BLES DeFi: Liquidity Staking, Voting Rewards, and Token Burning
This article has been updated to reflect the latest development of the BLES staking rewards program which will take place on the Blind Boxes dApp.
Today we are excited to announce our liquidity mining program that will enable BLES holders to earn passive income.
Introducing: Dual-Token LP Staking, Voting Rewards , and Token Burning
- Smart contracts covering these three new features were completed on April 25, 2020
- Once deployed, users can begin depositing $BLES and earning staking rewards as liquidity providers
- Two separate burn mechanisms will go into effect
- All new features have undergone internal testing and will be released once the audit by Beosin is completed
- The features will be fully deployed within 12 hours of the successful completion of the audit. April 30th is the expected launch date.
Staking and Voting Rewards
Over a period of three months, 900,000 $BLES will be allocated for LP staking, and 200,000 $BLES will be allocated for voting rewards. Here is the breakdown of the two mechanisms.
Vault 1: Cake-LP Staking
Staking rewards will offer users incentives to provide liquidity in PancakeSwap, and stake the Cake-LP tokens to the Blind Boxes Platform.
· The total reward here will be 900,000 BLES
· Users deposit liquidity (BNB + BLES) into the pool
· Liquidity tokens are minted to users’ addresses
· Users receive BLES tokens as rewards
· The amount awarded will be based on BSC block generation
- 10,000 BLES will be rewarded daily for stakers
- Binance Smart Chain generates 20 blocks per minute
- For each block on BSC the reward will be approx. 0.347 BLES
- Follow this tutorial to add liquidity to PCS
- You will need BNB and BLES to participate
- After you are done, you will get BLES-BNB CAKE-LP tokens
- Navigate to the Blind Boxes platform, and stake your BLES-BNB CAKE-LP tokens
- Receive staking rewards to claim later (read Mining Burn below).
Vault 2: BLES Staking and Voting (Single Token)
BLES-only staking will occur directly on the Blind Boxes platform. Users that stake through this mechanism will earn rewards. The staked amount determines users’ voting power on the platform.
· The total reward here will be 200,000 BLES
· The daily total reward for staking BLES on the platform will be approximately 2222 BLES
· On days where there is a voting event, Stakers that participate in voting will receive an extra 50% BLES reward, The earlier the vote, the earlier Stakers will earn extra tokens.
- E.g. During a 3-day voting event, the total daily staking reward will be ~3333 BLES (instead of ~ 2222 BLES)
1. BLES-WBNB CAKE-LP (BEP-20):
Token Contract Address: 0xd90B8cd5f0658C07940BC238649057F14783E1f0
2. BLES-BNB LP (BEP-20):
Token Contract Address: 0x393d87e44c7b1f5ba521b351532c24ece253b849
BLES Token Burning Mechanisms
Two separate, smart-contract executed token-burn mechanisms will occur to curb $BLES inflation. Both burn mechanisms will proceed until a maximum of 50% of the total BLES ever minted are burned.
The platform features unique, smart-contract-controlled, mining and burning mechanisms. With respect to mining, opening Blind Boxes mines $BLES for buyers. More specifically, when a user opens a box they get an NFT plus an option to claim $BLES.
- If the user chooses to claim $BLES within 7 days, 50% of the mined $BLES will automatically be burned
- If the user claims $BLES on day 8 or later, they will receive 100% of the $BLES
- This deflationary burn mechanism serves to maintain a steady value for the token
Buyback Burn Mechanism
Each day, 50% of the revenue earned by the platform (which is 5% of the sold NFT amount) will be used to buy $BLES from exchanges.
- The sum of BLES purchased with this amount will be burned
- The amount burned will vary per day
- Fees are only collected when a collection sells out.
Watch Out for Scammers!
As always, be careful and double check everything. We can guarantee that Blind Boxes team members will not DM you first. Do not fall prey to imposters and scammers.
Whenever you are in doubt, you are more than welcome to reach out Blind Boxes Community Managers on the Blind Boxes Telegram community.
For your reference, the address of the BLES (ERC-20) token is: 0xe796d6ca1ceb1b022ece5296226bf784110031cd
Sign up here to register to Blind Boxes as Collector.
About Blind Boxes
Blind Boxes is a gamified curation platform and launchpad for NFTs (non-fungible tokens). This highly scalable dApp enables brands and creators to diversify their revenue streams, increase the liquidity of their creative assets, and become leaders in decentralized global economies, while engaging fans and buyers to discover and collect rare, limited edition NFTs.
Via the Blind Boxes Marketplace, buyers experience the thrill of time-released curated NFT collections. Collectors virtually unbox exclusive items, curated by tastemakers across art, music, sports, and entertainment. Curation is at the core of our value proposition. The platform offers a commission structure that incentivizes independent contributors to curate blind box collections that feature top-tier talent, emerging artists and designers from around the world.
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