B.Protocol User Liquidity Mining Program Explained
The successful completion of the Genesis vote has executed a 3 month liquidity mining program, in which 250k BPRO governance tokens will be distributed to users.
The program
In every block, roughly 0.14 BPRO are distributed. Of which, roughly 0.11 are distributed according to the user total debts, and the rest (0.039) according to the user deposits. For example, consider the total deposits in B.Protocol are $200m, and the total debt is $70m, then a user with $1m deposit and $0.7m debt will accumulate 0.039 * 1 / 200 + 0.11 * 0.7 / 70 = 0.001295 BPRO per block. The precise details are depicted in the Genesis proposal.
Distribution schedule
Per the Genesis proposal, the program has started over a week ago, at Ethereum block 12304534 (Apr-24–2021 06:22:47 PM +UTC). And today the protocol’s multisig approved the distribution snapshot of block 12373772 (May-05–2021 10:51:20 AM +UTC).
We opened a snapshot monitoring channel at our discord, for the community to review and approve the snapshot before executing it on-chain, and the schedule for the next snapshots mostly depends on the smooth execution of this process.
Front end support
Users have to actively claim their BPRO (with a smart contract tx), and our website provides an interface to the smart contract.
Further, the website also provides an estimation on the amount of claimable tokens once the next snapshot is approved. It should be noted that this is only an estimation, and the exact amounts are subject to the snapshot approval.
Finally, we also present the expected monthly distribution amount for each user, and the user should note that this is calculated assuming nothing will change in the total system and user debt and collateral over the next month, which is of course unrealistic, and used only for illustration purposes.
We got numerous requests from the community to present the so called APY, and at this point it is still under development.
Tutorial
To claim your BPRO, first connect your metamask wallet.
click claim:
a popup will show you have much BPRO you can claim now, and how much you could claim once the current snapshot is approved.
You can claim your claimable balance.
NOTE: the uncliamable balance and the expected amount of BPRO a user is expected to get for the next month are subject to changes by the governance, and other factors. It is also currently at BETA phase, and we expect there might be some miscalculations in the presentation. The claimable balance is final, and reflect the real state of the smart contract.
About B.Protocol
B.Protocol makes lending platforms more secure by incentivizing liquidity providers (keepers) to commit on liquidation of under collateralized loans and shift the miners extracted profits back to the users of the platform.
For more, please visit our website, twitter, discord and github.
