Beta Finance Phase 2: Permissionless Listing, Liquidity Mining, and more!
We’re excited to update the community on initiating Phase 2 of our launch this Monday, October 11 at 1 PM UTC. Permissionless market creation will go live and retroactive rewards will soon be claimable. With the BETA token being listed on Binance on October 8, we will also be activating our liquidity mining program on the protocol starting October 11. Please read below for the full details!
Beta Finance x Binance Launchpad
The native token of Beta Finance, BETA, goes live on Binance, October 8! For those who may have missed it, Beta Finance is honored to have been selected as the 21st Binance Launchpad Project. Through Launchpad, 5% of the total supply of BETA will be up for sale. Users have the opportunity to purchase BETA token by holding BNB in their wallets on Binance, the exact amount is calculated by Binance and details are found here. In addition, Binance Research has published a research report on Beta Finance highlighting details of the project, roadmap, and tokenomics. The Binance Research report can be found here.
Beta Finance Phase 2: Permissionless Listing
To coincide with the release of our token, we are completing the 2-Phase Launch of Beta Finance and unlocking permissionless money market creation on our platform on October 11. This means users and teams are able to create money markets for their token automatically on Beta Finance. The requirements for permissionless money market creation are the following:
- A WETH pair must exist for the token on Uniswap V3
That’s it! Only 1 requirement. If this condition exists, then it is possible to create the money market. The dApp will walk you through additional steps for setting up the money market on Beta Finance. The general flow a user will see when creating a money market on Beta Finance are:
- User enters the address for the token they wish to create a money market for.
- The dApp will check that the Uniswap V3 pool exists for the token.
- If the pool exists, the dApp will then check to ensure the V3 TWAP can be used, by checking if the observationCardinality of the V3 pool has a minimum number of slots, e.g. 150 slots is ~30 minute TWAP.
- If there are not enough slots for the TWAP, the user will need to pay the transaction + gas fee to initialize the TWAP for the price oracle of the money market being created
- There will be a waiting period before the money market goes live to ensure that the TWAP data is initialized.
- After this is complete, users will submit the final transaction to create the money market on Beta Finance. Everyone will now be able to interact with the new money market on Beta Finance!
We are looking forward to the community actively participating to upgrade the money markets they create to higher tiers for risk parameters and voting to surface these money markets directly on the main page. By default to mitigate risks to users, newly created markets will be initialized to the strictest risk tier and need to be explicitly searched for via token address for users to interact with them. This can be changed through governance voting — more details to come that will be explained in our Gitbook documentation soon.
Beta Finance Liquidity Mining Program
Starting October 11 at 1 PM UTC, the first period of liquidity mining will activate. The BETA rewards APY will be displayed directly on the dApp upon activation of the liquidity mining program. Lending, borrowing, and short selling transactions are eligible for BETA rewards. Every liquidity mining period will last two weeks, and the next period will start immediately upon completion of the previous. Once a period is complete, there will be a one week calculation for rewards, and then the rewards will be claimable by users. For example, the flow is as follows:
- First period of liquidity mining starts on October 11.
- On October 25, first period of liquidity mining will end and second period of liquidity mining will begin.
- The team takes 1 week to calculate the rewards from the first period.
- On November 1, users will be able to claim their BETA rewards from liquidity mining.
For the first period, all Beta Verified Markets will be incentivized with liquidity mining rewards.
- The current available markets are USDC, USDT, DAI, ETH, WBTC, ALPHA, SUSHI, UNI, BAND, LINK, BAL, BNT, SNX, MATIC, BAND, YFI, CREAM, and NFD.
- Supported collateral will be USDC, USDT, DAI, and ETH.
Retroactive Rewards
We want to thank our users who have actively used the protocol in Phase 1 of our launch. Users who have lended, borrowed, or shorted tokens on Beta Finance between Aug 18, 2 PM UTC to Sept 29, 4 AM UTC are eligible for retroactive liquidity mining rewards, which will be claimable in 2 rounds.
- 50% of the retroactive liquidity mining rewards will be claimable on October 25 at 1 PM UTC
- The remaining 50% is claimable fourteen days later on November 8 at 1 PM UTC. From November 15 onwards, users who participated during the period mentioned will be able to claim all the retroactive liquidity mining rewards at any time.
Liquidity provision is critical to the function of a money market. The retroactive liquidity mining program is time based and amount based.
- Lenders and borrowers/short sellers who maintained their positions on Beta Finance longer will receive more rewards than those who maintained positions for shorter periods.
- Lenders and borrowers/short sellers who initiated larger positions on Beta Finance will receive more rewards than those who initiated smaller positions.
Follow us
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, please reach out to careers@betafinance.org. We are hiring for frontend/full-stack/Web3 engineering roles and marketing roles. If you are passionate about DeFi and excited to build the next generation of DeFi with a world class team, we’d love the chance to learn more about you! *Please give us 1–2 weeks to respond to your application
