May 12, 2021
BIOPset Roadmap
Where BIOPset development stands and what to expect.
By Munair and Shalaquiana.
The binary options settlement protocol (“BIOPset”) is about to deploy its fourth release. This article provides a detailed explanation of the development timeline as of May 11th, 2021.
TL;DR
Development of the protocol is scheduled to continue into 2022. However, the schedule of activities is prioritized to tackle the most pressing demands first.
With the audit underway, the time has come to focus on other activities that weave the highest quality into the decentralized binary options experience.
These include finalizing the listing of BIOP on CoinMarketCap, opening the liquidity farming rewards for staking on Uniswap, and voting on the first trading pair BIOPset will support. [1]
Each of these pieces provides something to satisfy the wants of new and existing BIOP holders. The goal is to make this protocol community-driven as soon as possible.
Here’s a breakdown of each major item on the timeline:
CoinMarketCap Listing
Making sure everyone who may want to trade decentralized, censorship-resistant binary options knows that the token is properly listed means listing BIOP on CoinMarketCap (“CMC”). This listing substantially increases awareness of BIOP.
It provides exposure to the broader cryptocurrency community and helps those interested in the protocol’s token find it. Though completing CMC forms is an exercise in tedium, the time spent filling out forms will be a solid investment.
Uniswap Liquidity Farming
Everyone staking BIOP and ETH in the Uniswap liquidity pool will begin to earn BIOP tokens for their efforts once liquidity farming on Uniswap is launched. The goal is to increase the token distribution and get more BIOP out into the hands of users.
First Trading Pair Vote
The very first trading pair to be supported on BIOPset will be chosen by BIOP token holders. The vote will be held in a few weeks.
Right now a shortlist of potential trading pairs is being compiled. Trading pairs need an oracle. The pairs that Chainlink updates most frequently are best for degen binary options.
Complete Audit
The smart contract audit will a while. The audit process has started. However, it will conclude 1–2 weeks later than desired.
Either way, a quality audit makes using the platform less risky and substantially improves its value to the community. Once the audit is complete any bugs found will be addressed and the decentralized binary options protocol will launch.
Website Improvements
While the current website has been good enough for testing, a higher quality user interface is required for the Ethereum mainnet launch. This means pouring a lot of work into new interfaces.
The objective is to get a decent experience on mobile. This goal arose based on feedback from testing BIOPset v4 on Kovan. The new web app will reflect that learning.
Utilization Rewards Launch
Utilization Rewards will come online when the protocol launches.
At that point, anyone interacting with the protocol earns BIOP for their efforts. With those earnings, they can help decide the future of the protocol.
Settlement DAO Launch
After deploying the protocol, the Settlement DAO will come online. This is the moment that the protocol officially transfers to the community of BIOP token holders.
ERC20 Options Launch
The EBOP20 standard is designed so that anyone who holds at least 0.0000000000000001 BIOP can open a new EBOP20. They may then enable binary options trading using their favorite ERC20s as the underlying asset.
The first trading pair will be decided by the Settlement DAO.
Multichain Expansion
After getting everything working on mainnet, the next goal is to bring binary options trading to other Ethereum Virtual Machine (“EVM”) compatible chains and layer 2 (“L2”) solutions.
Presently, there is no clarity on which avenue will be pursued first. Multiple options are being explored simultaneously, rest assured that they all include making sure all current BIOP holders are equally able to have their tokens represented on those other implementations as well.
Further Reading
To learn more about BIOPset, please consider reading:
Additional Links
Telegram: https://t.me/BIOPset
Discord: https://discord.gg/4SRYBNdE3r
Twitter: https://twitter.com/BIOPset
Forum: https://biopset.freeforums.net/
- BIOP is already listed on CoinGecko here.
