Planet Finance Decentralized Exchange Review

Planet Finance is a decentralized financial protocol that features various planets. Each planet has their own applications that enable users to freely activate their investments. The Planet community is constantly trying to find the best DeFi opportunities in the space. So, it will either aggregate the best opportunity or design a new one. 

Planet Finance overview

The DEX features the following:

• Planets

The platform integrates 3 planets, namely blue, green, and pink planets. The first one is designed as an independent jump point to decentralized financial services. Powered by GAMMA (a utility token), the second planet is the first decentralized lending protocol with discount levels. Lastly, the pink planet (coming soon) will offer a marketplace for artists to develop, buy, and sell digital assets.  

• Vaults

These offer the easiest way for users to one-click deposit and earn yield on their crypto-coins instantly. 

• Pools

Planet Finance enables you to create liquidity pools to earn trade fees and GAMMA when other traders use them to swap tokens. 

• Lending 

This feature allows you to put your crypto to work. When users borrow your assets on the Green planet, they will be required to pay rolling interest. You will receive this interest as the lender for the privilege of others utilizing your money.  

How does Planet Finance work?

The exchange allows you to do the following: 

• Swap cryptocurrency assets
• Create liquidity pools and earn trade fees
• Bridge
• Participate in governance
• Stake in vaults to earn yield on your crypto assets

What can you buy on Planet Finance?

Planet Finance works with the following tokens: 

• AQUA
• Binance Coin (BNB)
• PancakeSwap (CAKE)
• Binance USD (BUSD)
• USD Coin (USDC)
• Bitcoin (BTC)
• Ethereum (ETH)
• Terra USD (UST)
• Tether USD (USDT)
• Maker DAO (DAI)
• True USD (TUSD)
• GAMMA

Is Planet Finance safe?

Planet Finance is safe for the most part since it doesn’t have custody of your money. Its servers are also spread across different parts of the world, so hackers will have a hard time accessing your account and data. To enhance the security of this exchange, the vendor advises that you never share your private keys with anyone, store the keys offline, always log out of your browser extension wallet after using it, etc. Unfortunately, the provision of liquidity still presents a formidable concern for this DeFi in the form of impermanent loss. 

Planet Finance fees, compatible wallets, and transactions

The platform works with 3 wallets, namely Metamask, Binance Chain Wallet, and WalletConnect. When it comes to trading fees, Planet charges 0.25% fees for all swaps conducted on it. 0.13% of these fees are allotted to liquidity providers, while the remaining portion goes to the protocol to burn AQUA and buy GAMMA. 

What are the ways to trade on Planet Finance?

Find below the trading options that are available in this ecosystem:

• Swapping

You can swap assets utilizing trustless liquidity pools. Also, Planet’s protocol applies an automated market maker (AMM) model that enables users to trade against liquidity pools. 

• Provision of liquidity pools

Planet permits you to create liquidity pools and deposit any assets you have into those pools. You earn trading fees charged on traders who use your pools. 

• Staking of vaults

Single-asset staking is allowed to help users earn interest on their crypto. Yield is produced on assets deposited in the form of interest paid by borrowers that stake rewards and/or GAMMA rewards. 

Customer support

You can forward any queries, issues, or feedback regarding the service to the support team through email. Also, you may join Planet’s community through Medium, Telegram, Twitter, or Instagram and get the help you need.

Should you trade with Planet Finance?