Introducing bpJPY — the first community voted Multi-Peg

Our community has voted, and bpJPY is live!

Has the bpEUR been running?

  • bpEUR — the first Multi-Peg seigniorage tokens under bDollar protocol pegged on a major fiat currency, EUR — started printing money at Multi-Pegs site from Epoch #383 (Wed 07 Apr 2021 00:00:00 AM UTC+0) with the current TVL 8.8 M+.
  • We also integrated 2 new shares pools bpEUR/BNB (1x) and bpEUR/BDO (0.5x) for stakers to provide liquidity and earn sBDO.
  • More use cases of bpEUR will be updated in the near future!

bpJPY

bpJPY is the first Multi-peg seigniorage tokens voted by our community. Below is the explanation of how bpJPY mechanisms works:

bpJPY trades below the ¥1 target price

When the bpJPY price is below the target price ¥1, token holders can purchase Coupons and bpJPY will be burnt to reduce the circulating supply when users redeem bpJPY tokens with a 1:1 ratio.

In case of redemption, an amount of bpJPY will be minted with premium with the Coupons that have been redeemed.

bpJPY trades above the ¥1 target price

When bpJPY price is above the ¥1 peg, the token supply will have to expand to push it back down to the target price ¥1 and the contract will allow the redemption of the Coupons.

When the price of bpJPY continues trading above the ¥1 target price after Coupons redemption, the contract mints an appropriate amount of new bpJPY and this will be distributed to the Boardroom Stakers.

Peg bpJPY

The TWAP of bpJPY will be subsequently calculated from 2 liquidity pools: rate of bpJPY over BNB and rate of bpJPY over BDO.

To get the final rate of bpJPY over JPY, we use price feeds of JPY/USD and BNB/USD powered by ChainLink oracle services to ensure maximal robustness and efficiency. The rate of BDO/USD will be the latest TWAP of BDO (assumed that BUSD is always 1 dollar).

Expansion phase happens when bpJPY TWAP above ¥1 in an Epoch with an example scenario:

bpJPY distribution

  • Distribution period: 185 days
  • Stake BDO, sBDO, bBDO (1.5x), sBFI, xBFI, CAKE-LP bpDOT/BDO (1.5x) CAKE-LP bpEUR/BDO (1.5x) CAKE-LP bpUNI/BDO (1.5x), CAKE-LP bpXAU/BDO (1.5x)
  • Reward multipliers will be amended overtime
  • Initial supply: 100,000,000 bpJPY
  • Day 1 to day 5: 5,000,000 bpJPY daily
  • Day 6 to day 26: 1,250,000 bpJPY daily
  • Day 27 to day 180: 250,000 bpJPY daily
  • 8,750,000 bpJPY to DAO for initial liquidity supply and 1,500,000 bpJPY to Marketing Fund
  • Block countdown: https://bscscan.com/block/countdown/6565000
  • Distribution of bpJPY during Expansion: 57.5% of newly minted bpJPY goes to DAO, 5% will be sent to Marketing Fund, while the rest 37.5% toward Boardroom Stakers
  • During Contraction (the Debt phase): 50% of minted bpJPY will be sent to the Treasury for bpJPY holders to participate in Coupons redemption; 30% for Boardroom stakers and 20% toward DAO Fund

Reward rate for Shares Pools (Multi-Pegs)

Boardroom with bpJPY expansion reward: From epoch #417 (Thu 15 Apr 2021 12:00:00 PM UTC+0)

About bEarn Fi

bEarn Fi is a cross-chain product in Decentralized Finance (DeFi) that at its core provides yield generation, casino/gaming aggregation, bridge, treasury and governance on multi-chain: Binance Smart Chain blockchain (BSC) and Ethereum blockchain.

Stay tuned for more updates!!!

Community channels:

Telegram: https://t.me/Bearn_Fi

Discord: https://discord.gg/j2TRcSHRe3

Medium: https://medium.com/@bearn.defi

Twitter: https://twitter.com/bDollar_Fi & https://twitter.com/BearnFi

GitHub: https://github.com/bearn-defi/bdollar-smartcontracts

Cross-chain Auto Yield Farming: https://www.bearn.fi/

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