Update: After listening from feedback from our users we understood most are finding the liquidity staking flow slightly complex. Hence we are redistributing it to make it 1 BTC pool sale for BNSDETH and getting another BNSD pool sale live.
Dear Users,
Thanks for the tremendous response for the pool sale concept. We saw massive oversubscription to our previous Pool Sales. We made it 10x bigger in the 4th. Now we are doing another BTC pool sale with $BNSD-ETH staking.
In order to participate in the pool sale you need to add liquidity on BNSD-ETH pool on bns.finance . Once you add liquidity you receive liquidity tokens which are BNSD ETH uniswap V2 liquidity tokens. You can find them on your metamask.
You need to deposit the liquidity tokens to Bitbns.
So what are liquidity tokens ? For example in this case
https://etherscan.io/tx/0x27060df2c8d34b4da83f8437274183036229699a132591be96da5b877f1100aa/
In this case adding 4262 BNSD and 0.39 worth of ETH gave 35.81 UNI V2 worth of liquidity tokens. That is what’s getting staked for this pool sale.
If you want to add liquidity you can follow the steps mentioned here https://coincrunch.in/2020/09/09/defi-tutorial-how-to-farm-bnsd-tokens-on-bns-finance/
You can then deposit these tokens to Bitbns.
Here’s the timeline
- Subscribe for the event. Subscription goes live on 9th October 12:00 PM IST (GMT + 5:30)
- Subscription closes on 11th Oct 10 AM IST
- 11th Oct final allocation 11:59:59 AM IST
- Users can decide to accept or reject the allocation for the next 24 hours till 12th Oct 11:59 AM IST
- Distribution of BTC, or refund of unallocated BNSD-ETH if any, by 12:15 PM IST 12th Oct.
How to participate:
- You need to stake a minimum of 5 BNSDETH to participate in the pool sales. You can deposit those tokens to your Bitbns ETH address and it would be credited to your wallet.
- Your allocation in the pool sales is determined by the amount of BNSDETH tokens you are staking.
You can find BNSD ETH UNI tokens deposit address in your bitbns wallet.
The price for BNSDETH pair would update once daily.
The more BNSDETH token is being staked, the more allocation size.
So, as an example, say the price of BNSDETH is say 6 USD. Which is roughly with current BTC price of 10700 USD equal to 54000 satoshis.
So for 10 BTC the total BNSD that can get allocated is:
(Number of Sats in 10BTC)/(BNSDETH price)
i.e. 10,00,000,000/54000 = 18518
At 50% discount, BNSDETH price = 108000 Sats therefore 9,200 is the amount of BNSDETH that can be staked for the event for 100% subscription.
Now let’s consider this:
Say, if you have staked 92 BNSDETH:
Case A) Event is either under-subscribed or 100% subscribed:
This means less than or equal to 9,200 BNSDETH were staked. In this case for whatever amount of BNSD you have staked, you would get the allocation in that proportion.
Considering 1 BNSDETH is 108000 Sats after discount,
Your stake of 92 BNSDETH would get you 92*108000 Sats = 9,936,000 Sats
According to the max slab mentioned in the table above would get the allocation.
Case B) Event is over-subscribed:
Say, people staked around 92,000 BNSDETH for participating. So the oversubscription factor is 10. (92,000 BNSDETH/9,200 BNSDETH= 10). Now you would receive an allocation according to this formula:
(Total BNSD you staked/oversubscription factor)
In this case, you would get 92/10 = 9.2 worth of allocation. So for 92 BNSDETH, you would get BTC at 108000 Sats price BNSDETH (after 50% discount)
Therefore, you would get 9.2*108000 = 993,600 Sats and the rest (92–9.2 BNSDETH) would be refunded back to your wallet.
Now moving to an important point. What you need to do to empower the BNSD ecosystem more? Now moving to an important point. What you need to do to empower the BNS ecosystem more ? Spread the word about bns pool sales. We would always continue to build things to empower users to save money, make money or reduce their commerce friction. More on it here Most users would be thankful to you having discovered the cool things that are out there which would be there in bns ecosystem — Bitbns utilities — trading, lending borrowing, FIP, Bitdroplet, Pool sales, Buyhatke, Usemycards, Tatkalforsure, Cricket Swag, Salesla, Usemysubscription, Spidy, Flightsforsure and others.
Here’s all you need to know about how to participate in Pool Sales: https://twitter.com/bitbns/status/1314455690321174529?s=19
FAQs:
Q. I want to participate but I do not have BNSD ETH?
You can follow the instructions here to https://coincrunch.in/2020/09/09/defi-tutorial-how-to-farm-bnsd-tokens-on-bns-finance/ to add liquidity to bnsd eth pool and get uniswap v2 liquidity tokens
Q. What happens to my BNSDETH?
With your staked BNS you get a certain allocation. You can send it back to BNSDETH pool and farm BNSD tokens
Q. Where can I check pool sales ?
Here’s the web link https://bitbns.com/trade/#/pool-sales/ and on the wallet section on the app.
Achievements and upcoming:
- Innovative defi yield token with new innovations coming.
- It was number 1 trending on CoinGecko twice (Screenshot).
- It has 2000 ETH + liquidity consistently.
- It has had consistent trading volume of millions of USD+ per day.
- It is already listed on 3 exchanges. Uniswap, Bitbns & Hotbit, Probit, XT and more coming soon.
- It has halving built in which makes it all the more amazing by being disinflationary. 3 halvings have been done.
- Super low market cap 2.5 million USD.
- Transparent and public team having built multiple innovations under the fold.
- High APYs.
- Pool sale.
- Amazing utilities which make use of BNSD creatively .
Till then
Onwards and upwards,
Team BitBns
