Learn All About What a DeFi Ecosystem Is: With Special Guest Karega McCoy [Founder of SmurfSwap]

Learn All About What a DeFi Ecosystem Is With Special Guest Karega McCoy [Founder of SmurfSwap]

SUMMARY KEYWORDS

crypto, token, smurf swap, smart contract, swap, defi, nft, yield farming, crypto gaming, platform, blockchain, staking, type, offer, people, yield, stack, project, listeners, ecosystem, token holders, episode, create, pancakeswap

00:01

Welcome to the New To Crypto Podcast designed to guide you through the crypto landscape with pinpoint accuracy created for the new and intermediate crypto investor. Join your host Crypto Travels Michael as he takes you through the different facets of getting started and succeeding in your crypto journey. New To Crypto Podcast brings you new episodes daily Monday through Friday with surprise bonus episodes sometimes on the weekend. Let me ask you, Are you new to crypto and don’t know where to start? Are you more experienced but have questions? Then you’re in the right place. This podcast is designed for you coming at you from the training center in the lifestyle design studio. Here’s your host Crypto Travels Michael.

00:51

Hey, welcome to today’s podcast. I’m really excited today. I have a special guest here. And I’m excited to talk to you today about a new defi project recently launched on the Binance Smart Chain and I’m joined here today by the project founder. He has over 20 years experience in the IT industry. And he’s worked on 100 projects for enterprises, public institutions and medium sized businesses. He ventured out into blockchain in 2017, and focused on platforms like Ethereum, Hyperledger, and Tron, I’d like to introduce you to Korea McCoy here in today’s episode. Welcome to the show.

01:32

Michael, thanks for having me.

01:34

Absolutely. Tell us so just give us a little bio about yourself and your awesome new project that you’ve launched. We’re gonna get into here shortly.

01:42

Well, you said so much. You know, I have 20 years experience in the IT industry. I have focused mostly on E commerce and E business for around four or five years ago, I wanted to focus my career in a different direction. And I wanted to focus on blockchain. So I started developing on platforms like Ethereum, and Tron. And ultimately, I launched a project just this past 30 days called Smart swap. And it’s on the binance smart chain. And it’s a great defi project that’s great for beginners to learn about things like staking and forming NFT.

02:19

Awesome. So let me just drop that URL for the listeners. It’s smurf swap dot finance. And you and I actually spoke a few days back and you were explaining to me that you created an entire ecosystem. And you’re also building out the ecosystem. Can you elaborate a little bit about that for our listeners.

02:39

So Smurf swap is not only a token, Michael is an entire ecosystem. And the Smurfs token gives you access to many applications in the ecosystem such as smart stack. That’s our solution for staking. There are staking solutions that you find in blockchain. One would be Ethereum, where they create new tokens. Another would be similar to smart stack, where we charge transaction fees on any fees that happen in the ecosystem. Okay. Yep.

03:09

Excellent. Let me ask you a question we hear a lot. I know that this is a question that our listeners would love to know the answer to. And since we have a founder of an entire ecosystem right here on the show, let me ask you, what, what is farming? Can you unpack and break that down just for the listener?

03:28

So for me is a form of is a form of lending, where you actually let some entity borrow your crypto, and then they use that crypto in most cases of farming to to provide liquidity for specific tokens. So the crypto that you lend them, they’ll pay you some type of return that they decided in, you know, previous to blink, offering those terms. And, you know, they would actually give you some form of crypto, maybe whatever the platform in our in our, in our in the sense of smart swap, we would let you form and we will give you Smurfs. So if that explains it. It’s a form of lending. So you would lend someone your crypto, and then they would give you a return, whether in the form of yield or fees from liquidity pools, which is what most tokens are most platforms to do, such as a swap or sushi swap or pancake swap.

04:30

Okay, so you said you would in that situation or that example you would give Smurf. So Smurf is actually a token in your ecosystem? Yes,

04:40

yes, it’s the currency. So it’s the currency in the smart swap ecosystem, okay. And it’s basically the store of value for the ecosystem. So everything every transaction that happens is based on is based in Smurf Smurf is backed by USDC though as far as liquidity, so when you want to trade You trade in and out. It’s not backed by a volatile token, such as the binance token on the binance smart chain or some token, like Ethereum, or any other token backed by USDC. So it can have a pretty flat, you know, curve on when there is a price change, because it is a price token.

