Our IAO by the ApeSwap.Finance team was a success! Although it had some hiccups, we concluded that the community aped so hard that the site came to a crawl. That’s bananas!
We had a full raise target to $700K and was oversubscribed by over +750%! Apes loved it. We have added both a BNB-BISON farm rewarding BANANA and a GNANA single staking pool rewarding BISON. Both will give rewards for 3 months on the ApeSwap platform.
As many well know, price action in this market can swing wildly up, down, and all around during the first few days of an Initial Ape Offering (IAO). We suggest caution about making emotional decisions regarding how you will hodl your tokens, and make you aware that you are part of the growth BiShares is about to enter.
Although we raised $700K, please do remember, IAOs through ApeSwap run differently with the GNANA side. We do not see any of that raised capital from the $250K GNANA raise, we only realized the $450K on the BNB side. Our use of these funds are as follows:
Ongoing and past development $150K
$BISON Liquidity $100K
$biT10 Initial Seed Funding $50K
$biT10 Fund Liquidity $50K
DAO Treasury $50K
This update will discuss some questions that have been brought up by the community during the launch — we are listening! We are going to cover topics related to BiShares such as: fund weightings, construct of hybrid selection process of the biT10 Fund, who can list tokens in funds, and costs associated with this function. We will also be posting the emissions schedule. Near the bottom of this article, we will also post the contracts that prove that each smart contract we speak about is locked and audited for the protection of the community and transparency of the protocol.
Once available, the DAO will allow the community members to vote on the upcoming fund launches and token additions. As each fund is approved, the BiShares team will implement the build, funded by development rewards and marketed accordingly. Please do note, any additions prior to the start of the DAO vote to any funds will be done so by the Founders and Devs and will comply with the regular timelock rules that are in effect. The team is doing this because there are already requests for audits, so potential tokens can be listed in their corresponding funds. Not all tokens will be listed and most will be denied, but if there are ones that are extremely attractive, they will be added. Do also note that BISON will have at least a 1% weighting in every fund.
Regarding audits, the reports will be shared during the next week. We take security very seriously and strive to have not only our own funds and protocol heavily scrutinized by third party auditors, but we also auditing every token that enters using Gordian.Agency. We ensure the tokens entering our funds have a neglectable chance of exploitation.
The BSC TOP10 Fund, ticker biT10, which is the first Fund available after the IAO, is composed of specific BSC large Cap projects and will be safer for diversification as a whole. Among each of the funds the underlying crypto assets will have different weightings. These funds are native BSC projects only, no crossover or bridged funds in here (ie. 1Inch, mdex, etc). The biT10 Fund is as follows:
biT10 — Weighting %
BNB — 19.5%
CAKE — 19.5%
SWIPE — 10%
BAKE — 10%
VENUS — 10%
ELLIPSIS — 5%
BANANA — 5%
SAFEPAL — 5%
TWT — 10%
BIFI — 5%
BISON makes the remaining 1%, all future funds will have at least 1%
Tokens in Funds & Weighting Mechanics
In this particular fund, biT10, the tokens are chosen with three metrics: market cap, social activity score, and transactional volume. The weightings in this fund represents two solid anchors and a fairly distributed average beneath it, in decreasing order with a lot of correlating breadth to this fund, giving it a stable overall market correlation.
Tokenomics are a very important piece of this puzzle and the team has chosen a total supply of 1,000,000 tokens as hard cap. The emissions schedule below is for the first year of BISON.
MONTH 1 – 48,600
MONTH 2 – 82,800
MONTH 3 – 108,300
MONTH 4 – 132,913
MONTH 5 – 156,639
MONTH 6 – 179,478
MONTH 7 – 201,430
MONTH 8 – 222,496
MONTH 9 – 242,674
MONTH 10 – 261,965
MONTH 11 – 280,370
MONTH 12 – 297,887
Team wallet transparency and emissions
The team wallet, shown below, is on a timelock contract. The timelock emissions for the release of the Team Funds are a 3 month cliff and a 1.5 year vesting. Starting in October, the team has access to 8,333 tokens per month for 1.5 years.
Who can list tokens in Funds or make their own Fund?
As of now, the team has prepopulated funds with tokens that fairly represent what the fund is. These projects will have a chance to showcase their work for 90 days after their fund launches. These tokens cannot be removed from prior commitments and interest shown for the last few weeks during this growth prior to the DAO formation and IAO. This lasts for a period of 90 days from when their fund launches.
Most tokens can join the BiShares ecosystem of funds. Those that cannot are reflective and taxed tokens (such as Safemoon or Shiba Inu). The rest can join the funds. As of this day, we can only list BSC tokens, but the team is working on a cross interoperable technical advancement that will allow them to list ANY token and ANY fund.
If a DEX, IDO launch partner or exchange decides to partner with BiShares and wants to list their own fund, there will be no cost to the fund setup. They must list with a minimum of 8 projects to go live and the entry fee for each of those tokens to be listed in that fund is $10,000 in native tokens or an agreed token. All proceeds will go into the fund flow as follows: 50% Liquidity, 40% Treasury, 10% Rewards to NFT Holders.
Road Map — Specific dates to be added in next update
App Launch with biT10 Fund — Monday July 12th (audits pending)
Adding our pre selected funds, one every 14 days or earlier
Populating all funds with more tokens
Adding curated DEX sponsored Funds driven by Community (ie. Ape Fund)
Cross Chain Funds
NFTs will soon be available for unbelievably unique rewards.
There was some confusion in the last article before editing it and making it clearer, but here is the fee structure again for token holders of both BISON and individual fund tokens : “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 — biT10. That’s correct, your base principal grows over time earning an immediate bonus. If you hold the BISON token and stake it, 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.”