It’s been over half a year since the inception of Binarydao. We started as a yield DAO, growing our treasury by providing liquidity in the Metis ecosystem. We helped to bootstrap liquidity of many different protocols within the ecosystem, and out performed the macro bear market over 50% with our choice of a stable focused treasury. A lot has changed since then, but our mission is clearer than ever. Going forward, we will be restructuring the product of Binarydao, further increasing treasury growth, enabling greater support for Metis ecosystem protocols, and most importantly, increasing earnings of BYTE stakers.
TL;DR:
- New BYTE Staking enables stakers to earn various protocol tokens instead of BYTE.
- No more BYTE minting for staking rewards.
- Binary Yield Vaults selects the best yield farms from the Metis ecosystem for users and treasury to earn passive income.
- Binary Boosted Vaults enable users to generate boosted farming yields without holding the underlying farm’s ve token.
Phase 1: New BYTE Staking
“Choice. The problem is choice” — Neo
As the first step towards the new Binarydao, we are completely revamping the staking mechanism for BYTE. The goal of the new mechanism is to better align Binarydao with protocols we provide liquidity for, as well as increase earnings of BYTE holders.
Here’s how the new BYTE staking works:
- Binarydao treasury earnings will no longer be sold for BYTE
- BYTE will no longer be minted for staking rewards
- BYTE stakers will have the choice of staking in a basket of staking pools, each earning a different protocol tokens.
- Each staking pool earns a different protocol token that Binarydao has earned through treasury.
Phase 2: Yield Vaults
“Never send a human to do a machine’s job” — Agent Smith
The second stage is to increase exposure of the yield opportunities of Metis, having Binarydao as the native gateway for yields within the ecosystem. We do this by automating our existing battle tested treasury farming and LP strategies on-chain enforced by smart contracts, and open up access for everyone, creating the one-stop-shop to yield farming on Metis. The Binarydao treasury will also be deployed into these vaults, increasing transparency on treasury management. Protocol revenue is generated through vault fees.
Phase 3: Boosted Vaults
“What do all men with power want? More power” — The Oracle
What do we want once we have yield vaults? More yield!. As more protocols on Metis adopt the ve model for yield boost, Binarydao is in an unique position to create boosted yields for users of Yield Vaults with our treasury token holdings.
How it works:
- The Binarydao treasury will no longer sell any farmed protocol tokens.
- Farmed ve tokens will be locked in corresponding yield vaults to boost vault yield.
This puts the Binary vaults in a perpetual motion of ever increasing ve token balances, and yield boosts, resulting in:
- Binarydao becomes a liquidity sink for protocol tokens.
- Increased earning for vault depositors.
- Increased earning for treasury.
- Help support Metis ecosystem by not dumping protocol tokens.
“Some people go their entire lives without hearing news that good” — Neo
Helpful Links
- Docs: https://docs.binarydao.finance/
- Website: https://binarydao.finance/
- Twitter: https://www.twitter.com/BinaryDAO_fi
- Discord: https://discord.com/invite/g6nEXcmyU5
- Telegram: https://t.me/BinaryDAO_official
- Medium: https://medium.com/@binarydaofi
