📈 Origin Story
Squirrel Finance platform launched on Ethereum in 2020 with the rise of DeFi farming. The problem introduced was some of these experimental farming projects can leave unsavvy farmers exposed if something were to go wrong. Because of the crazy APR % some of these can offer in the first few days, many users completely neglect to account for the possible risks introduced (Yolo-farming). Insure was designed to mitigate this by providing farm insurance cover, e.g. compensation should something go wrong whilst farming.
However the tokenomics of NUTS on eth was not fitting with the current landscape, besides the coverage it offered little incentives to use Insure -so getting adoption was hard. This is why a new tokenomics model was concepted.
📃 Enter NUTS v2
To kickstart adoption of our platform the decision to launch as a farmed token was taken. To further drive a catalyst for growth we decided to launch our v2 on BSC instead, due to its rise in single-asset farms (which Insure is designed for). NUTS began with an initial supply of 400k, migrated from the v1 tokens on eth, and slowly grows as NUTS are rewarded to farmers in the pools. As well as this, NUTS are added as collateral to the external farms (such as CAKE) as insurance coverage for farmers.
Insure is Squirrel’s flagship product, and we believe is the evolution of Yield Farming. This product will allows farmers to join suitable DeFi projects confidently, knowing their assets are safely-backed in the event of unfortunate events such as smart contract issues. Farmers will automatically receive a NUTS payout should the farm fail to give them their deposit back. In return Insure farmers pay 20% of their yields to NUTS staking pool.
(For details about redemption/airdrop for old v1 eth holders read previous announcement here!)