05:23

Excellent. That’s good to know, backed by a stable coin. So I’m on your site right now, smart swap dot finance and under markets on the left, you actually have Dex tools listed. So can you explain to our listeners, like if they’re not familiar with Dex tools? What is Dex tools? Because a lot of people in crypto, especially more experienced people in crypto, you know, that’s, that’s like something they’re using all the time, right? So

05:51

well, when you’re, you know, trying to learn more about crypto, you need some type of tool that’s going to give you analytics and DEX tools is one of those tools. It provides analytics on various ERC 20s, or any type of token that’s on on specific platforms that it supports such as Ethereum, binance smart chain, Matic polygon network, those types of blockchains, it supports analytics for so you can see charts, you can also see some security, they have some type of security audits that provide risk about a specific token based on the code that’s allowed to that’s available for them to analyze. So they’ve have some, it’s just a whole set of automated tools that provide analytics, similar to trading view, if you’ve ever used that. But these are more focused towards these types of tokens on these support chains, like, you know, uniswap, network type tokens. So I’m looking to swap something.

06:52

Okay, thanks. Yeah, thanks for sharing that for all the listeners, since we’re breaking down with some of the things that are in crypto. And since you’ve been in the industry, 20 years, let me ask you this. What is GitHub? I mean, we hear a lot in crypto about GitHub. And can you share with our listeners just a little bit about what that is?

07:11

Well, GitHub is basically the most popular version in software that’s used in open source community development. It is closely associated with crypto projects, because it offers a well known fleet free platform for developers to host their code repositories publicly. So if I’m a development team, and I developed some software, I would want to, you know, post my code publicly, so people that may have some skill set or even have, you know, the support that they need to analyze software can look at your code and see is safe, because, you know, that open source software is, is very crucial part of this industry. Because, you know, it offers collaboration, which a lot of these teams are open to collaborator, you know, collaborators, and as well as it provides a sense of trust through transparency when you you know, share your code with other teams.

08:15

GitHub is definitely the most popular in crypto, I would say where was the code for the project to share. You know, you mentioned Smurf stack just briefly earlier. And I know that it’s Merce swaps solution for defy staking, but can you open that up and share a little bit more about your project and what the Smurfs stack component is?

08:39

Well, there are many tokens out there, if you think a very popular one that is similar to the smart token would be safe moon and Safe Moon is a token that charges transaction fees whenever you make a transfer of the token where there’s two selling or buying it or sending it to someone else’s wallet.

08:59

 What makes Smurf the smurf stack platform different is that Safe Moon what they’ve done to create a hyper deflationary scenario is burn half of their tokens to a burn address. A smart stack has done different by instead of burning those tokens, they allocated them to a reserve. And with that reserve, excuse me, if I didn’t explain it properly. What Safe Moon does is when they take those transaction fees, they do one of two things: they distribute those feeds to the token holders, or they are added to the liquidity pool based on the percentages that they set for their feeds. Instead of having some tokens that are burned go to a burn address which means the third that some of the fees are distributed into space. Basically it’s a black hole. With Smart, the fees are distributed to the SMART Reserve that is managed by the smart stack protocol. And then those fees are distributed to those people that are staking in smart stack. Interesting. Those people that have deposited their Smurf into a smart stack would ultimately receive more than half of the supply of Smurf. So they would, they would they would be part of a supply that was more than half and they would be distributed the fees for whatever transactions happen.

10:30

Okay. Okay, well,

10:33

yeah, so allowing them to compound yield based on a concentration of supply.

10:39

Okay. I’m on your website right now. And tell us a little bit about what Smurf markets Smurf boost. You even have Smurfs museum with NFT. And Smurf village.

10:51

So yes, so actually mentioned a smart museum smart Museum is going to be the first. The next project is the next application that we will launch after smart stack. It’s basically the NFT market that allows you to buy and sell NF T’s smart swap which will offer some specialized in empties, that allow you to earn rewards or revenue from some other application, the first set of applications that will offer that that they’ll earn revenue from will be the Smart Village. So Smart Village is another staking protocol for other tokens that we see that we see need help with either governance, whether they have a problem with governance, so they have a large set of token holders, but they want to add some governance to add direction to the project that allows them to do that based on their token omics. So if they’re, you know, if they are yield tokens, which are called simply like safe moon and other tokens, those tokens offer yield to transactions. If they’re that simple, that type of token, then they would be able to join the Smart Village and use their yield to, you know, drive initiatives and other things.

