Daily, new coins are being added to Coinmarketcap and Coingecko. One of the new Crypto gem listed is RiceSwap. RiceSwap follows in the footstep of other DeFi and AMM like Uniswap, Pancakeswap, and Sushiswap.
One outstanding thing about RiceSwap protocol is integrating both fiat and crypto on-and-off ramps for DeFi participation(AMM, Liquidity Mining, Farming etc.). This I believe is an attempt at getting more people into Cryptocurrency.
RiceSwap as a DeFi aggregator runs on Huobi’s ECO Chain (HECO) and also compatible with Alchemy payment protocol so as to lower DeFi barrier-to-entry.
Core Design
RiceSwap was built similar to Uniswap AMM model but also with token incentive added to improve liquidity. It also incorporates Alchemy Payment System for easy hybrid fiat and crypto payment system. This will allow any user, including fiat holders to easily access DeFi. This DeFi platform also comes with a “game of chance” economic model.
Governance
Holders of RICE token will have the right to govern the RiceSwap platform by way of voting and the right to distribute RICE project revenue, including liquidity pool fee sharing, payment fee sharing, RICE GAME prize pool rewards.
Platform Advantage
RiceSwap is on the HECO chain and this helps to increase transaction speed and with Alchemy strategic partnership to reduce transaction costs and barrier to entry, thereby becoming a bridge between traditional finance and DeFi through effective risk management mechanism.
Tokenomics
The total supply of RICE is 13.5 million, with no allocation to the project team, no Premine or Private Placement. The total supply is allocated to dynamic and game mining with daily reward at 288,000 RICE. At every 10 days cycle, daily rewards will be reduced by 20% as illustrated below;
• 1st 10 days: Mining output= 200,000
• 2nd 10 days: Mining output reduced by 20%= 160,000
Mining Pool Ratio
RiceSwap allocated 40% to RICE-Alchemy pool, 30% to RICE-ETH pool, 15% to RICE-Huobi Token pool, 10% for ACH Staking and 5% to the referral reward pool.
Cost Advantage
Due to high gas fee on the Ethereum Network, RICE was built on Huobi’s ECO Chain, where transaction fees are approximately 10% of Ethereum gas fee.
Getting started on RiceSwap
To farm on RiceSwap, you will have to first select a wallet compatible with HECO blockchain tokens or MetaMask. Note that RiceSwap is a Proof of Attendance Protocol token.
To configure your MetaMask, click on "add token", select "custom token", key in the ACH contract in the token contact address, and click next. Your wallet is ready to be used on RiceSwap.
2. Once you've connected your wallet, select a mining pool to mine from. As a first timer on RiceSwap mining, you will be prompted for authorization;
3. After authorization, click on the “Invest More” icon to key in the numbers of tokens for mining before confirmation;
4. You can then confirm gas fee. To view your mining assets and earnings, you can click on “RiceSwap”; and
5. To collect the earned tokens, click “Harvest”.
You don't have to work about rug pull with RiceSwap as their Smart Contract was thoroughly audited by Beosin Technology Co. Ltd with audit completed on 2021-02-01 and an overall score of distinction awarded to RiceSwap Project.
