With the holidays approaching, we wanted to recap on what has been a pretty monumental couple of weeks and offer a summary of our progress as we head into what will be an exciting new year.
As Bonded takes shape, what we are building is hopefully becoming apparent—a comprehensive network that can support and provide visibility to altcoin projects via a suite of professional grade investment instruments. In light of recent progress, we have also created some additional incentives in an effort to optimize Bonded’s upcoming product offerings.
In the last three weeks Bonded Finance:
- Successfully launched our first centralized exchange listing
- Initiated a successful pre-staking program on Bitmax
- Announced an alliance and future integration with Elrond
- Secured a partnership with Waves
Our growing list of partners is indicative of the level of interest we have been able to generate so early which has been a welcome surprise. In the coming weeks, we will be able to offer more regarding these affiliations as well as introduce some new partners into the fold. This is nothing short of a luxury problem but it has introduced some additional code and time. Many of the pairs we are attempting to launch with are unique, with price feeds that previously didn’t exist and need to be modeled. Moreover, we have decided to integrate some improvements prior to launch. The following represents some of the changes and upgrades to the Bonded Network as we head into our final steps with auditors.
A proper audit prior to launch is essential and additional audits as a matter of technical hygiene is an imperative. After being underwhelmed by a few potential providers, we are now moving our contracts over to a titan in the industry. The complexity of our undertaking will require some additional time and expertise. Once completed, we will go live and our second product will be achieved in significantly less time.
Updated Network Earning Model
It’s always been our intention that the Bonded protocol’s participants be rewarded for their activity as generously and often as possible, for they are the foundation of the network. To this end, we have updated our Liquidation Mechanism to return 20% of liquidated assets directly to network stakers, as well as 10% of the interest generated by active borrowers, without additional steps required by LPs.
Updated Liquidation Mechanism
Our original mechanism was determined to be far too gas heavy and after a restructuring of the logic we have achieved a much more streamlined process for closing delinquent loans. This logic not only ensures more frequent interest repayments, and therefore earnings to the network, but also a clearer payout structure to our lending pools in the event of liquidation.
Our updated mechanism also makes liquidations less likely while making payments more manageable, ensuring only truly delinquent loans are called.
- We now have more than 30M Bond being staked on Bitmax
- We now have more than 30m being staked in our incentivized liquidity pool and on Uniswap.
- More than 25% of the current supply is locked and earning Bond rewards.
The progress and participation we have been able to generate is more than we could have anticipated. We very much appreciate the community warming up to us as we move forward and wanted to reflect that.
Our final distributions are set to unlock on the 22nd of December. As mentioned previously, Bonded is distributing our tokens into the hands of those who understand our earning model and value proposition. For us, it is an important measure and a matter of integrity. Too often, supplies are intentionally withheld in order to support a price that is not reflective of market demand. We have been applauded by our supporters for taking this tact and firmly believe that this approach should be something of a standard. Our confidence remains in our pipeline of fundamentals, which will ultimately sway market sentiment in a lasting way.
Certainly these are exciting times as we head into 2021. In the interim, we will strive to keep moving forward aggressively and hopefully find the time to exhale over a short-lived holiday as the year winds down.
We’d like to say thank you to our growing community for the support, wish everyone happy holidays and look forward to a prosperous 2021.