Brief overview of BondAppétit $BAG, a microcap project aiming to bridge tradfi and defi.
Currently under ~$1M market cap and is flying under the radar right now.
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Currently under ~$1M market cap and is flying under the radar right now.
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1. Main goal
"[BondAppétit] is the first-ever DeFi protocol that connects real-world debt instruments with the Ethereum ecosystem."
Imagine a borrowing system backed by tradfi bonds with all the added bonuses of defi protocols used by both defi users and tradfi corporations.
"[BondAppétit] is the first-ever DeFi protocol that connects real-world debt instruments with the Ethereum ecosystem."
Imagine a borrowing system backed by tradfi bonds with all the added bonuses of defi protocols used by both defi users and tradfi corporations.
2. Real-world collateral
BondAppetit uses debt securities (bonds) as collateral.
These bonds earn interest which are paid as fiat cash flow to governance token liquidity pools.
So by providing liquidity or holding $BAG you are rewarded in transaction fees + bond interest.
BondAppetit uses debt securities (bonds) as collateral.
These bonds earn interest which are paid as fiat cash flow to governance token liquidity pools.
So by providing liquidity or holding $BAG you are rewarded in transaction fees + bond interest.
3. Participation of tradfi + defi
Onboarding tradfi corporations and regulated securities to take out defi loans and post collateral while allowing crypto brokers/dealers to interact on the defi platform.
Let's break this down.
Onboarding tradfi corporations and regulated securities to take out defi loans and post collateral while allowing crypto brokers/dealers to interact on the defi platform.
Let's break this down.
4. On-chain protocols
- Using in house price and security oracle and open-source governance from Compound
- This price oracle will be used to derive accounts and prices from custody accounts off-chain where the collateral is being held
- Using in house price and security oracle and open-source governance from Compound
- This price oracle will be used to derive accounts and prices from custody accounts off-chain where the collateral is being held
5. Off-chain protocols
- Traditional security accounting systems will be used for collateral locking
- Off-chain banks and brokerage accounts to settle securities and fiat interaction
- Usage of Bloomberg terminal and other pricing sources to interact with price oracles
- Traditional security accounting systems will be used for collateral locking
- Off-chain banks and brokerage accounts to settle securities and fiat interaction
- Usage of Bloomberg terminal and other pricing sources to interact with price oracles
6. Stablecoin
$USDap is the protocol's stablecoin which is pegged to $1 by pulling from several bonds with different terms, rates, and exp dates.
Bonds are old and relatively stable even in volatile environments.
The stablecoin is only issued with sufficient collateral in USD.
$USDap is the protocol's stablecoin which is pegged to $1 by pulling from several bonds with different terms, rates, and exp dates.
Bonds are old and relatively stable even in volatile environments.
The stablecoin is only issued with sufficient collateral in USD.
7. Governance token
$BAG is the protocol's governance token in charge of making decisions and incentivizing users to interact with the protocol.
Added bonus is that $BAG is "supported by the real fiat liquidity gained by collateral of the stablecoin".
$BAG is the protocol's governance token in charge of making decisions and incentivizing users to interact with the protocol.
Added bonus is that $BAG is "supported by the real fiat liquidity gained by collateral of the stablecoin".
8. Farming
To incentivize liquidity and usage of $USDap there are currently rewards for LP holders.
- Locking in liquidity for USDap-USDC for 3 months is yielding ~5500% APY.
- Liquidity for BAG-USDC is yielding ~3400% APY.
*expect these to go down when more enter the pool
To incentivize liquidity and usage of $USDap there are currently rewards for LP holders.
- Locking in liquidity for USDap-USDC for 3 months is yielding ~5500% APY.
- Liquidity for BAG-USDC is yielding ~3400% APY.
*expect these to go down when more enter the pool
9. Connections
The biggest connection is that @wvsenterprise has management advising the @DeFiBonds project.
This is big.
Support from @wavesprotocol is huge.
The biggest connection is that @wvsenterprise has management advising the @DeFiBonds project.
This is big.
Support from @wavesprotocol is huge.
10. Conclusion
Excited to the launch of the platform's features in the coming weeks!
The team has been doxxed, there was 0 presale, and backed by a huge blockchain ecosystem.
$BAG
Excited to the launch of the platform's features in the coming weeks!
The team has been doxxed, there was 0 presale, and backed by a huge blockchain ecosystem.
$BAG
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