12:12

So let me ask you, actually, because I’m on your website, and this is also very popular in crypto, you always hear about total value locked and TVL. Can you break down what that means for our listeners? What is the total value locked in crypto?

12:28

So total value lock is basically a term used to describe the total value of all of the assets locked in the platform’s contracts. Okay, that includes staking the yield forms, or any other type of application that holds value.

12:48

Okay, so it’s so it’s locked for like a specific amount of time

12:53

No, well, not just the certainly lots is, is the total value that’s the positive so you can have more more because some have some of these platforms lock them indefinitely. Some allow you to withdraw currently on on smart swap, everything is locked indefinitely, but it’s not like permanently, but it’s locked indefinitely. And there’s so we do have a governance layer that we’re adding sort of allow to control what’s being unlocked by token holders,

13:25

okay. And what is the what is a Smurf berry Bonanza and attack on Gargamel,

13:33

yet Smurf berry Bonanza is our Free to Play application allowing is pretty much a way for us to give our telegram users discord users web users, you know people who aren’t necessarily directly on the blockchain using some tool like meta mask access to play and earn Smurf through playing arcade games. One of those is going to be an attack on Garga mil which is a maze game that allows players to play around a 3d maze, sit and you know, attack other players and play competitively. Another one is that we haven’t mentioned or we haven’t announced, but it’s a telegram gang that you can play in telegram discord and online on the web.

14:23

Nice. Well you have so many different components to your ecosystem, what type of wallet you know on the top right here on your website to connect a wallet so what type of wallet can be connected and so and how can someone obtain Smurf like how how’s that possible

14:41

Currently we support our meta mask wallet, the smart chain the by Nance smart chain wallet, we also support the Total Connect Wallet.

14:54

So if I had USDC in my Metamask and I wanted to connect it and swap for Smurfs that would be possible.

15:01

Yes. And you can, you can swap for a Smurf on pancake swap on the binance. To convert from USDC on a specific chain, you would have to bridge it over. So you would have to use a bridge that supports your locality and various other rules. And you would bridge over to binance smart chain. And you could use that to then buy smarts, you can also buy a smart swap with any other token. But the main token that provides the liquidity value is USDC. So you can use any Ethereum binance token, a Bitcoin even, you know, a Wrapped Bitcoin, you can use all of those tokens to buy smurf.

15:15

So just head over to pancakeswap, and then swap with whatever token on pancake that you would like and obtain the smart.

15:57

Yeah, any token of any token you’d like on pancake swap dot finance. By clicking on the smart market link, you can click to smart spot trading, which does redirect you to sparse to excuse me, pancake swap. And from there you can purchase any other token that you like.

16:16

Okay. And on our blog post episode page from today’s episode, we’ll have all the links. And while the contract address, we’ll have the pancake swap, we’ll have the smart swap URL and, and also ways to reach out to Karega. For anyone who would like to reach out to

16:37

him. Thanks, Mike.

16:38

I absolutely, yeah. So do you have anything? Anything else you want to add that that, you know, we feel that we haven’t touched on yet? Or?

16:46

Well, one thing I want people to know about Smurf swap, Michael is that we want to offer a lot of next generation defi products we want people to understand about staking, yield farming, all those types of applications that that are in defy, but we want to offer them sustainable. Next Level crypto, and, you know, experience not just, that’s why we’re offering the NFT that’s why we’re offering the gaming platform. We want to want to provide value to create volume on our platform and disagree, you know, get noticed, right?

17:23

Grow the ecosystem. Yeah, I love the game. I love the ideas with the games. And in playing the game you’d mentioned that people can obtain or the games actually that people can obtain Smurf tokens?

17:35

Yes. So they would obtain the platform token, it’s free to play games that you would play online. In addition to that it will cause transactions which also create fees for the other platforms.

17:50

Excellent. There you heard it. You heard it here on the show. First, this is one of the newest defi projects on the binance smart chain directly from the founder, our guest kriega. We definitely thank you for coming here today and joining us and we look forward to having you back in the future. And thank you for joining us.

18:09

Thanks again, Michael.

18:10

All right, and we’ll have all the links on on the website of how you can reach out to to kriega and learn all about this awesome project. If you like today’s episode, definitely like and subscribe to the podcast, and I will meet you here on the very next episode. Until then, make it a great day.

18:31

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