Announcing bZx Yield Farming on Binance Smart Chain

bZx Yield Farming is launching on Binance Smart Chain and will be rewarding BGOV to liquidity providers.

bZx the first DeFi platform offering margin trading on BSC. We recently launched fully decentralized margin trading and lending on Binance Smart Chain along with the new BGOV governance token. When we launched we promised that yield farming would be launched shortly thereafter. Well today we are finally ready to announce all the details of the highly anticipated launch of bZx’s first yield farming rewards program. The program will officially launch at block #6374870.

🚜 Yield Farming BGOV rewards on bZx

Yield farming BGOV by adding liquidity to a yield farming pool is very simple.

  1. Visit the BSC Fulcrum Yield Farming Page: Visit the yield farming page located at http://bsc.fulcrum.trade/farm and view all the available pools.

  2. Choose a liquidity pool: Currently there are two types of liquidity pools . One sided pools (iWBNB, iETH, iBUSD, iWBTC, iUSDT, iBZRX), and two sided pools (BGov-BNB), (BZRX-wBNB coming soon), and (vBZRX-BNB coming soon). The two sided pools are 50/50 pools.

  3. Connect metamask: Simply connect your metamask wallet or your web3 enabled browser and select Binance Smart Chain (BSC) network.

  4. Select your pool: Decide which liquidity pool you want to provide liquidity to. Enter the quantity, and click Confirm to add your iTokens or Pancakeswap LP tokens to the LP pool of your choice from the list of currently supported pools.

  5. Staking to MasterChief: You can obtain liquidity to stake in the farming pool in two ways: (1) By lending to iToken or (2) adding 50:50 liquidity to Pancakeswap. iTokens, such as iDAI or iUSDC, are interest accumulating tokens that continuously go up in value as you hold them. By staking to MasterChief you add your liquidity to MasterChief pool. Learn more about iTokens, and obtain iTokens by lending at bsc.fulcrum.trade/lend.

✨ Pool Rewards and Allocations

The current reward pool allocations are as follows. There will be 250 BGOV rewarded per block across all pools. After 2 weeks from the time of launch, this reward drops from 250 BGOV per block down to 25 BGOV per block. The average block time on BSC is 3 seconds. We believe that SushiSwaps SUSHI distribution model was well balanced and optimally factors the long and short term interests of stakers and token holders, so we modeled our issuance on the SushiSwap model which we admire.

When we launch, LP provider rewards will be available for both two sided, and also one sided pools.

Pools Allocation Points - Pool Rewards
iWBNB 12,500
iETH 12,500
iBUSD 12,500
iWBTC 12,500
iUSDT 12,500
iBZRX 87,500
BGOV-BNB 100,000
BZRX-wBNB Coming Soon
vBZRX-BNB Coming Soon

❔ BGOV’s roles within the bZx ecosystem

In our last blog post available here we went into depth about the motivation behind launching the BGOV token. BGOV will be used to govern Binance Smart Chain protocol parameters for Binance specific assets on bZx. Users will be able to stake their BGOV tokens and earn a portion of protocol fees, and submit governance proposals for Binance Smart chain protocol specific assets.

We launched our first BSC integration a few weeks ago as a way to experiment with new governance and token issuance models. As we wrote in our recent blog post here, since then we have seen a community interest in interacting with BSC.

As the DeFi ecosystem continues to grow, the total value locked (TVL) for DeFi protocols has increased significantly reaching nearly $50b as of the time of this writing. One downside is that many of the protocols offering liquidity mining options are Ethereum-based and as a result many are unable to participate due to high transaction fees. By offering a way for people to provide liquidity on BSC, we can open participation up to smaller liquidity providers.

About Binance Smart Chain

Binance Smart Chain aims to enhance the functionality and interoperability of Binance Chain. BSC enables the creation of smart contracts and the staking facility for BNB. It relies on a system of 21 validators with Proof of Staked Authority (PoSA) consensus. With approximately a ~5 second block time, the BSC offers high-speed transactions and lower fees.

BSC supports EVM-compatible smart contracts and protocols. It supports cross-chain transfers and allows for the creation of “pegged coins” (tokens pegged to the BSC chain), including BTC, ETH, TRX, and more. Pegged coins operate as BEP-20 tokens on Binance Smart Chain, similar to Ethereum’s ERC-20 tokens.

To learn more, visit: https://www.binance.org/en/smartChain

As always, please feel free to connect with the team via Telegram or Discord. Check out our Help Center to answer all of your questions about bZx, Fulcrum, and Torque.

About the author
Kyle J Kistner
CVO @ bZx. Product, Protocol Design, & Token Economics.