BGold : Restructure to merge all current tokens in the effort to revamp and revive all Midas related projects

Restructure to merge all current tokens in the effort to revamp and revive all Midas related projects

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

Migrating from MDS to BGOLD

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.

Assets (BNB and CAKE) from Midas Dollar Community Fund and Midas Gold Reserve Fund (total of about $1,000,000) will be used to provide initial liquidity for BGOLD (BGOLD/BNB pool and BGOLD/CAKE pool)

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

For every +25% increase in supply, expansion rate cap reduced 10%
For every +25% increase in supply, expansion rate cap reduced 10%

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

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

8888 unique golden bull cards for permanently stake holders

GoldenVerse contains: DeFi App (AMM, Vaults), GameFi, NFT Apps, Betting DApps, Metaverse applications will be released from Q2/2022

Governance

Voting/governance right by balance of staked BGOLD in all 3 rooms

Participate in governance here: https://snapshot.org/#/bgold.eth (in development)

Links

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