B.Protocol had an AMA with @CRE8RDAO on the 1st Nov 2021. This summary highlights the main points covered during the AMA session, including the latest updates of @bprotocoleth and which new platforms they are going to integrate with.
@yaron_velner
🔹 Founder / Lead Dev - "Brain, muscles and vision" of B.Protocol
🔹 Was CTO of @KyberNetwork before this
🔹 Started SmartPool with @vutran54 as a semi-academic project, which evolved to become Kyber in 2017
@CRE8RDAO@bprotocoleth@yaron_velner@KyberNetwork@vutran54 🔹 Co-designer of the WBTC protocol with @BitGo team
🔹 Did development work on on-chain market-making tool created for DeFi
🔹 After Kyber in 2020, was consulting with pte companies, building liquidation bots for DeFi and CeFi
🔹 Realised liquidations in DeFi are broken
@CRE8RDAO@bprotocoleth@yaron_velner@KyberNetwork@vutran54@BitGo 🔹 Black Thursday came in March 2020
🔹 Liquidations on DeFi were not working when they were needed the most
🔹 Yaron decided to develop B.Protocol and build a permissionless backstop liquidity protocol for DeFi lending platforms
🔹 Head of Growth and Ecosystem Dev in B.Protocol
🔹 Co-founder of @lazoozorg - decentralized car pooling dapp built on top of $BTC
🔹 In 2017, led a project by Toyota Research Institute and met Yaron
🔹 Joined B.Protocol before it went live
🔹 B stands for Backstop
🔹 Seeks to democratize the liquidation systems in DeFi through a Backstop liquidity protocol to unlock better capital efficiency in the entire DeFi ecosystem
🔹 This has quite a lot to unpack, so what does it all mean?
@CRE8RDAO@bprotocoleth@yaron_velner@KyberNetwork@vutran54@BitGo@EKatchka@lazoozorg 🔸 Democratize liquidation system - everyone can take part and profit
🔸 Backstop Liquidity protocol - lending platforms get a stronger safety net because of a committed pool
🔸 Better capital efficiency - with better liquidation system, higher leverage can be used
🔹 Currently B.Protocol is integrated on top of L1 lending platforms
🔹 Will be working on L2: 🔸@arbitrum 🔸@0xPolygon
🔹 And other chains: 🔸#BSC 🔸@FantomFDN
🔹 Protocol is blockchain agnostic and can work with any EVM compatible chains
🔸 Having a committed backstop pool allows lending platforms to increase collateral factors
🔸 From x3 - x5 to x10 - x20 leverage
🔸 Liquidations will happen even in sub-optimal market conditions
🔸 No gas wars are needed to handle liquidations because there is a dedicated pool for such purposes
🔸 The profit that is otherwise taken by the miners will be passed to the depositors in the pool and shared with users
For backstop pool depositors
🔹 Users deposit into a pool to gain rewards from liquidations
🔹 A liquidity mining program is used to incentivize and reward early depositors
🔹 Liquidations do not happen all the time but idle funds will earn a yield
🔹 Under the hood, integrated platform will give priority to the backstop pool to handle liquidations
🔹 Since liquidation will happen when needed, users can get higher collateral factors and lower liquidation thresholds
🔹 There are benefits for users:
🔹 B.Protocol DAO has funded their first Growth Squad with 25k $BPRO to grow and market the protocol
🔹 Made up of 3 veteran community members
🔹 Active community on all the major social media platforms like Discord, forums, Twitter and Reddit
How does Liquity work?
🔹 Uses a stability pool that functions like a backstop pool for liquidations
🔹 Users deposit $LUSD into the pool and funds from the pool will be used to liquidate unsafe Liquity Troves
🔹 Automatic rebalancing of the liquidation in Liquity, using B.AMM
🔹 $ETH collateral will automatically be sold back to $LUSD and deposited back to the pool
🔹 Users will optimise $LQTY rewards - saves effort and gas
🔹 2nd liquidity mining program is running to offer incentives for users of B.Protocol
🔹 Partnered with @UMAprotocol for UMA KPI options program
🔸 B.Protocol DAO deposits 90k $BRPO unto UMA KPI option contract
🔸 Mints 30k uBRPO
KeeperDAO
🔹 KCompound has a similar logic to v1, something that B.Protocol is doing for MakerDAO and Compound 6 months before they launch
🔹 Knew that they slashed their rewards. Why?
