Huge ANNNNOUCEMEENNNT #27 — BNS going DeFi
Tags: Defi, Cryptocurrency, Bitbns, Ethereum, Bitcoin

We had been keenly observing the developments happening in the DeFi (Decentralised finance) space and we decided BNS should actively participate in it. Yield farming has been a craze. A lot of the Decentralised Finance tokens which launched in the last 2 months have got into top 100 CMC ranks (SUSHI, YFI, COMP, BAL etc.) Few are already listed on Bitbns and we would list more credible ones and not just go after what’s trending as we understand users trust us for listing credible tokens. We were among the first exchanges to list COMP and BAL globally.

Moving back to what’s Decentralised Finance is. In decentralised finance, the overall premise rests on the fact that smart contracts govern everything including lending, borrowing, interest generation, credit, liquidations etc. Simply put, the role of banks is being done by smart contracts now and some of the overheads in terms of running an operation, manpower etc. are becoming obsolete and now there is larger yield to be generated. Yields are higher for other reasons as well, and inclusion of a token which in itself is getting its value attributed to it.

One of the central contexts around DeFi is the concept of Yield farming. What it essentially means is, the way you deposit funds in a bank and get returns for fixed deposits, the same way you can lock your crypto assets and get returns in the form of crypto. This in, simple words, is yield farming where you are locking your assets and you can earn yield in the form of newly generated tokens. DeFi has redefined a few things and there is a constant spurt of activity happening there.

Today, we are excited to announce we taking the DeFi route, and step 1 is launching https://bns.finance/— a website where users can deposit tokens they possess and earn yield on it. The initial yield starts really high.

You can check it on the website. Users would get yield in the form of BNSD (BNS DeFi), a token which we have released specifically for this.

Salient features of BNSD

Super high APYs

Multiple pools for farming

Extreme deflationary release over time

Halving model contains 4 halvings, where block rewards reduce.

Block rewards start with 1000 rewards per ETH block of BNSD and then reduce, based on halving in the following fashion:

1000–500–1 day from genesis block

500–250–7 days

250–125–30 days

125–100–90 days

1000–500–1 day from genesis block 500–250–7 days 250–125–30 days 125–100–90 days Just 4% of the rewards are reserved for dev funds. This is lowest in comparison across other DeFi projects like Sushi

Best part; 50% of the dev funds are used for buying BNS on a periodic basis.

Contract is super clean as there is no mint function, except for the block rewards being generated per block. So, there is no risk associated. Also, there is no time lock required as only BNSChef can mint rewards and those rewards are specific to block

How do I farm?

First install Metamask from the link (Install Android app or Chrome extension and register yourself. You can skip the private key step and register using a password for faster setup. Ensure you use a strong password, which you have not used anywhere else)

You would find your ETH address there. Like on chrome, you can find it here:

You can deposit there ETH or USDT or other ERC20 tokens which you can see in BNS.finance website pool

Now go to https://uniswap.info/ and find that pair.

Click on add liquidity

10796300 is the starting block from where BNSD farming can start. You can check the countdown timer here

http://etherscan.io/block/countdown/10796300

Estimated Target Date: Fri Sep 04 2020 23:05:28 GMT+0530 (India Standard Time)

As an example — If I am doing it for ETH USDT pool, the process goes something like this:

After installing Metamask, I would deposit ETH and USDT to my address displayed on Metamask.

Then I go to Uniswap and search for ETH USDT pair.

Then, I click ‘Add Liquidity’ button

I will now be redirected to a URL like this:

Once you the balance, click ‘Connect Wallet’.

Then select ‘Metamask’.

Once linked, you need to execute 2 transactions, which would get your liquidity added on ETH USDT pool

Post this go to https://bns.finance/ and then ETH USDT in this case (as we added liquidity for ETH USDT). You will be able to see tokens available there.

Your wallet and a stake option would be available, where you could see your Uniswap LP tokens balance,

You can click on ‘Stake’ and then there would be 2 Metamask transactions

That’s it folks! That’s how you do it.

To understand more, watch some of these good videos around Metamask operations

Till then

Onwards & upwards towards the future of finance

Team Bitbns