UAE Based DeFi project Sheesha Finance launches

UAE Based DeFi project Sheesha Finance launches

Sheesha Finance is a project  has been launched by UAE Crypto entrepeneur Saeed Al Darmaki. As stated in the their medium post," The team has put a lot of thought, time, effort and money into over the past four months. The idea came about after having witnessed the explosion of Decentralized Finance (DeFi) over the past year. We decided to participate in many platforms over the past year and started seeing what worked as a product/service and what didn’t. We then decided that we wanted to create a platform that was unique, easy to participate in, community-driven and fair to all participants." 

Sheesh Finance is a colloboration of a team of developers and industry professionals  who have been working for the past four months up to the launch.  Sheesha Finance has been bootstrapped by the founding team. The project is stated to have kicked off with a Liquidity Generation Event (LGE), on 17th of March  where participants contribute Ethereum (ETH) or Binance Coin (BNB) and in return get Liquidity Provision tokens (LP tokens) on the respective network they chose to participate in. In parallel to the LGEs running Sheesh Finance will also be carrying out an external audit of our platform to ensure it is secure and free from smart contract errors. Once this audit is complete, the LGEs will end and immediately thereafter participants will be able to claim and stake their LP tokens with the click of a button.

According to Al Darmaki,  as a participant in Sheesha Finance, users will have a quick and easy way to have a diversified exposure to a wide array of DeFi projects without the need to find these projects on an individual basis or invest in them directly. Think of it as a DeFi ETF! The finer details are that by staking LP tokens and staking Sheesha Finance native token, users will be earning rewards in the form of our native token, tokens of other existing DeFi projects and upcoming DeFi projects that are due to launch.

Not long after launch there are plans in place to hand over control of our platform to the community and the founding team to only support the platform thereafter. The community will control the platform in the form of a Decentralized Autonomous Organization (DAO) where our native token holders will have voting rights on important decisions related to the platform.

Sheesha Finance will be fair to all participants in the launch of the platform by ensuring the native token is priced the same for all those participants. The LGEs mentioned earlier run for a long period of time estimated to be between 2 to 6 weeks (depending on how long the audit takes), which the team feels is a long enough period to allow for as many participants as possible. The following example might be helpful in explaining how an equal price is achieved. Let’s say the Ethereum network LGE lasts six weeks and over that period a total of 15,000 ETH is contributed by participants. On conclusion of the LGE these 15,000 ETH tokens are matched with 15,000 native tokens to determine the initial price of the native token as 1 ETH to all participants. If you contributed 150 ETH in the LGE then you will be able to claim 1% of the total LP tokens created and stake them on our platform. The same principles would apply on both the Ethereum network and Binance Smart Chain network.

Since 2017, there has been an exponential growth in a use casse of blockchain technology known as Non-Fungible Token (NFT), which is based around the concept of transforming art, music, land and many other tangible assets into a digital form.  Sheesha Finance will be leveraging this phenomenon by partnering with highly reputable digital artists to create art NFTs with a hookah theme and rewarding them to members of our community staking our LP and native tokens. Their future roadmap will also see lending/borrowing services where native tokens and LP tokens can be put up as collateral and participants can borrow against them to trade/ invest in other projects or use them for liquidity needs. A lottery program will also be created where participants can use native tokens to purchase digital lottery tickets in the hope of winning prize pools. As DeFi evolves, Sheesha Finance will continuously bring in more products and services to keep our community engaged.

 

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