🔸 Reached a ceiling?
🔸 No value add
🔸 Too much dev work needed
🔹 No active backstop protocols currently
🔹 KCompound (mentioned earlier) has a similar product to their v1
🔹 Other protocols are building products to avoid liquidations but these do not solve capital efficiency problem in DeFi
🔹 Fully decentralised since launch
🔹 Controlled and owned by users
🔹 6 months after mainnet launch, users voted to tokenize the governance
🔹 Now B.Protocol is governed by $BPRO holders
🔹 Challenge is to show that their solution works even during severe market conditions
🔹 B.Protocol can cater to the full spectrum of DeFi users in the space
🔹 Still trying to raise awareness about the benefits of the protocol as liquidation is complex
🔹 Conference attendees are mainly lawyers and legal service providers 🧑⚖️
🔹 These people are good at structuring companies, providing legal advice
🔹 Some of them have never used MetaMask before
🔹 Lawyers were discussing IP rights and NFTs
This is the last thread for Infinity Skies: Community Stories. Here, we seek to share the stories of the Discord members of @Inf_Skies. To have a good community, we need to highlight the people in it.
Everyone has a story to tell - we just need to pay attention 😃
@Inf_Skies "Sometimes, all we need is a hand to hold, an ear to listen, and above all, a heart to understand."
Infinity Skies, when you grow tall and strong, please don't ever forget the people that believed in you right from the start 🙂
@Inf_Skies "Guild system makes the community grow larger and makes the gaming more exciting!"
Today, we're sharing the pod summary from @BanklessHQ where @TrustlessState and @RyanSAdams interviewed @brian_armstrong, CEO of @coinbase. Find out how Brian's values impact the running of Coinbase itself and what the challenges are for Coinbase in this current climate. Read on!
🔹 Studied computer science and economics
🔹 Felt that he was born too late to start a great internet company, but $BTC is like the next internet
🔹 First thought after reading $BTC whitepaper was how can he make it easier to use
@BanklessHQ@TrustlessState@RyanSAdams@brian_armstrong@coinbase 🔹 After seed funding, Coinbase became a 3-man operation in 2013
🔹 Coinbase initially failed to build a user base but quickly found out that the core issue was that users did not have any $BTC to use
🔹 Added a buy button on the site and everything changed from that moment
Today we're going to share a tool that every #DAO should use - @coordinape! This is a consolidated pod summary of 4 interviews done by @EthFugu highlighting the actual use cases of Coordinape in different DAOs: BanklessDAO, Masq Network, PoolTogether and Forefront.
🔸 Decentralized payroll management for DAOs
🔸 At the end of every epoch, a project uses Coordinape to allocate points (called GIVE) to any members within the circle based on their proportionate contribution of work done
🔸 Open, transparent, decentralized
What is @banklessDAO?
🔸 Steward behind the Bankless brand started by @TrustlessState and @RyanSAdams
🔸 A community that shares the values that Bankless embodies
🔸 Goal is to spread Bankless ideals through education, culture and Media
Today we're going to do a deeper dive into the token allocation and tokenomics of @fantom_oasis, a decentralized project launchpad for the @FantomFDN network. We will explore the staking mechanism and its benefits as well.
🔥🔥 Let's go! 🔥🔥
@fantom_oasis@FantomFDN We've done an article and a tweet thread on Fantom Oasis before, so you can refresh your memory to see what this is all about first. Here:
🔹 FTMO is the token
🔹 Helps connect project creators with investors
🔹 For project creators - help on different aspects from financing to strategic advice
🔹 For investors - bonuses are given to FTMO stakers e.g. increased allocation size of new project tokens
🎮 Co-Founder of @planetariumhq
🎮 Studied computer science at Caltech. Started off as an engineer
🎮 Went back to Korea to serve in the military 🪖
🎮 Instead of going to the military, he spent his next 2 years working for several internet companies
@zima_red@AndrewSteinwold@kijunseo@planetariumhq@NineChronicles 🎮 Moved on to work at Dropbox as an engineer
🎮 Left to work on indie games
🎮 Collaborated with artists then realized that they could embark on decentralized gaming 🎨
🎮 Started Planetarium in 2018