It’s been a long season, full of ups, downs and surprises no one and yet everyone saw coming. Through thick and thin, the BiShares team has kept busy building. We would like to recap the highlights from our original article on May 1st, and update our community on anything that might have changed since then.
To summarize our past intro article, BiShares is a protocol for decentralized Exchange Traded Funds (dETF’s) launching as an original BSC project. We are not a legal company, we are a community, governed by the rules we set forth in the DAO for all the community to participate in, vote on, and democratize the direction of this juggernaut. BiShares is truly as transparent and as forthcoming as it is made to be.
As it has been stated in the past, a very strategic and important goal of the founders is that everyone has equal buying rights and a transparent approach to the betterment of the BiShares ecosystem engagement.
The Launch Strategy
We have decided to partner with ApeSwap.Finance as our initial IAO launch pad and farms. ApeSwap has exemplified a vibrant community, solid financial footing, and a propensity to innovate according to market conditions. We welcome the ApeSwap community with open arms!
BiShares will be launching with an IAO (Initial Ape Offering) on July 9th 3 UTC (July 8th 11pm EST). The offering will be given 20% (200,000) of the outstanding tokens to be minted and will be distributed fairly amongst all participants. This strategy will discourage whales and evenly distribute the offering as best as it can be. For more details please refer to this Apeswap IAO article
The genesis fund to be offered after the IAO will be the BSC TOP 10. This will be more of a stable fund launch as it will be comprised of general market movers and will be safer for diversification as a whole. The TOP 10 Fund is a categorical selection process (hybrid-mixture) of market cap, community engagement, and transactional volume. You can find more details about the fund and the tokens on our funds page.
The Audits
Our auditing partners are both experienced as well as come with a high level of professionalism and background. Our first audit, from Gordian Agency, passed with no major issues. Our secondary audit, from Solidity, is still not complete. Both audits will be available for the public before the launch of our platform and after the IDO, will also be confirmed by the social handles of the auditors. (@SolidityFinance, @GordianAgency)
After the IDO, we will commission Certik to do a third audit. We also invite any other auditors to step forward and make sure the protocol is safe for the entire community.
Treasury Management
BiShares is built by the people, for the people. Once the governance is deployed and operational, the community will achieve what the BiShares mission is: A safe apeing haven for diversified portfolios. There is a tokenomics layout detailed below, however the treasury fund will be fully managed by community voting. Funds can be released and distributed for several purposes including, but not limited to, operations, additional liquidity mining, exclusive partnership incentives, marketing, etc. These initiatives will only be released after the proposal is approved.
Adding or Amending Funds or Tokens
- All community members should interact within Discord and discuss different fund options and additions/subtractions from certain funds.
- After an idea is thought of and has activity around it, it will go to a vote.
- The idea will run through a funding process to see what additional resources are needed to complete the proposed vote.
- Upon a successful vote, the DAO Team will execute the wishes of the community.
- The treasury will disburse funds if needed to fully fund the plan.
- Token holders benefit with fees and higher transaction volume with the creation of more funds and added tokens.
Marketing & User Retention
We can build Rome, but if no one comes to visit, what’s the point? With the support from the treasury from time to time, we can attract a vibrant community and retain attention through campaigns with video, artwork, AMA’s, and creative writing. During times of great success with branded partners, media stories and publications should be used to further expand the awareness. Treasury funds would be used to delegate such activities to the budgetary extent that the community agrees on and spent accordingly.
The Rewards
As we have expressed before, Rome was not built in a day — we are dealing with talented Devs and to retain talent, Devs need to be rewarded. The Founders have also expressed interest in being able to remain on full time to push the growth needed for BiShares to be a household DeFi name.
The Governance
The BiShares DAO will be set up where the community can come to a consensus on anything the community needs consensus about. Period. The smart contracts will be deployed and 10% of the $BISON total token supply will be required to initiate the proposal and 60% quorum is needed to pass the proposed vote within a 72 hour period.
In a follow-up article, we will explain how funds are listed, the required capital for a token and fund to list on the platform, and where that capital goes. The listing instructions to apply will be clear and the requirements to be removed from a fund will be even clearer.
Founders
In the previous article, the team was to remain anonymous, but after further consideration, the team is to be doxxed, but anon.
The development will be quarterbacked by @DefiVlad, from Vlad.Finance. Vlad comes with a history of crypto experience, and holds one of the few BSC projects that has never been exploited. Vlad consults for Ledger Link Labs for a variety of positions, in particular, DeFi, Smart Contract and NFT integration engineering.
The community engagement will be spearheaded by @AllthingsNFT. A veteran of the space, he manages a few Discord groups for projects that are both live and up and coming.
BiShares Tokenomics and Emissions Schedule
BiShares will have its own governance token called $BISON. It will be used to vote for all the proposals related to the protocol. The fully diluted supply will be 1,000,000 BISON tokens which will be distributed over a period of two years.
The majority (45%) of the BISON emissions will be farmed by liquidity providers over the next 2 years. The first 12 weeks will be boosted, with an emissions schedule to be released in the next update. 18% of the tokens will be distributed to the BISON treasury to be used for DEX liquidity, partnerships and other activities.
As a community and product focused DAO, we want to ensure community members are involved in every stage of product development. We aim at having a very involved community governance. Below is the tokenomics breakdown.
The fees to enter the fund will be 1%, and will be redistributed to all token holders of that particular fund token, such as the BSC TOP 10 Fund. That’s correct, your base principal grows over time earning an immediate bonus.
If you hold the $BISON token and stake it in the single pool, you also receive 0.5% of all platform fees divided by all stakeholders. The performance fee on exit is 1% and is split between the Treasury and the Team wallet.
