Looking back on Phase 1 of Beta Finance
It has been a while since our last update to the community, and we sincerely apologize for the delay. From now on, we will be significantly increasing our communication with the community to stay engaged.
We are humbled by the community’s response to our Phase 1 Launch of our 2-Phase Launch. The reception has been beyond the team’s expectations, and we are grateful for the continued support that has helped us get through a challenging period this past month. To help refresh the community on what’s happened, here are 5 highlights of Phase 1:
- Beta Finance launched its initial set of 16 Beta Verified Markets including USDT, USDC, DAI, ETH, WBTC, UNI, LINK, BAL, BNT, SNX, SUSHI, ALPHA, MATIC, BAND, YFI, and CREAM. Beta Verified Markets are lending markets that the governance of Beta Finance has evaluated as safe to be surfaced directly to users on the dApp.
- Beta Finance launched the a “Risky Market” for NFD, the first money market in DeFi for a fractionalized NFT tokens. The NFD market was the first market to support Uniswap V3 integration for swapping and TWAP price oracle.
- We released our audits from OpenZeppelin and PeckShield for the community to review, with zero critical issues. Our Immunefi bug bounty program is live with rewards up to 200,000 USD.
- Over 500 short positions have been initiated through our “1-Click” Short tool that enables DeFi users to easily initiate, manage, and close short positions, with Uniswap V2, Uniswap V3, and Sushi integrations. By default, the most optimal swap path is calculated for the user. Additionally, over 1300 borrows have been initiated during Phase 1.
- The protocol achieved $200MM in TVL within 5 days of launch, peaking at ~$230MM TVL, before settling down on ~$190MM TVL as of writing.
Resources for Users of Beta Finance
To continue to help on-board new users with navigating and understanding the protocol, here are a few resources that can be referenced:
- GitBook Documentation: https://betafinance.gitbook.io/betafinance/
- Step-by-Step Guide on using Beta Finance: https://link.medium.com/4YX6DQnFLjb
- DeFi Dad Livestream: https://www.pscp.tv/DeFi_Dad/1vOxwErbMkgGB
- Delphi Digital Podcast w/ Tom Shaughnessy: https://www.delphidigital.io/podcasts/beta-finance-is-a-permissionless-money-market-enabling-the-short-selling-of-the-long-tail-of-crypto-assets/
- 51% by Mable Jiang Podcast: https://51-with-mable-jiang-presented-by-multicoin-capital.simplecast.com/episodes/ep35-cn-allen-lee
In addition, the team is available for questions on Discord and Telegram, and we will try our best to respond to your questions.
Retroactive Reward Distribution
We realize that many people have been reaching out for details about the distribution, and we plan to have more details regarding numbers of the distribution in the near future. We are nearing the end of our analysis and evaluation to ensure a fair distribution, and appreciate the patience of our community members. We want to ensure that only finalized details are released to avoid unnecessary confusion.
Liquidity provision is critical for lending markets to function properly. As such, we believe it is necessary to incentivize lenders initially to bootstrap the initial liquidity on the protocol due to the opportunity cost these providers incur. Additionally, users who are actively utilizing the assets lended take on greater risk when interacting with the protocol due to potential liquidations. We see these two fronts as important catalysts for the growth and direction of the protocol, and so will be distributed retroactive rewards. At a high level, rewards are calculated based on time-weighting and amount-weighting. Greater rewards are distributed to those who initiated borrow/short positions than those who initiated lending positions due to the greater risk and cost. We hope to release a more detailed explanation in the coming days pending finalization of our analysis.
Going Forward
We will be publishing a weekly summary to keep users informed of developments within the Beta ecosystem and its growth. We look forward to unveiling Phase 2 of Beta Finance soon and completing our 2-Phase launch, which will allow users to create money markets for tokens permissionlessly and include support for additional collateral tokens. Additionally, we have several exciting media pieces this week that will dive deeper into the protocol, partnerships, and more. 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 week to revert back on your application.
