BarnBridge Updates: First DAO Proposal, SMART Yield Updates, New Frontend Release

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This post is an announcement of a development release and is a departure from the formats of previous articles.

Hello, fellow BarnBridge community members!

We have a bunch of updates we would like to share with all of you.

PID-1: The First DAO Proposal

We are thrilled to announce that our first DAO Proposal that was set up on Mar 19th has successfully passed through with significant support from the community having the quorum at 61.17% (>40% required) and 100.00% votes FOR the proposal.

The updates this proposal brings to life are intended to increase the pool attractiveness for both the junior and senior positions.

Here is the link to the DAO proposal: https://app.barnbridge.com/governance/proposals/1

The juniors are going to be incentivized with the $BOND rewards. Therefore, the proposal actions allocated 250,000 $BOND tokens for the 25-week long incentivization program. The rewards are going to be distributed continuously — at a rate of 10,000 $BOND per week. This is similar to how the DAO staking contract works, so if you stake for 5 minutes you get 5 minutes worth of $BOND rewards. You can come and go as you please, but you will need to manually claim your reward tokens.

We anticipate the junior incentivization program will attract a substantial amount of capital. Let’s model some APY values considering the current junior pool value. There is 3,620,800 USDC in the junior cUSDC pool right now, accruing about 11.5% APY. If we add 10k BOND/week here, we get the next equation:

(10,000 BOND * 45$) / 7 days * 365 days / 3620800 USDC + 11.5% junior originator APY = >650% APY

Therefore, we expect the senior guaranteed fixed rates to become more attractive as more juniors enter the pool to become eligible to participate in the SMART Yield junior incentivization program.

The seniors will be also able to deposit for a longer period of time as the max maturity period for senior bonds is changed from 30 days to 365 days.

The junior incentivization program is just a way to bootstrap the early stages of the product. As the $BOND rewards are only temporary, and not sustainable in the long run — after a certain amount of time, the product will function on its own and the markets will balance themselves out.

Frontend Updates v3.1.0

While the PID-1 voting process has been moving along, the dev team has been working hard on implementing frontend updates in preparation for the proposal execution. The SMART Yield page now has an additional tab called “Pools” where users can stake their junior tokens to earn $BOND rewards.

Here’s the extended guide on How to Stake jTokens and earn $BOND rewards.

The other big thing in the current release is getting a notification system up and running. It is working just for the DAO proposals yet but more to come soon (such as yield farming epoch updates and SMART Yield pool condition changes). We think this will be a great addition and just a useful feature for our products since it will help users to better keep track of the changes and updates regarding their portfolios.

Other than that, a lot of UI improvements were implemented for the app table views, dark theme view, and BarnBridge DAO proposal forms. On another note, we have refactored the way in which Infura calls are made, bringing a drastic improvement to the number of calls made each time the app is visited. This results in faster load times and better efficiency in case of failed responses from the web3 provider. There will also be major UI improvements brought on all areas of the app in the following weeks, in a number of minor releases — among these, a DAO treasury page.

Future Releases

We expect a lot of exciting features and updates in the nearest future. Some of them are adding the cDAI pool and integrating with the Aave lending protocol, which is expected to happen in the coming weeks.

We are also making progress on the SMART Alpha product, with a new and improved spec being modeled. More details to be released soon.

Stay tuned 🤗