Since the Binance Smart Chain – or BSC – went online, they're still a ways away from being on the same playing field with more experienced blockchains, like Ethereum. Nevertheless, there was a lot of promise with BSC, in doing away with lofty gas fees and constant network congestion. It's thus the perfect battleground for many new platforms, such as the famous PancakeSwap representing one of the best in DeFi. But can this streak persist, as we'll look closer in our Goose Finance review?
Goose Finance, at first glance, looks like just any other PancakeSwap-esque DeFi protocol. It seems to have the same functionality, either swapping tokens hither and thither, staking, or farming for yields. Basically, it's a one-stop shop for (almost) everything that you could possibly ever need. Even the user interface is practically identical to PancakeSwap. But is there more hiding underneath it all? Well, it seems like our Goose Finance review may be on the hunt for a golden egg, if we can find it.
What Is Goose Finance?
Goose Finance is a decentralized exchange – or DEX – running on the Binance Smart Chain network. Thus, it's very similar to other DEXes running on BSC, such as the aforementioned PancakeSwap (of which Goose is actually a fork), and has recently gained in popularity to become the third most well-known DeFi dApp in the BSC space. There are, however, some changes that separate Goose Finance from the rest, such as a second-generation yield farming mechanism, and its unique tokenomics.
How Does Goose Finance Work?
At the time of writing this Goose Finance review, they have more than $16-million in the total value of liquidity locked, or TVL. As we noted earlier, Goose Finance, on the surface, is functionally the same as PancakeSwap. Hence, the main star of the show is an exchange where you can swap between dozens of different tokens with ease, or become a liquidity provider to earn fees as a reward for pooling your tokens to other users.
So, what else does Goose Finance have that you can do with it?
Farms – As you become a liquidity provider, you earn LP tokens in return – as it does with any DEX – to represent the share of your tokens pooled in a pair within Goose Finance's DEX. Rather than let the LP tokens sit there, you can instead stake them into a variety of Farms, made specifically for certain tokens pairs, such as EGG-BUSD LP (just one example). By doing so, you can gain upwards of 100% APY in profits (some Farms don't even charge fees), as well as earn EGG tokens in return.
Egg Houses – This is a fairly unique feature, where you can stake EGG tokens that you've earned or bought, and in return, you can earn BUSD, as well as some new tokens. The latter are usually crypto tokens that have just been launched and are in need of community support, thus enabling you to get into a project very early on with Egg Houses, and help those creators to attain much-needed liquidity. You can earn a lot from here too, with some annual APR returns upwards of 2,000%.
What Else Could You Do On Goose Finance?
There are a few other services and features that you can use that we've found for our Goose Finance review…
Goose Dollar Bonds – As we'll learn a bit later, Goose Finance can reward yield farmers with the GUSD stablecoin, instead of printing new tokens that would fluctuate in price. Other than earning GUSD, you could also acquire them by buying Goose Dollar Bonds, priced at $1 for each bond.
Initial Farm Offerings (IFO) – Projects that seek capital or liquidity could choose to list their tokens on Goose Finance in an IFO, akin to a traditional IPO at a stock exchange. You'll need some of Goose's EGG tokens to take part usually. As of this Goose Finance review, only one IFO has been hosted on Goose. This is for the Typhoon Network, having raised 415.26% more than its $2,000,000 planned, or 4,000,000 TYPH. In the process, Goose has helped to burn $1,000,000 worth of EGG tokens.
How Can You Optimise Yield Farming On Goose Finance?
Thus far in our Goose Finance review, they do offer a lot of ways where you can earn healthy profits. Another great way to do this is through the Goose Vaults, which is a natively integrated farming yield optimizer. Essentially, it's similar to Farms where you can stake certain tokens (LP or otherwise) into a few select vaults, and earn passive profits. Although, the key differentiator is that Goose Vaults has an auto-compounding feature to reinvest your earnings, and maximize your potential profits.
In the long-term, Goose's vaults can automatically compound your returns hundreds of times, and thus boost your yearly APY rewards to upwards of 500% with some vaults. Goose uses a proprietary dynamic harvesting optimizer to give users the highest returns possible, all with the use of software to maximize the investment pools. One other key difference between Goose and other platforms is rewarding users with GUSD, a native stablecoin that is backed 1:1 with Binance's own BUSD.
How About A Different Kind Of Farming?
