Dego Finance

Dego Finance is a decentralized ecosystem that offers a diverse combination of non-fungible token (NFT) and decentralized finance (DeFi) tools. It is an independent, open NFT ecosystem. The Dego Finance protocol allows NFT trading, mining, and auctioning, as the team sees NFTs having more potential use cases than being digital representations of unique items. The developers have worked to incorporate a layer 2 cross-chain system where developers can create blockchain projects for NFTs.

Any user is allowed to launch an NFT and initiate mining, auctions, and trading, covering the entire lifecycle of the product. Dego’s NFT protocol is a cross-chain, second-layer infrastructure for blockchain projects that can be leveraged for user acquisition and token distribution.

Dego.finance also offers a cross-chain infrastructure to enable blockchain projects to grow user base, distribute tokens, and develop diverse applications. DEGO is building a parachain through Substrate, enabling cross-chain NFT asset transfers, combining applications and underlying protocols.

DEGO are ERC-20 tokens are minted via liquidity mining. They serve as the governance and equity token of the Dego ecosystem. Users that hold DEGO can participate in community proposals and voting and receive continuous dividends. DEGO has adopted a fair distribution system with no private placements or pre-mines.

For users to receive DEGO tokens, they can either participate in liquidity mining or simply buy them on centralized or decentralized exchanges. Token holders receive dividends from a dividend pool that is filled using a 0.25 percent fee from a transaction. These tokens are used to mint different NFTs, as well as with ERC-20 and BEP-20 tokens. The NFTs are backed by tokens deposited during the mining process, and, notably, these tokens can be later decomposed to release the tokens.

With Dego Finance's combination of NFT and DeFi tools, it provides new features for NFTs, including a unique infrastructure with an independent ecosystem where users can trade, mine, and issue their own tokenized products. As well, the Dego NFTs have six grades: Bronze, Silver, Gold, Platinum, Diamond, and Kryptonite. Each grade offers a specific power and mining efficient, with Kryptonite being the most valuable.

The greater the mining efficiency of the NFT, the greater yield earned when staking NFTs to receive DEGO. Further, Dego Finance is working to provide their NFTs with more features to move them from being digital representations of unique items. This includes developing a module capable of combining gaming and finance by allowing mining, creation, and auctioning of NFTs into GameFi.

Dego Finance is compatible with various cryptocurrency wallets:

On February 10, Dego Finance announced on the company's Twitter that it had been hacked. Following the alert, Dego joined forces with cryptocurrency exchanges such as Binance, Kucoin, and Gate.io to close deposits of its native governance and equity token. The protocol also urged Uniswap, PancakeSwap, WazirX, among others, to do the same to mitigate the losses. Following the hack, the price of DEGO took a 20 percent slump.