BGold : Restructure to merge all current tokens in the effort to revamp and revive all Midas related projects
In the effort to revive all projects into one single new project of BGOLD (Binary Gold) — the first seigniorage stable coin that has collateral with indirectly pegged assets: it is pegged to gold price while collateral is BNB and CAKE which are the two major assets in Binance Smart Chain.
In this effort, we will merge all existing tokens issued and developed by Midas Protocol (on Binance Smart Chain) to one:
- 10,000 MDOv2 to 1 BGOLD
- 10,000 MDB to 1 BGOLD
- 10,000 MDO to 0.5 BGOLD
- 100 MDS to 1 BGOLD
- 400 MDG to 1 BGOLD
- 500 bCash to 1 BGOLD
Migration here: https://www.bgold.io/migration
Fair launch and initial liquidity
3,000 BGOLD will be minted initially for migration (first come first serve basis).
Only ordinary users can migrate their tokens to BGOLD; while all previous tokens that belong to Community Fund, Reserve Fund and other Midas Development Funds are all not allowed to be migrated. This is to make sure of the fair launch of BGOLD.
The bridge will close 1 week after the first epoch open.
Bank, Market and Commitment
There will be three types of Boardrooms:
(1) Bank Room: Stake BGOLD earn BGOLD (locked 7 days)
(2) Market Room: Stake BGOLD/BNB earn BGOLD (locked 2 days)
(3) Commitment Room: Stake BGOLD/CAKE earn BGOLD (locked 30 days)
Whenever stakers decide to leave, they will need to sacrifice all pending earned rewards.
BGold peg mechanism
BGOLD price is calculated by rates from 2 main liquidity pools (BGOLD/BNB and BGOLD/CAKE) and Chainlink XAU/USD & BNB/USD & CAKE/USD price feeds
The Tola is a traditional South Asian unit of mass, defined as 3/8 troy ounce, or approximately equals to 11.6638 grams. It is mainly used in trading gold in India. In additional, Tola is popular used in gold bullion bars in Bangladesh, India, Nepal, Pakistan and Singapore [*].
Expansion (while BGOLD price > one tola gold): Upto 2% supply minted and distributed:
- 20% to Bank Room
- 20% to Market Room
- 15% to Commitment Room
- 15% to Community Fund
- 15% to S.A.F.E
- 10% to Marketing Fund
- 5% to GoldenVerse
Contraction (while BGOLD price < one tola gold)
- Mint BGB (BGold Bond) by burning BGOLD
- No discount for bond purchase, but premium bonus for bond redemptions if users were to wait for BGOLD to increase even more than the 1 tola gold peg
Bootstrap (constantly 2% expansion) will run for the first 2 weeks (42 epochs)
Collateral by S.A.F.E
- S.A.F.E is an innovation method to help BGOLD pegged strongly. It will contain only BNB and CAKE that is backed assets for our token. If the supply of BGOLD is 5,000 and SAFE contains $4,000,000 value of BNB and CAKE, then users can always burn 1 BGOLD to receive $800 of BNB and CAKE.
- S.A.F.E will receive 15% of minted BGOLD during the expansion phase. Beside of eco profit, system tax fee; it will get more profit by lending its BNB and CAKE by BGOLD collateral.
GoldenVerse contains: DeFi App (AMM, Vaults), GameFi, NFT Apps, Betting DApps, Metaverse applications will be released from Q2/2022
Voting/governance right by balance of staked BGOLD in all 3 rooms
Participate in governance here: https://snapshot.org/#/bgold.eth (in development)