There is one more tool that you can play around with other than Goose Vaults – Layered Farming. It's a new concept; a perpetual farming mechanism that lets users enjoy constantly high-risk and high-reward farming. It's usually highly volatile, and best left for the high-rollers. Goose has designed it as a one-stop shop that doesn't carry the risk of manual ‘layered farming', such as the potential rug pulls, token dumps, scams, and so on. Each layer is akin to a new protocol launched every week.
The native token here is the GGX, where X represents which layer you're in. For example, the current GG5 denotes that you're playing around in the fifth layer. A new layer appears every 7-10 days, and there will be extensive modifications to liquidity flows, incubation programs, farms, and so on. EGG tokens are burnt to create GGX tokens, while GGX themselves – and their respective layers – aren't meant for long-term investment, as they disappear and dissolve into new layers gradually.
What Are Goose Finance's Native EGG Cryptocurrency Tokens?
Goose Finance has many native tokens, as we explored earlier with GUSD and GGX. However, its main cryptocurrency is the EGG token, or ‘Golden Egg‘. Built as a BEP-20 token on the BSC, EGG can be earned as you stake tokens into farms or vaults, while they can be spent to take part in certain services, such as layered farming. It's an essential part of the native liquidity to Goose Finance. As for its tokenomics, Goose Finance has designed EGG to be perpetually deflationary.
This is to ensure a constant and growing price appreciation, which is helped through a mechanism to burn EGG. Nevertheless, there is no actual supply cap on EGG tokens, as its current supply stands at 1,867,617 EGG, of which 1,755,130 EGG are circulating. That said, Goose Finance does tightly control the emissions rate, with just 0.7 EGG issued per block, or around 20,160 EGG released into circulation every day. 9.09% of which are distributed to the developers to maintain the protocol.
As of this Goose Finance review, EGG is worth around $0.869940. This would then value its market capitalization at $1,526,857, making Goose Finance's nascent crypto a small fish overall. At today's price, it would mark a decent gain of around 32% from its all-time lows on mid-June 2021, but is a very steep 99.5% drop from its all-time highs in late February – just some months earlier – when EGG was trading at $164.72. Here's hoping EGG would at least find a strong bottom soon.
What Are Goose Finance's Future Roadmap Updates?
Following what seems like a plateauing of its native EGG tokens' value, how does Goose Finance plan on improving on that? Well, we've found a very plausible roadmap that may highlight a few key changes to come soon. At the very highest of priority that they'll need to work on and release is the Goose Exchange. This is an AMM (automated market maker), distinct from the PancakeSwap exchange engine that Goose is using right now.
Aside from that, we could see Goose release an algorithmically pegged (stable)coin, where you can use EGG tokens to potentially farm for it. The burning mechanism will see some tweaks, especially for its built-in lottery game. Goose's most unique aspect, the Layered Farming functionality, may see some optimizations where GGX tokens can shard more effectively. Last but not least on the list, and following some other DEXes out there, Goose might have some NFTs in store in the future.
Goose Finance Review – Conclusion
So, how can we round off our conclusion for this Goose Finance review? Well, we are certainly very hopeful of their future, as BSC-based DeFi protocols would benefit a lot from more competition with PancakeSwap. Plus, there are some things which Goose does uniquely, such as its own programming and design for yield farming (Goose Vaults), and most especially with Layered Farming. The latter is a concept that Goose themselves pioneered, and one that could prove incredibly lucrative for some.
With those two alone, there could be a lot of practical value in choosing Goose over the competition. That said, the rest of it isn't so much more different than say, PancakeSwap. So, why choose Goose over a more established protocol? Goose's tokenomics, although it sounds attractive on paper, has yet to yield any significant results. Still, we can attribute that to Goose being a young and as of yet mature protocol. Nonetheless, we can look forward to what Goose Finance has in store next.
Goose Finance Review
Ease of Use
Long Term Sustainability
- Goose Vaults has a unique yield farming tool with auto-compounding and GUSD rewards.
- Potentially very lucrative yield farming opportunities, especially with Layered Farming.
- The protocol has been audited by Certik and Hacken to ensure the safety of users.
- Egg Houses let you stake tokens into new projects to earn new tokens, and support those developers or creators.
- Implementation of GUSD enables users to earn a stable currency, and earn additional dividend payments through bond offerings.
- You can support new projects through an IFO, and get in with new tokens very early on.
- Most of the protocol is still young and needs more time to mature and evolve.
- Tokenomics has yet to yield any large price appreciation and has lost a lot since its launch.