Metis hosted us for an amazing AMA session in their official telegram last week. We dove into all things Binary, our unique value propositions, the NFT Sale, our BYTE Genesis Event Series, Tokenomics, Private and Public Sales and much more!
We wanted to post a recap for any community member that missed it.
Check it out below!
- Can you introduce BinaryDAO to our community?
BinaryDAO is a new DeFi primitive that helps users gain exposure in DeFi yield and deals without its complexity. We are a yield farming DAO that generate return through liquidity providing, partnering and investing in early-stage projects without deep treasury: opportunities that are typically not available to the average investor. The earnings are reflected back to our native token BYTE as staking yield, creating exponential value and unmatched upside for BYTE token holders.
2. Why a yield DAO protocol for the Metis ecosystem and what makes BinaryDAO unique?
We created BinaryDAO because we realized the DeFi space is becoming ever more complex for the average user. Gone are the days where you can simply take risk and ape in any project and make exceptional return. As the space matures, risk and reward ratio comes back to earth, and opportunities becomes more exclusive. BinaryDAO enable users to gain exposure to DeFi through our expertise of liquidity management and investment opportunities.
Whats unique about BinaryDAO is that we make it very simple to gain exposure to Metis ecosystem growth for our users. If you are bullish on Metis and its ecosystem, you can gain direct exposure to the ecosystem growth by holding and staking BYTE tokens. As the Metis ecosystem grows, all participating BYTE stakers will earn yield.
3. What does BinaryDAO see as the strategic partners of Metis and what do you stand to gain?
We chose the Metis ecosystem as our home because we are incredibly bullish on the ecosystem and believe in its bright future ahead. They chose to partner with us because of our strong ability to be a core component of their ecosystem and provide security and stability to the various protocols on their network.
From a pure growth opportunity perspective, we believe Metis is the best place to start the journey for BinaryDAO, earning the most yield for our users.
4. You recently announced the $BYTE Genesis event, can you elaborate more on the activities and events for this fair launch?
The goal of the genesis event is two fold:
- Fairly distribute the initial supply of BYTE tokens
- Seed protocol treasury of liquidity provisioning
The achieve fair distribution, we’ve designed a 2 part genesis event consisting of a presale and public sale.
Presale participants can earn whitelist spots by participating in the community&social promotional tasks, or through the LP scoring event by providing liquidity on our partner at Netswap.
Though the simplest way to participate in the presale would be through the NFT campaigning launching tomorrow, where all NFT holders will be allocated $BYTE.
And the public sale will be available for all that couldn’t get into the presale or NFT sale.
5. Can you make an overview of $BYTE Tokenomics?
BYTE is the native token of BinaryDAO for Yield and Governance.
The BYTE token doesn’t have a max supply. But emission post genesis event is guarded directly by protocol earnings. For every 10 USD earned in the treasury, 1 BYTE is minted through staking. You can ONLY earn BYTE through staking.
While most tokens are inflationary with fixed emission schedules that might or might not align with actual protocol growth causing potential dilution. The unique tokenomics of BYTE makes it a non-inflationary token by aligning emission directly with protocol earning. Since new BYTE tokens are only created based on protocol revenue earnings, we can ensure there will be no dilution for existing BYTE holders.
6. About the NFT sale which is happening tomorrow, tell us more about this sale and how we can participate?
The BinryDAO NFT is called BIT. Each NFT is the binary representation of an unique ID represented as a matrix bit map.
The NFT have 2 main functionalities (for now):
- Get $BYTE airdrop.
- Boosting yield for $BYTE staking.
All NFT holders will be allocated 100 $BYTE tokens / NFT held, and will be able to stake their BIT NFT to gain up to 1.25x boost in their BYTE staking yield.
This is a limited edition NFT with only 2500 unique NFTs available for minting.
Some detailed into about the NFT sale:
Price: 300 m.USDC / NFT
Time: Sale running from Mar 4 15:00 (UTC) — Mar 7 15:00 (UTC)
Limits: There is also no upper limit as to how many NFTs any single user may acquire, although there is a limit of 10 NFTs / transaction.
Recap: The NFTs sold out in 1 minute and have already done ~$200,000 in volume on secondary market
7. Can you make an overview of the $BYTE token sale events for both private and public?
There will be an initial supply of 3 million BYTE, where 2.5 million BYTE will be sold and 500k BYTE sent to a DAO multisig, used for providing initial BYTE liquidity. For the initial 2.5 million $BYTE, that phase will be divided into two stages: Presale and Public Sale.
NFT Airdrop: A total of 250k BYTE will be airdropped to NFT holders, 100 BYTE per NFT
Presale: A total of 250k BYTE will be sold during the presale at $2 per BYTE. Whitelist required. March 9 (15:00 UTC) — March 10 (15:00 UTC). Click here for all Presale info.
Public Sale: A total of 2 million BYTE will go on sale through a bonding curve mechanism, starting at $2 and ending at max of $4.5. No whitelist, no purchase cap. March 11 (15:00 UTC) — March 16 (15:00 UTC).
The breakdown of funds accumulated will be:
- 70% put in treasury for yield earning in the Metis ecosystem
- 20% proceeds allocated to our innovation fund, used for continuous development, marketing, etc
- 10% used to provide initial liquidity for BYTE
8. Share links to your communities and social media
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
