Hey bZx’ers, thanks for checking out the June edition of The Shipping Manifest! We’re grateful to you for being a part of our community and hope you’re safe and healthy during the current turmoil. 😷
V2 Contracts Open Sourced
We’ve been hard at work creating a new, leaner version of the protocol. They have been open-sourced here on Github. The contracts are currently deployed on the Kovan testnet. We are entering the security audit phase. We will be conducting two extensive security audits in addition to formal verification using the firms Peckshield and Certik. Initial tests of the protocol indicate a massive increase in gas efficiency. Transactions on v2 of the protocol cost substantially less than half of what they did on v1.
We’re proud to be among the DeFi platforms conducting bold experiments in decentralized governance and shared our latest model for the BZRX token earlier this month.
Here’s a look at our plans to reward stakeholders for their participation and distribute ownership of the protocol:
Fee Sharing BZRX holders will be able to stake their tokens to receive fees generated by users proportional to their contribution to the total amount staked.
Our current fee structure includes fees for:
- Loan Origination: 0.09%
- Trading: 0.15%
- Debt Service: 10% of interest paid
Staking assets and claiming fees is simple thanks to the bZx Staking Portal!
The portal makes it easy to stake and unstake assets, claim rewards, and check your history of staking and fee collection.
Staking BZRX provides four major benefits:
- Fee Sharing (as described above).
- Balancer Fees supply liquidity to traders and the protocol.
- BAL Rewards are generated as the fee pool grows and automatically reinvested in the Balancer pools.
- The Insurance Fund will also support the underlying value of BZRX. BZRX can be redeemed for a proportional amount of the insurance fund not already denominated in BZRX.
20% of the BZRX token supply is being allocated to reward users of the protocol. That allocation will be distributed in two ways:
- 17% of the 20% will be returned to users as a 50% rebate on their fees at an initial rate of .0002 ETH per BZRX.
- 3% of the 20% will be distributed weekly based on the quantity of fees generated by a user in a given week.
To learn more, please read The BZRX Token Model v3 and check out the coverage of our governance proposal in The Defiant!