Decentralized finance (DeFi), has seen a boom in the last few years and shows no signs of slowing.
It all began on Ethereum. The peak of ETH DeFi occurred in the summer 2020, also known as the DeFi Summer. This also led to inefficiencies in the network such as inability to process large amounts of transactions or sky-high transaction costs.
This is why chains like the Binance Smart Chain and Solana, Avalanche, as well as layer-two solutions like Polygon saw an incredible surge in interest.
Many different applications were discovered, which suggests that DeFi products are in high demand. KillSwitch Finance aims to improve the popularity of yield aggregators (dApps) as they are among the most used decentralized applications (dApps).
What is KillSwitch finance?
KillSwitch Finance has developed a smart cross-chain yield aggregater that aims to improve the security and convenience of yield farmers in the Binance Smart Chain (KCC, Aurora, and Arbitrum chains).
It is easy to use and past experience is helpful, but not essential. It is easy to sell high-risk positions and unstake quickly, as well as withdraw liquidity in one click.
The platform wants to include a take-profit and stop-loss feature. This would allow users limit their losses and set profit targets. Users don’t need to keep an eye on it 24/7. This will also reduce human error.
Let’s now take a look at the best way to use it.
How to use KillSwitch Finance
The user will require a web3 wallet right away. We recommend MetaMask as it is the most popular non-custodial and easy-to-set up wallet.
Important: If you are installing the wallet for the first-time, be aware of phishing attempts and make sure you go to the right URL.
After you’ve done this, you can start yield farming by checking out the different features available on the platform. The page’s middle section will provide information about your current value, your deposit, KSW balance, as well as the KSW that you have earned and how you can claim it.
You can set the vault type and select the platform asset from the bottom bar. Additionally, you can add filters to suit your preferences.
Scroll down a bit further to see all the pools you can join and their current returns rates.
Here you can see how much KSW has been earned, what amount is pending to compound, your deposit and the total value locked.
Let’s say you want to make a deposit into the KSW pool via KillSwitch. You just need to click it and follow the simple steps:
After you have selected the amount that you wish to deposit, hit the approve button. If you are ready to claim your rewards after the time limit has expired, scroll down and hit “Claim”
It’s easy enough. However, there are additional features you can access in the left navigation menu.
Let’s now look at the different features of the platform. These are the things that make it stand out from other yield aggregators.
KillSwitch Finance Features
This is very interesting. This allows you to receive rewards that are automatically compounded back at your position by either the KillSwitch or other investors, who in turn would be rewarded for compounding for others.
You can stake in any pool with just one click using the mixture deposit. You can choose up to four assets to be the input. These don’t need to match the tokens in the pool.
This feature allows you withdraw any asset with just one click, without needing to go through a lengthy process.
Partners of the platform sponsor or endorse boost pools. These types of pools can offer higher rewards, but it is worth noting that they are endorsed.
Transfers from one pool to the other within KillSwitch are possible and there is no withdrawal fee – this can optimize your returns.
Take-Profit / Stop-Loss
This feature is only available if you have 500 KSW or more. This feature allows you to set stop-loss and take-profit levels, which can greatly reduce the impact of volatile movements in unfavorable direction.
This can be used for a variety of purposes, including to plan strategies, hedge, correctly calculate and set risk and many other things. This can reduce human error and the emotional impact.
Disclaimer: This feature remains in Beta. You should only use it with funds you can afford to lose.
The KSW Token
The ecosystem is built on the KillSwitch token, which serves as the governance token. KSW can be used for unlocking certain features of the yield aggregater, such as lowering transaction fees.
This is how the tokenomics look:
Is KillSwitch Finance safe?
First, you should remember that this application is decentralized and there is always some protocol risk. This means that no matter how thorough the audits are, there is always a risk of security holes.
Certik has audited KillSwitch and found some errors that were reportedly fixed. You can find the report here
Overall, the protocol is safe in and of itself, but you need to be careful about how you approach the DeFi space in general.
KillSwitch is a great platform for yield farming because it aggregates many different pools and offers many opportunities.
It’s also worth noting that the platform is relatively easy to use, although there are some things that are still to be fixed and/or are in beta, such as the take-profit/stop-loss tool.
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.