Beta Finance: Weekly Re-cap Oct. 4
It’s been an eventful week for Beta Finance! There’s a lot of work being done to launch additional features for the product right now, and we have announced exciting news recently. To help the community stay up-to-date on the protocol, we are providing a recap of what’s happening with Beta Finance right now.
Beta Finance x Binance Launchpad
Beta Finance is honored to have been selected as the 21st Binance Launchpad project, and will be listed on Binance this Friday, October 8. The Launchpad sale price will be $0.06 USD / BETA, and there will be 5% of the total supply, 50MM BETA tokens, that will distributed to buyers through Launchpad. The full Binance Research Report on Beta Finance can be read here. Users will be able to participate in Binance Launchpad by holding any amount of BNB in their Binance wallet. More about the Launchpad calculation details are described here.
The team and community moderators will never DM you or sell you tokens. Please be wary of scams. Our official token contracts are here:https://etherscan.io/address/0xbe1a001fe942f96eea22ba08783140b9dcc09d28
https://bscscan.com/address/0xbe1a001fe942f96eea22ba08783140b9dcc09d28
Retroactive Rewards
To update our community that has been with us through Phase 1, we have not forgotten about the retroactive rewards. These rewards as mentioned will be time-weighted and amount-weighted, and we have completed an initial analysis for the distribution numbers. We are not releasing these numbers yet, as we need to test the technical implementation to ensure that these numbers are accurate. We are taking extra precautions to ensure that we do not mistakenly distribute rewards and that no problems occur when rewards are collected. An exact date on when these rewards will be distributed is still pending, but we guarantee that we are working towards having it as close to the token launch date as we can.
Short on Beta Finance
Recent market turbulence has caused a pull back in the price of tokens. For those who are looking for a way to short these tokens in DeFi, Beta Finance’s “1-Click” Short Tool will allow you to easily initiate, manage, and close these positions. See our previous post for a guide on the tool. Currently, the protocol has $230MM in TVL and supports stablecoins, ETH, WBTC, UNI, LINK, BAL, BNT, SNX, SUSHI, ALPHA, MATIC, BAND, YFI, CREAM, and NFD.
Launching Permissionless Market Listing
Beta Finance is launching permissionless market listing soon. Users and teams will be able to create a money market for their tokens automatically, without having to go through governance. By default upon creation, these markets will have the riskiest configuration, and users will need to explicitly search by token address for the markets in the dApp to interact with them. The configuration of the money market, as well as whether it will be surfaced directly on the dApp to users, can then be updated by governance and snapshot voting.
In order to create a money market, the token must have a WETH pool on Uniswap V3. Markets created permissionlessly on Beta Finance will be using Uniswap V3 TWAP as a price oracle, which stores an array of cumulative sums and allows the TWAP to be calculated with a single on-chain call. The V3 oracle enables the TWAP price feed to be maintained even if no borrow actions happen on the Beta Finance protocol. In contrast with the V2 oracle, if no borrow action is executed for a money market, the price feed for that market could become out-of-date. By using the V3 oracle, the protocol is able to have a more secure and reliable price feed for the permissionless money markets. We will publish a walkthrough of creating a money market permissionlessly prior to its launch!
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. 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. *Please give the team 1–2 weeks to revert back on your application.
