What a week! What seemed like 2 hours were 7 days! We have lots of updates to let you know about.
Our last update had our initial roadmap and we need to let the community know that partnerships and opportunities are being made, some of which take longer to materialize than others and are finalized as the project develops. Hence the roadmap will be updated early next week after another major DEX is incorporated with a custom Fund being launched. Moving forward, the roadmap will also need to be flexible as we juggle the inquiries and slot them in to suit both marketing schedules.
What does this mean for BiShares and its diamond handed $BISON HODLers? It means we are starting to get noticed and organically onboarding large communities apart from the ApeSwap/current ecosystem. This gives us a distinct marketing advantage in the community and as we grow, more token holders will be attracted to acquire $BISON, the token for governance and platform fees.
This coming week we were scheduled to launch the GAME Fund (biGAME). Due to the increased demand from projects wanting to join, we will need to postpone this fund which pans out to be a good thing. This gives us more time to put in place the requirements for cross marketing, select the projects with the most potential, and receive a treasury entry fee for liquidity and marketing. We are in the driver’s seat for the betterment of the fund and our entire ecosystem with this delay.
New Fund Releasing
This week is lining up to be another big week as we are dropping a first-of-its-kind fund called the BiShares Chain Fund (biChain). This fund is the most flexible fund in crypto and we are proud to announce its diversified components within the dETF. This fund is operational to mint with $BANANA as well!
Here are the underlying tokens and weightings:
ETHEREUM (ETH) 15%
CARDANO (ADA) 15%
POLYGON (MATIC) 15%
FANTOM (FTM) 15%
AVALANCHE (AVAX) 15%
BITCOIN (BTC) 15%
BISHARES (BISON) 1%
We are hoping to launch this fund tomorrow on Monday August 30th EST. No precise time yet, just give or take 2 hours 😉
We will also be launching our own DEX! WHAT?! Yes, you heard that correctly — but with a twist! We will only be listing our FUND TOKENS so traders can get the full liquidity needed to arb - which opportunities we are finding in abundance with how we have set up the underlying assets.
These opportunities will attract humans and bots alike, and in return, will create volume which equates to transaction fees. As $BISON patrons, we all want transaction fees, as they feed the treasury and feed your wallets.
Protocol Fees Explained
Now that the platform (app) is live and users have been minting the first 2 tokens of our dETFs, it’s time to dive into the platform fees and how they work.
Currently the BiShares platform earns fees through 2 user actions: minting and burning.
When a user mints biAPE or biT10 tokens using BNB or another single asset, there is a 1% fee for this service. Currently that fee is retained by the fund itself, thus increasing the pool for all users. The effect of this feature will be felt by long-term holders as our platform expands in usership and TVL.
When a user is ready to exit any of our funds, there is a 1% burn fee on the dETF token. This fee is split in two with half of the fee going to our treasury and half to our dev wallet. The fee is collected in the dETF token which means fees are earned in real underlying assets and not just our governance token.
When biAPE is burned, the fee is collected in biAPE and when biT10 is burned, it is collected in biT10 token. This token will be distributed to BiShares holders each week.
How We Distribute Fees:
Our team took its first snapshot of stakers in the BISON single asset pool on Monday 23th around noon EST. We will again take a snapshot next Monday at the same time and create a list of verified takers. Once verified we will send their share of biAPE and biT10 rewards to those users. This creates a weekly payout for our users. This process is currently done manually but will be automated over time.
With new funds on the horizon we expect the fee payouts to grow rapidly. Especially, over time, once we announce several new features we are building to encourage more minting and burning by our community. There are several features in the works that will create new revenue streams for our DAO and stakers. We are still in the initial phase of the project and are very excited for what lies ahead.
The DAO framework is still in process. The Founders feel that speed of decision making and dev resources should be pointed toward finalizing partnerships and rolling out funds as quickly as possible. The DAO will be released, but is delayed for now and will be placed in the new roadmap in a timely manner to satisfy all stakeholders.
On the marketing side, we will be spending heavily in the $30,000 range in the next 3 weeks. We have acquired marketing from DappRadar, BSC News and CoinTelegraph to help us spread the fund drops and updates.
RECAP: New roadmap coming once new partnerships are finalized, staking rewards explanation, biChain Fund being launched with an own DEX, DAO rollout postponed, marketing heading into overdrive.