Rigel Wallet. Rigel Finance is built to become a strong, stable, and highly productive cryptocurrency platform for the users.
Rigel Finance Protocol and its Deflationary Nature
Rigel Finance has its own exchange Rigel Swap that holds tokens that can be used to add liquidity to the Rigel pools. On the platform, the users can stake and farm and stand to gain from the rewards earned by these functions. The swap exchange system allows replacing any type of ERC20 token with another ERC20 token via automated liquidity pools.
The liquidity providers are responsible for providing enough liquidity to these exchanges, and they stake their tokens in the pools. In exchange for their staking, the providers will get RLP tokens in reward. Out of the 0.3% fee charged on every exchange, 0.25% is given to the liquidity providers.
The deflationary nature of Rigel Finance comes from the fee burning mechanism. In the first year of its operation, all the listing fees on the platform will be burned. In the second year, 50% and in the third year 25% of the listing fees will be burned. With this process gradually Rigel Finance will induce an increase in price.
A Quick Overview of Yield Farming and Other Instruments on Rigel Finance
Liquidity pools represent smart contracts with funds connected to them. The users’ fund these pools, which then enables the marketplace wherein the users can exchange, borrow, and lend tokens.
Rigel Finance is also a DeFi platform, which means that every transaction fee will go to the StellarNursery smart contract and the liquidity providers will earn a reward from that fee. As it is with all the other DeFi platforms, the reward generated for the liquidity providers is in alignment with the amount of liquidity they provide.
The funds deposited in the pools are stablecoins that are pegged to the USD. Rigel Finance has yield farming for 18 pairs of coins. For the RIGEL-ETH pair, the farmers will get 15% RIGEL per block and for other pairs, it is 5% RIGEL per block.
In all these transactions and functions, early farmers stand to earn more. Furthermore, there is no need to go to Uniswap to buy RIGEL, users can buy the RIGEL tokens from the RIGEL exchange and swap their coins.
When it comes to staking, there are two things that a user needs to understand regarding Rigel Finance. The first is xRigel, and the second is Rigel. xRigel is minted by staking Rigel. And based on the amount of xRigel minted, the users will earn a portion of the swap fees.
This means that relative to the weight of staking, the users will be able to mint xRigel, and based on the latter’s amount, the users will earn a reward. Another aspect of this instrument is OrionNebula. It is a different pool that will be filled with trade fees, collected from all the other pools.
Once the reward distribution command is given to this particular pool, all the collected funds will be sold and turned into RIGEL from the same Rigel Finance Exchange.
Project Listing with Rigel Wallet
The Rigel Wallet does not store any amount of cryptocurrency on itself. Instead, all the money is saved on the blockchain, the wallet only gives users access to their funds whenever and wherever they need them.
The users can send and receive money in the wallet, it supports all the ERC20 tokens and has support for the WalletConnect protocol. Another aspect where the Rigel Wallet is better than others is where it allows other cryptocurrencies to be listed on the wallet’s interface.
However, there are conditions for the same. The cryptocurrency must have an ERC20 address, a minimum of 100 token holders, and 500 transfers. The listing fee on the Rigel Wallet is $50.
To Sum It Up
With a circulating supply of 7482 RIGEL, this cryptocurrency aims to increase the supply to 30.000 RIGEL by the end of December 2022. As of now, Rigel Finance is already listed on 4 exchanges, which are Bithumb Global, Bilaxy, RigelSwap, and Uniswap. More exchanges will be added to this list. Rigel Finance offers some great solutions for individual users while helping them get the best out of their investments.