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JetFuel Finance review: An aggressive yield farming and DeFi Ecosystem on BSC

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Written by   181
1 year ago (Last updated: 11 months ago)

This Jetfuel Finance review provides you with a comprehensive overview of the project.

And the aggressive yield farming and DeFi ecosystem they're building at a rapid pace.

What is Jetfuel Finance

Jetfuel is a one-stop-shop yield farming and DeFi ecosystem.

The projects claim to be more than just a yield optimizer.

It is also a yield farm, yield optimizer, staking and lending and borrowing platform, launchpad, and a decentralized automated market maker (AMM) exchange.

The Jetfule yield appetizer combines the best features of the most successful DeFi projects such as Compound, Fry.World, Yearn, and Harvest. 

And applied these, to build the most aggressive and innovative yield farming and yield aggregator platform on the Binance Smart Chain (BSC).

The Jetfuel Finance team

The Jetfuel team is anonymous.

But according to information that was made available during their last AMA with the bsc.news people, the Jetfuel Finance team consists of 17 people in various capacities.

From project management teams to developers and community managers.

Below is a breakdown of the team's structure as provided during the aforementioned AMA.

CEO/Leader: Flight Commander Miro

Taking the role of the "CEO" or as he calls it "leader" is a member that goes by the pseudonymous name "Flight Commander Miro".

Miro is the "lead developer" and oversees all technical developments of Jetfuel and Fortress.

Other members of the Jetfuel Finance team are:

  • A front end Project Manager

  • 2 Front End Developers
    -1 for Jetfuel
    -1 for Fortress

  • 1 Designer for both Jetfuel and Fortress

  • 2 solidity developers committed to Fortress

  • 5 Community Managers for the main Telegram group

  • 2 Moderators for Jetfuel Spanish Telegram group.

  • 1 Moderator for JetfuelSri Lankan Telegram group.

  • 1 Moderator for Jetfuel Turkish Telegram group.

Features of Jetfuel Finance

As mentioned at the beginning of this post, Jetfuel comes with a complete suite of DeFi services and solutions.

Some of which are already functional and others still in development.

We will highlight and discuss in as much detail as possible all the features of Jetfuel Finance that make it unique and different from other DeFi projects and yield aggregators.

Features of Jetfuel Finance

  1. Yield farming and optimisation

  2. Staking and governance

  3. Lending and borrowing

  4. Launchpad

  5. Decentralized exchange

Let's examine each of the above aspects of Jetfuel Finance features and functionalities in detail below.

1. Yield farming and Optimisation

Jetfuel is first a yield farming and optimisation platform.

And FUEL, the native token of the platform was the first to be opened up for farming on Jetfuel in early December 2020.

Currently, there are 21 different, fully audited vaults which users can use to farm different single tokens and liquidity provider tokens (LPs) on the platform.

This is out of the 50 vaults the project is aiming for in the short term (1 month or less).

And up to 150 vaults is planned to be released over the long term.

Vault are smart contracts programmed to optimise yields for the users.

Once you deposit your single or LP token into a vault it automatically farms, harvests, sells the harvest, uses the returns to buy more of the token you staked, and deposits it into the vault to compound faster.

All with the user having to lift a finger.

All vaults are programmed to farm, harvest, and reinvest the harvest every 4 hours (6 times a day) to give users maximum returns through compounding.

And users can actually call the harvest function and compounding more frequently if they like.

By using a "call for harvest function" which forces the protocol to harvest immediately and reinvest the earnings to compound even more quickly.

The user who calls this function will be rewarded with 0.5% of the harvest as wBNB.

However, hitting the harvest call function too frequently might be a fruitless effort, if the accrued harvest is too small.

Crypto Girlfriend explains the Jetfuel vaults below.

2. Staking and governance

There are two tokens on the Jetfuel Finance platform —FUEL and JETS.

FUEL is the native currency and farming token of the platform which can be traded on exchanges.

And JETS is the staking and governance token of the Jetfuel ecosystem which gives its holders voting rights when governance is activated.

JETS are created when you deposit and stake FUEL into the Jetfuel staking contracts —otherwise known as The Hanger.

Which then entitles the holders to earn FUEL from multiple sources.

For example:

Every transaction involving FUEL incurs a 2% tax.

1% of which is burned and the other 1% is sent to the staking contract to be distributed among JETS holders.

