Beta Finance is Building

It’s been a little over a year since we launched Beta Finance, and we will still be here for the years to come.

How it started

Beta Finance started with the mission to curb the speculation and volatility widespread in the markets during DeFi summer and the ensuing bull run into the end of 2021. Our flagship product, a permissionless money market for lending, borrowing, and short selling assets enabled anyone, anywhere, and at anytime to create a money market for any token with a few clicks of a button.

• We focused on delivering a clean, simple user experience to short sell long tail assets, enabling new utility for listing money markets for long tail assets that didn’t exist previously.
• We brought short selling, a critically needed financial tool, fully on chain for the first time.
• We were one of the first protocols to leverage the Uniswap V3 VWAP oracle and V3 incentives.
• We were one of the first to enable users to repay loans with their collateral.

We weren’t just a clone of another protocol. We sought to innovate and build, and will continue to do so.

Finding Product Market Fit

Although, the state of the market resulted in challenges to finding product market fit. The on-chain users in DeFi did not find the market conditions correct to allow for the widespread adoption of our tool. We explored various strategies to spur activity, from liquidity mining, protocol owned liquidity, multi-chain activity, and more, but the current market climate was still not conducive.

Nevertheless, we still believe that with the right market conditions the flagship short selling product of Beta Finance will be demanded, and Beta Finance will remain ready. The code for Beta Finance is immutable on the blockchain, battle-tested since launch with no exploits or hacks. The value of the code will forever be available.

Pivots & Further Development

Finding product market fit is challenging. Instead of waiting for the market conditions to change and DeFi activity to revitalize, we decided it would be necessary to explore the suite of products that would further Beta Finance. Companies that choose to adapt and explore have the opportunity to find success and product market fit.

We have been in the process of identifying the right pivot to achieve product-market fit for several months now, experimenting with multiple different products along the way, ranging from DeFi to CeDeFi to NFTs. We are specifically interested in building products that unlock new user experiences that don’t already exist and are suitable for Beta Finance. We are as eager as anyone else to bring products to market, but delivering solid products can’t be rushed.

$BETA and Continued Active Support For Permissionless Money Markets

The suite of products that will be delivered in the future will be associated with the existing governance token, $BETA. There are no plans, and will not be plans for additional governance tokens for Beta Finance.

We have actively been supporting our permissionless money market for lending, borrowing, and shorting assets. New markets are able to be listed by anyone, and positions are able to be safely initiated and unwinded. Additionally, we actively monitor and address any at-risk positions on the protocol. Our protocol is battle-tested and safe. Anyone who has questions or issues with the product is able to join our Discord to receive help from a team member.

Going Forward

Beta Finance is here to stay. After much exploration, we are glad to say we have identified a direction that aligns with our mission to further the Web3 ecosystem and onboard the next million users. We will unveil details on our new product, as well as a new roadmap, at the right time. Again, we are as eager as you to launch this product, but everything must be done carefully. We want to thank everyone who has continued to support us during these challenging times, and we are excited to deliver into the future.

Follow Us

As always, be sure to follow our social media to stay updated and connected with what we are doing on Twitter or Medium. For any questions or issues with Beta Finance, feel free to reach the team on Discord.