Beta Finance is Live on Ethereum Mainnet
Beta Finance is officially live on Ethereum Mainnet at https://app.betafinance.org! For those joining today, Beta Finance is a permissionless money market for lending, borrowing, and short selling crypto assets. Our mission is to offset volatility in crypto and facilitate stability for the healthier adoption of DeFi by both individuals and institutions.
We are thrilled to have initiated Phase 1 of our 2-Phase launch today. Users of Beta Finance are able to start lending, borrowing and short selling tokens from our Beta Verified Markets. For our community, early users will receive retroactive BETA rewards for interacting with and utilizing the Beta Verified Markets. Today, the Beta Verified Markets that are live are WBTC, ETH, USDC, USDT, DAI, SUSHI, UNI, and ALPHA, with the rest being gradually launched in the coming days. The full list of Beta Verified Markets to be launched daily and a Step-by-Step guide on using the protocol can be found in our previous announcement, with tomorrow’s Beta Verified Markets being MATIC, LINK, and BAND! For those interested in documentation, it is live on our GitBook too.
Immunefi x Beta Finance Bug Bounty Program
In addition to security audit by OpenZeppelin and Peckshield, we’re excited to announce that we have partnered with Immunefi to launch the Beta Finance Bug Bounty program to help identify any smart contract vulnerabilities with rewards up to 200,000 USD! Security is an important pillar of Beta Finance and we seek to take exhaustive measures to ensure the security and transparency of our protocol. We are grateful for Immunefi’s support in helping us launch the bounty program. Beta Finance will pay out rewards in USDT based on the severity of the vulnerabilities found. The severity of the vulnerability will be judged by the Beta Finance team, but as a standard we are guided by the threat levels defined by the Immunefi Vulnerability Severity Classification System.
The bug bounty program covers the Beta Finance smart contracts and is focused on preventing thefts and freezing of principal of any amount. We will be focusing on critical and high level threats for the program first. The program is live and the full details regarding rewards, smart contract scope, reporting, and rules can be found directly on the Beta Finance Bug Bounty page here.
Unlocking Strategies with Beta Finance through Short Selling
We are excited to see the new strategies from DEX-CEX arbitrage to delta-neutral farming that DeFi users will initiate with Beta Finance’s short selling feature. Beta Finance enables users to easily initiate short positions in an atomic transaction through our “1-Click Short”. A short seller enters the amount of collateral to be used and the amount of token to be shorted. Beta directly provides metrics, such as LTV, slippage, and price impact directly in the interface for the trader, and calculates the best DEX (Sushiswap or Uniswap) to swap through by default. Behind the scenes to initiate the short position, Beta will flash swap through the DEX to the collateral, add this additional collateral with the principal collateral, and initiate the borrow on the shorted token to complete the flash swap.
Moreover, Beta Finance enables users to easily manage their deposit, borrow, and short positions through our dashboard on the “My Positions” tab. For short positions, users can track the relevant metrics, like LTV and APY, and add additional collateral to reduce their LTV or repay and close their position.
One of the cool features of Beta is that rather than only allowing users to repay with the borrowed/shorted token, Beta Finance allows you to automatically repay with the collateral associated with your position. The protocol will execute an optimal swap from the collateral token to the borrowed/shorted token on behalf of the user and repay the debt, with relevant metrics in the interface. The excess collateral will be redeposited into the user’s wallet.
What’s next
We are grateful to our community, Alpha Launchpad, advisors, investors, and friends for making this launch possible. This is the start of our long, exciting journey, and we look forward to the partnerships, integrations, and new features that will be delivered to our community, as we strive to strengthen the future of DeFi. Now that Phase 1 has been launched, we are excited to work towards bringing the best of Beta Finance for Phase 2 to complete the 2-Phase launch. We’ll continue to keep the community updated through our socials, so be sure to follow us on Discord, Twitter, and Telegram!
We are hiring!
Beta Finance is looking to expand our team and is actively hiring. If you are passionate about DeFi and excited to build the next generation of infrastructure for DeFi, we’d love the chance to learn more about you! Whether you’re a Solidity developer, Web3 magician, business development & marketing, or DeFi strategy specialist, please reach out to careers@betafinance.org.
