Want to learn more about Dracula Protocol? You're in the right place! Here are some commonly asked questions below:
DeFi is short for Decentralized Finance and encompasses financial services such as lending and borrowing that exist on various blockchains. DeFi is meant to eliminate slow and costly financial services through automated agreements, known as smart contracts, which are not controlled by any central entity.
Dracula Protocol is a universal DeFi adapter that aggregates interest earning strategies, known as yield farming, into a singular protocol. Dracula Protocol aims to consolidate various aspects of DeFi into one platform and is managed through a Distributed Autonomous Organization (DAO), in which voting rights are quantified by $DRC ownership.
Dracula Protocol allows users to deposit their assets through its interface, which are then deposited into underlying platforms to earn interest. These underlying platforms are called "Victims" and include platforms like SushiSwap and Dodo. Dracula Protocol adds a layer of security when yield farming, while also consolidating all steps necessary to earn interest into one protocol.
DeFi is relatively new and there have been many instances of users losing their funds due to malicious actors or unintentional bugs in code. Dracula Protocol is open-source and has gone through community audits, but is not risk-free. Always do your own research about the underlying platforms that you are depositing your assets in, as we cannot guarantee their safety.
Yes! By depositing through Dracula Protocol, we save you money on gas fees by harvesting and selling underlying rewards into ETH for you automatically. These fees are paid using a portion of the revenue from everyone's yields, so that it is essentially crowdfunding the costs and lowering the overall average cost per user.
$DRC, or Dracula Token, is a valueless governance token that gives you voting rights for the future of Dracula Protocol. $DRC was initially distributed to members of the community as they used Dracula Protocol, with no pre-sale or initial developer fund.