Get amazed with the evolution of Algorithmic Stablecoin with Multi-Pegs!
We are bringing a new level of excitement with the introduction of bpEUR — the next Multi-Peg of bDollar Protocol!!!
What is Multi-pegs?
Since the beginning, we have formed an idea about creating a Seigniorage protocol that is able to give out Multi-Rewards for Boardroom stakers, and this is where the state-of-the-art Multi-Pegs concept comes from. Building further on the existing Seigniorage concept, we have created the one and only Algorithmic assets on the Binance Smart Chain network with the first Multi-Peg: bpDOT, which uses sBDO and current Boardroom for its Seigniorage mechanism, effectively making Boardroom give out “Multi-Rewards”.
For more details about Multi-Pegs and bpDOT, read more here: Introducing “Multi-Pegs”
How has the bpDOT been running?
- bpDOT — the first Multi-peg started printing money at Multi-Pegs site from Epoc #368 (Fri 02 Apr 2021 06:00:00 AM UTC+0) with the impressive TVL 46M+.
- We also integrated 2 new shares pools bpDOT/BNB (2x) and bpDOT/BDO (1.5x) for stakers to provide liquidity and earn sBDO.
- More use cases of bpDOT will be updated in the near future!
bpEUR
bpEUR is the first Multi-Peg seigniorage tokens under bDollar protocol pegged on a major fiat currency — EUR. Below is the explanation of how bpEUR mechanisms works:
bpEUR trades below the €1 target price
When the bpEUR price is below the target price €1, token holders can purchase Coupons and bpEUR will be burnt to reduce the circulating supply when users redeem bpEUR tokens with a 1:1 ratio.
In case of redemption, an amount of bpEUR will be minted with premium with the Coupons that have been redeemed.
bpEUR trades above the €1 target price
When bpEUR price is above the €1 peg, the token supply will have to expand to push it back down to the target price €1 and the contract will allow the redemption of the Coupons.
When the price of bpEUR continues trading above the €1 target price after Coupons redemption, the contract mints an appropriate amount of new bpEUR and this will be distributed to the Boardroom Stakers.
Peg bpEUR
The TWAP of bpEUR will be subsequently calculated from 2 liquidity pools: rate of bpEUR over BNB and rate of bpEUR over BDO.
To get the final rate of bpEUR over EUR, we use price feeds of EUR/USD and BNB/USD powered by ChainLink oracle services to ensure maximal robustness and efficiency. The rate of BDO/USD will be the latest TWAP of BDO (assumed that BUSD is always 1 dollar).
Expansion phase happens when bpEUR TWAP above €1 in an Epoch with an example scenario:
bpEUR distribution
- Distribution period: 185 days
- Stake BDO, sBDO, bBDO (1.5x), sBFI, CAKE-LP bpDOT/BDO (2x)
- Initial supply: 400,000 bpEUR
- Day 1 to day 5: 20,000 bpEUR daily
- Day 6 to day 26: 5,000 bpEUR daily
- Day 27 to day 180: 1,000 daily
- 35,000 bpEUR to DAO for initial liquidity supply and 6,000 bpEUR to Marketing Fund
- Reward multipliers will be amended overtime
- Block countdown: https://bscscan.com/block/countdown/6330336
- Distribution of bpEUR during Expansion: 55% of newly minted bpEUR goes to DAO, 5% will be sent to Marketing Fund, while the rest 40% toward Boardroom Stakers
- During Contraction (the Debt phase): 50% of minted bpEUR will be sent to the Treasury for bpEUR holders to participate in Coupons redemption; 30% for Boardroom stakers and 20% toward DAO Fund
Reward rate for Shares Pools (Multi-Pegs)
- Stake bpEUR/BNB (start 1x) earn sBDO
- bpEUR/BDO (start 0.5x) earn sBDO
- Reward multipliers will be amended overtime
- Start block: https://bscscan.com/block/countdown/6337536
Boardroom with bpEUR expansion reward: From epoch #383 (Wed 07 Apr 2021 00:00:00 AM UTC+0)
What’s coming next?
We will continue to introduce more details of Coupons and new UI within the next week to facilitate the use of Multi-Pegs. In addition, many more surprises are coming within the month of April, mentioning bLending, bFolio, bLaunch, bPepe (NFT platform) and the upcoming AMA with Binance Smart Chain.
Stay tuned for more updates!!!
Community channels:
Telegram: https://t.me/Bearn_Fi
Discord: https://discord.gg/j2TRcSHRe3
Medium: https://medium.com/@bearn.defi
Twitter: https://twitter.com/bDollar_Fi & https://twitter.com/BearnFi
GitHub: https://github.com/bearn-defi/bdollar-smartcontracts