Which means that every time FUEL is bought, sold, harvested, transferred, or put into a liquidity pool, staking contracts is replenished with FUEL.

  1. Every day, 60% of the FUEL in the staking contracts is sent to JETS holders.

  2. 4% of every Jetfuel vault harvest is sold and used to market-buy FUEL and sent to JETS holders.

  3. Furthermore, a percentage of the net profit from Jetfuel Fortress Lending and borrowing protocol will be used to market-buy FUEL and sent to JETS holders.

  4. Again, a percentage of all exchange or swap fees from Jetswap (DEX) will be used to market-buy FUEL and sent to JETS holders.

  5. JETS holders will have the opportunity to stake their tokens and earn a share of the launchpad tokens.

These are just a few of the many ways JETS holders are empowered to earn FUEL.

The Jetfuel ecosystem is obviously developed to massively reward long term holders of JETS and FUEL.

And staking FUEL to get JETS which in turns helps you to earn more FUEL from multiple sources seem to be the best use of one's FUEL

However, you should note that when you stake your FUEL and get JETS, to convert your JETS to FUEL, you will pay a "tax" of 2.5% on it.

This is to discourage short-term players and encourage users to stake their FUEL for the long-term.

Finally, JETS is expected to have its own stand-alone staking pool for yield farming across BSC.

Thus offering a further opportunity for JETS holders to receive yields outside of the Jetfuel ecosystem.

3. Lending

Jetfuel also plans to launch a crypto lending platform known as "Fortress Lending" —A fork of the Venus and Compound Finance lending protocols.

Fortress Lending is expected to be operational on both the BSC and Ethereum blockchains within one month or thereabout.

Along with is a third token within the Jetfuel Finance ecosystem called GFORCE.

GFORCE is expected to function similar to JETS.

And it will be providing passive rewards to JETS holders.

The core of GFORCE will be providing passive yield to JETS holders and partnership opportunities, and staking opportunities.

4. Launchpad

Also, still in development is the Jetfuel Launchpad.

The first launchpad project to launch on the Jetfuel launchpad was Vapor.

Which was successful and now has a FUEL farming pair, vault, and JETS staking for Vapor.

More token sales via the Jetfuel Launchpad are expected within the next month.

5. Decentralized exchange

JetSwap, an innovative and ambitious automated market maker (AMM) and decentralised exchange is set to be added into the Jetfuel Finance ecosystem of DeFi products within the next two months.

Is Jetfuel Finance Legit?

The first thing to note is that the Jetfuel Finance team is completely anonymous.

But it's obvious they have a lot of experience in the cryptocurrency and DeFi markets.

More so, their Master Fuel, JETS, and FUEL smart contracts have been audited by "Vidarr the Auditor".

Which seem like a one-man smart contracts audit consultancy.

And it is the first time I am hearing about him.

That does not in any way question his authority and skill and is just a side note.

Overall, the contracts have performed as they should since December that they were deployed with no single problem so far.

Plus all the individual vaults are audited before launch and have been working as expected.

All these lend some credibility to the protocol and the team.

And everything else points to the fact that the team behind this project are in it for the long-term.

As always, invest only what you can afford to lose.

Conclusion

It's obvious that the Jetfuel Finance team are thoroughly experienced and skilled in the cryptocurrency and DeFi space.

And there's no project like it on BSC or the entire DeFi space. 

But I feel it's kind of complex for the average user to understand. 

It took me a while to grasp some of the features and functions of the platform.

Even so, I only managed to do so while researching and putting this post together.

I have been farming fuel for about a month but not on Jetfuel Finance.

I started farming it on Beefy Finance when they launched a vault for the FUEL-BNB in late December started at an outrageously high APY of 2.7% daily. 

But the price of FUEL has since plummeted from $80 to sub $40 and slowly climbing back up.

It's currently trading at $60 and my LP token has grown by over 55% so far.

Despite the price dropping so hard I am still in profit and hoping to ride it higher.

But I will be cautious given that the team is anonymous and the project looks unnecessarily too complex.

Trying to be everything to everybody, a one-stop-shop DeFi ecosystem comes with higher risks.

And therefore, I will only use money that I can afford to lose to ride this high-risk high reward yield farming and staking opportunity that Jetfuel Finance offers.

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Written by   181
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