🚀 Boosted Finance: Strategist Competition, BFIP14, Short-Term Roadmap
Today marks the one month anniversary from our initial deployment of bVaults. During this time, we have limited the initial global deposit cap to $100,000 USDC to slowly test the system while our auditor continues reviewing the contracts, we are excited to see the traction so far with TVL constantly hovering at the cap!
We expect to share the preliminary report of our contracts next week with the community which will let us continue building upon new strategies and marketing opportunities for bVaults.
In this piece today we wanted to share our short-term vision for Boosted Finance, including an upcoming strategist competition and new farming/distribution of ORBIT, a token designed to accrue a % value of all bVault rewards and open the gateway to potential future products such as stablecoin, collateralized lending, insurance.
Strategist Competition — November 23
bVaults have landed! DeFi has surpassed all-time high to over $13.48B TVL — how much value can we create and lock up with vaults that empower the community to amplify their yields using the booster mechanism?
We’d like to see you build the next bVaults that leverage other DeFi protocols in the space to generate yield for the greater community. Be creative. Be innovative. You can create a simple yet sustainable vault or highly complex strategies that utilize various protocols.
Stay tuned for Monday November 23 where we will share the submission guidelines! Join us on our bVault discussion channel to bounce ideas or form teams.
Competition Start: November 23rd, 12:00AM UTC
Submission Deadline: December 18th, 12:00AM UTC
Winner Announcement Date: December 25th 2020, 12:00AM UTC
1st: $1500 + ($500 for coding implementation via pull request)
2nd: $750 + ($250 for coding implementation via pull request)
Winners will also have their strategy implemented by the Boosted Finance team, earning a performance fee proportional to the success and TVL of the vault.
Submissions are not required to have code implementation attached — ideas and schematics are perfectly fine! However, they must:
- Provide a strategy to generate a positive yield
- Be as original as possible
- Provide an estimated APY calculation, back-testing recommended
- Have a working diagram or proof-of-concept
The prize will be awarded to the submission that produces the:
- Best overall vault strategy (sustainable, minimal smart contract risk, expected yield)
- Most creative strategy, yield generating insurance product
- Strongest differentiation from existing strategies or vaults
BFIP14: Funding For Development
To fund ongoing development efforts for bVaults, new developers and designers, implementation of strategies, bug fixing, content creators, growth, and partnership developments — the Boosted Finance team has submitted governance proposal BFIP14.
User security remains the top priority for Boosted Finance, this may also include paying to integrate oracles to mitigate flash loan exploits, protect our vaults and other mechanisms. There may also be a second audit of the implemented bVaults for security purposes as well as a new reward contract and token — more details on dual token model below.
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We believe it’s best to allocate adequate funds for the contributing team to align incentive and motivation to support the project at a key stage where DeFi is reaching new all-time highs of $13.62B TVL. This will also ensure resources to support ongoing strategists who participate in the upcoming strategist competition and others who continue to submit proposals for new vaults.
Please vote on the proposal using the link below:
Taking community feedback into account, the team will dedicate full resources to ensure the success and traction of bVaults upon the completion of the audit. This begin with the strategist competition that will bring a new herd of AlphaNauts who are incentivized kickstart the traction and usages of bVaults.
Winners will be announced on December 25th 2020, the Boosted Finance team will begin coding and testing the implementations.
Launching ORBT Token
We will be deploying a secondary token, ORBT, under Boosted Finance to incentivize liquidity and usage of the upcoming bVault strategies in the beginning of next year. This will be rewarded to BOOST token holders/stakers in perpetuity and depositors into the upcoming bVaults which would act as an initial distribution/farming period. The BOOST token at its core will remain as the main governance token for Boosted Finance.
While tokenomics and utility is being finalized, here are some of the expected usages of the ORBT token:
- Reward Accruing Token From ALL Boosted Products
ORBT will accrue fees and a portion of rewards from bVaults and any upcoming products under the Boosted Finance hood. This will in turn create a positive incentive loop for strategists to deploy vaults even after the competition and be a continuous incentive for users to deposit funds.
- Liquidity & Network Incentive
ORBT will also be used to incentivize liquidity of BOOST, ORBIT and traction of existing and new bVaults post strategist competition.
- Unlock New Product Offerings & Expansion
ORBIT will introduce a token with high incentive and inflationary monetary policy designed to attract stakers and more capital. This will also be key to enabling other products such as stablecoin, collateralized lending, insurance which cannot be done easily with the deflationary BOOST token. The value of ORBT will be directly connected with the usage of the bVaults through a % of all rewards and the network it collateralizes.
Make sure to follow our Twitter and Discord to be updated first!