#Announcement #41: BNSD roadmap, Governance and next steps

Hi everyone

It’s been a crazy last few weeks. We have been working on creating Ascent and a host of other things have been in the works. Ascent was launched on testnet last week. We would recap a bit on what has happened with BNSD over time and what is up next.

Here’s what has happened with $BNSD over time

• BNS finance launched on 5th sept
• Reached >50 million value locked within 1 day
• Got covered by major influencers, coincrunch
• Became number 1 trending coingecko
• Innovated on halving mechanism making it disinflationary
• Reached 500 user milestone
• Became the top 3 farm in the world wrt APY and user value locked
• Got covered by one of the most popular crypto channel. Bitboy crypto
• Reached 1500 users
• Became number 1 trending coingecko again
• Transparent and public team having built multiple innovations under the fold
• Super low market cap. Even current market cap is just 1.3 million USD
• Only 4% dev tokens are there. And 0 tokens have been used by the team till now
• Global first innovations were in the works. Ascent is a manifestation of that https://launchonascent.com/
• The contract has been audited by multiple highly regarded peers from blockchain industry and one of the leading firms like certik
• Added Mega FIP for BNSD twice with 100% interest
• Did pool sales spending a significant amount of BTC from exchange side to drive traction and momentum to BNSD. Did multiple pool sales
• Listed on a few exchanges. Uniswap Bitbns Hotbit Probit etc.

What is happening next ?

• Testnet is live for ascent and mainnet would be made live as testnet testing is complete
• Governance Proposal for reward changes
• Many projects have applied through mails. Many other projects are being talked with for listing with ascent
• Governance part for the entire project is being worked on.
• Move to main net
• Actual projects launch on ascent
• Host of never before utilities

Now let’s look at what’s the governance aspect

So the most important thing we are working on currently is wrt governance. We believe in truly decentralising the protocol and giving the power in the hands of users to decide and shape the future of BNSD. We have long idealised the permissionless access, security, immutability and want to play our role in democratising that vision for our users where they can participate in the creation, governance, building and growth of the protocol.

We started BNSD less than 2 months back and it has been a whirlwind ride. We have closely observed community metamorphosing, suggesting, improvising and letting us know where the project can do better. And this is where we realised the importance of a truly decentralised protocol and what it can achieve. In order to do it we had to create a governance structure. That would not have been possible with the existing BNSD smart contract. And hence we have created BNSG. BNSG is not another token — token per se. It has been formed by burning BNS/BNSD so the token assumes value from there. It’s a swapped version specifically created for governance of the protocol.

BNSG tokenomics:

• 0 $BNSG exist currently
• Total circulation of 10 million $BNSG tokens would be there. Can never cross this number
• BNSG gets created when someone mints it by burning $BNS or $BNSD
• So effectively $BNSG is a governance token created by burning existing ecosystem tokens $BNS and $BNSD
• 1 BNSG = 10 $BNS
• Bitbns team would be burning their team tokens to create a supply for genesis airdrop supply.
• Genesis would have 0.5 million tokens. They would be created by burning 5 million BNS tokens. These are part of team and seed tokens which have been burnt to create this genesis supply. $BNS team has till date used 0 tokens and is working tirelessly for the growth of the entire ecosystem. We are burning the allocated tokens as well to create $BNSG.
• 25% of the $BNSG tokens would be airdropped to ETH BNSD and ETH BNS liquidity providers in proportion to their liquidity provision on Ascent. So 125K tokens
• 15% would be sold via ascent so users get familiarised with the platform and understand how it works. So 75K tokens
• Rest 60% would be airdropped to users participating in the Ascent launch sales happening in the next 15 months.

What can users do with $BNSG ?

• With BNSG they can decide about the future of the project.
• Make proposals.
• Reduce or increase block rewards,
• Decide projects to be listed on ascent.
• And much more. Few major ones in pipeline

For example: Change in community reward is something a lot of users have been debating about. One of the first governance proposals would revolve around that which users can create and vote and get it live.

With $BNSG we are working on building the ultimate governance token. Think the way Chainlink built the oracle ecosystem for projects we are working on building the governance layer for projects. This is a never before utility that is out there and $BNSG would be able to facilitate that. And remember $BNSG gets created by burning $BNS or $BNSD so there would be a constant demand for the same.

Not just this we are also working on creating the ultimate staking mechanism. So think this way that there is staking for coins like tezos where users can earn interest. This would be a decentralised on chain protocol that we would make where any erc20 token who wants to create a staking option for users would be able to do it. This again is a never before utility.

Again not just this a few more surprises are coming along the way. We had been heads down focussed on building. The next few weeks are going to be pretty exciting.

Also recapping a bit on why we went quiet in the last few days. We focussed heads down on building. Wrt things on blockchain few things are irreversible. If there are mistakes that get committed there the smart contracts become vulnerable and that has happened over and over again with many projects. We wanted to ensure we have multiple rounds of testing get things in place with a solid foundation and with scale in mind.

FAQs:

Q. When would $BNSG go live ?

• By friday 6th nov

Q. When can users mint $BNSG ?

• Once $BNSG contract is live users would get an option to mint $BNSG by burning $BNS or $BNSD

Q. When is ascent moving to mainnet ?

• Currently testnet is being tested. We are in talks with few good projects to take things further. Once testing is done we would announce the launch of the first project, tentatively 1 week from now.

Q. How do I get $BNSG airdrop ?

• The details for the same would be mentioned as we go live as the governance part goes live

To summarise

Super low mkt cap => Governance coming = > Community voting = > BNSD burning for governance => Community airdrop for liquidity providers = > Ascent projects = > Global first utilities

This is what’s in the pipeline for $BNSD. We are incredibly excited to take this to 100K users in the next 2 months. Help us spread the word and let’s create one of the most sophisticated governance models and constantly keep refining the project.

Onwards and upwards

Team Bitbns