BGOLD UPDATES

After 2 weeks of bootstrapping, we can see that BGOLD could grow further for the long-run and hence an improved model should come into place as follows:

1. Stop expansion of BGOLD via seigniorage after epoch 42

2. Upgrade [Bank/Market/Commitment]Room contracts

• Close deposit and allow to exit immediately
• Pending rewards will be locked 7 days, 2 days or 30 days for BankRoom, MarketRoom or CommitmentRoom accordingly

3. Introduce Grain coin and new role for BGOLD

• Continue emission of BGOLD via farming in 36 months (Max supply is capped at 180,000)
• BGOLD becomes governance and share token for algo-coin GRAIN (pegged with one grain gold)

4. Open GrainGenesisPool

Stake single tokens to earn 100k GRAIN in 4 weeks with the following allocation points:

1. BGOLD (2x)
2. WBNB (6x)
3. BTCB (4x)
4. ETH (5x)
5. BUSD (5x)
6. CAKE (3x)

There is a deposit fee 2%, which will be sent to S.A.F.E (Grain insurance fund)

Multiplers will be reviewed and updated every 6 hours according to these pools’ TVL and APR.

5. Open BgoldMasterChef to earn BGOLD

Open 4 pools at beginning:

1. Grain/BNB (40x) — no lock
2. BGOLD/BNB (35x) — no lock
3. Grain/BGOLD (5x) — locked 3 days
4. Grain (15x) — locked 7 days

• Rate during expansion: 86.4 BGOLD/day (0.001 per second)
• Rate during contraction: 172.8 BGOLD/day (double up rate to encourage depositing Grain and Grain LPs to farm during contraction — ie. to reduce dumping pressure)

For locked pools (3) and (4) when stakers decide to leave, they will need to sacrifice all pending earned rewards

6. Stabilisation Mechanism

Grain price is calculated by rates from the main liquidity pool (Grain/BNB) and Chainlink XAU/USD & BNB/USD price feeds

Expansion (Grain TWAP >= 1.001 grain of gold price): Up to 3.0% supply minted and distributed:

• 40% to Boardroom
• 25% to Community Fund
• 20% to S.A.F.E
• 10% to Marketing Fund
• 5% to GoldenVerse Fund

Contraction (Grain TWAP < 1.0 grain of gold price)

• Mint bGrain (Grain Bond) by burning Grain
• No discount for bond purchase, but premium bonus for bond redemptions if users were to wait for Grain to increase even more than the one grain gold peg

Epoch length: 8 hours

• The first epoch will be at Friday, 25 February 2022 21:00:00 GMT+8

Bootstrap (constantly 3.0% expansion) will run for the first week (21 epochs)

7. Boardroom

Stake BGOLD to earn Grain (locked 3 days)

Similar as locked pool BgoldMasterChef above, when someone exits, all of their pending reward will be burnt.

8. S.A.F.E for Grain

S.A.F.E is an innovation method to help Grain peg strongly. Backed by BNB (from GrainGenesisPool deposit fees & sold Grain when overpegged) and CAKE (profit being farmed by Dao Fund).

If the supply of Grain is 2,000,000 and SAFE contains $4,000,000 value of BNB and CAKE, then users can always burn 1 Grain to receive $2 of BNB and CAKE.

S.A.F.E will receive 20% of minted Grain during the expansion phase.

9. GrainLending

Grain holders can use Grain as collateral and loan out BNB and/or CAKE from S.A.F.E

10. Further migration

Will reopen in the 2nd week and vesting BGOLD linearly in 30 days

Upgrade for [Bank/Market/Commitment]Room will take effect immediately. All other changes will be made at epoch 42. We will have more announcements closer to the time.

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BGOLD.io (Binary Gold) is designed by the Midas Protocol team as the first seigniorage system 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.

Links

• Website: https://www.bgold.io
• Telegram Ann: https://t.me/BGoldAnnouncement
• Telegram Group: https://t.me/BGoldGlobal
• Medium: https://bgold-io.medium.com
• Twitter: https://twitter.com/BGoldFinance