BondAppetit: H1 2021 Results And Plans For The Near Future
The last month marked six months since the launch of BondAppetit. The protocol is still at the MVP stage, but it has already passed several important milestones. Let us summarize the events of the previous six months and briefly outline our plans for the near future.
April of 2021
Launch of the protocol. BondAppetit was launched on April 5. In the first few days since launch, the volume of locked funds reached $8 million. In the first weeks since launch, the profitability of BondAppetit pools was hovering over 1,000% per annum, values which attracted many players from the DeFi market.
First AMA session by BondAppetit founder Artem Tolkachev. Artem talked a lot about the development strategy, the regulatory environment, and other related issues. We recommend that you listen the recording of the AMA if you missed it or had joined late.
First governance initiatives. Starting from the first days since launch, BondAppetit has implemented a community governance system. All key decisions are passed through a general vote.
First partnerships. We established our first partnership to help BondAppetit increase the emission of the USDap stablecoin. This partner is the EAST.Finance project from the Waves ecosystem.
May of 2021
Launch on Binance Smart Chain. A special bridge was launched to transfer the native project token from the Ethereum network to the BSC. The Binance network uses bBAG — a utility version of the BAG token. We talked about the bBAG in greater detail in a dedicated article.
Launch of the first pool on swop.fi. Investors who voted for the pool received a guaranteed yield of around 300% in the first week of its operation.
June of 2021
Launch on Waves.Exchange. In addition to Uniswap and Pancakeswap, BondAppetit was launched on the Waves decentralized exchange.
Transition to the second launch phase. As per the project whitepaper, the protocol will pass through three launch phases. In June, the protocol completed the first phase (the raising of funds needed for the acquisition of the first batch of bonds) and transitioned to the second launch phase (acquisition of bonds). The USDap / USDC pool was unlocked and anyone willing had the opportunity to withdraw funds in USDC. The remaining funds were used for the acquisition of securities to back up the USDap stablecoin.
July of 2021
Acquisition of the first batch of bonds. At the end of July, the protocol acquired a batch of bonds worth $775,000.
Ongoing farming. BondAppetit continued to distribute BAG tokens through pools. Early supporters of the protocol received several million governance tokens in exchange for liquidity.
August of 2021
Price stabilization mechanism. The protocol’s development team launched the USDap buyback mechanism. A special smart contract started to repurchase USDap from the market and burn them, distributing the proceeds among BAG token holders.
September of 2021
First profit. The first bond coupon payment was received in September and the protocol started distributing the profits to BAG token holders. To be eligible for receiving payments, token holders have to stake their tokens in a special contract for 3, 6 or 12 months. The income is accrued for each block and distributed in USDC (in the future, the protocol will transition to making payments in USDap). More details about the mechanism can be found in a dedicated article.
Website update. Considering the transition of the protocol to the second launch phase, the main focus of the development team was on the USDap stablecoin and the increase of its emission volumes. The main sections of the website were therefore redesigned to cater to a host of new tasks. As part of the redesign effort, the main page, the reward page, and the token pages had undergone changes.
Launch of EAST.Finance. Our partners at Waves have launched EAST, the first protocol targeted at large businesses. The EAST token is partially backed by USDap.
October of 2021
Acquisition of the second batch of bonds. In early October, the protocol acquired the second batch of bonds worth $250,000. The process was delayed by issues with the traditional financial system, which implied a lot of paperwork.
10% of all BAG token emissions in free circulation. The protocol distributed over 10 million BAG tokens to investors in the period from April to October.
First investment round. At the very end of October, BondAppetit raised $350,000 from the Digital Fortress investment fund.
The first payment of full coupon yield. In Q4 of 2021, the protocol started to distribute the full amount of the coupon yield for the first time across the entire bond portfolio. In Q3, the BondAppetit protocol received payments only on Xerox bonds, which account for only a few percent of the entire portfolio.
Plans for the near future
Increase in the supply of USDap. The key task of the BondAppetit protocol is increasing the supply of the USDap stablecoin. At the current stage, we plan to achieve this goal by establishing partnerships and attracting investments. For this end, we are planning to bolster our team with an experienced business developer. We are looking for a disruptive business development specialist with experience in cryptocurrencies markets and (preferably) traditional finance. If you see yourself fitting for this task, or if you know a suitable candidate, please contact us at pr@bondappetit.io. We will provide a generous reward for a recommendation leading to successful cooperation with the candidate.
Boosting of marketing efforts. BondAppetit spent the first six months of operations in stealth mode. Our goal was to raise the initial amount of liquidity, validate the business model, and acquire collateral for the USDap stablecoin. Had we not gone through such a process, our protocol would have joined the ranks of hundreds of other bland projects on the market. Now that these tasks have been completed, we plan to step up our marketing efforts. In particular, an educational campaign is being planned on Coinmarketcap Earn with a prize fund worth several hundred thousand BAG tokens. We also consider listings on several centralized exchanges.
Grant program. We are extremely sensitive when it comes to matters of security. As such, we are planning to launch a grant program in the near future for developers who would be willing to help us find any vulnerabilities in the protocol, as well as for content producers interested in promoting the protocol in exchange for BAG tokens. If you are interested in becoming an ambassador, please contact us at pr@bondappetit.io.
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The DeFi market is growing rapidly. The total TVL of DeFi recently exceeded $200 billion, and the capitalization of stablecoins exceeded $120 billion. If BondAppetit manages to occupy at least a few percent of the market, this will propel the protocol into the top 100 in terms of capitalization.
The stablecoin market is under pressure. The financial authorities of the leading countries (primarily the United States) are expressing hostility towards stablecoins and are clearly determined to introduce additional regulations. The transparency argument is used as an excuse, but in reality, the regulators fear that the stablecoins will start competing with their national currencies, especially the CBDCs. Decentralized stablecoins like the USDap can prove to be the most resilient against any regulatory attacks. We are committed to maximum decentralization and are ready to respond quickly in the event of a change in the regulatory environment.
Finally, we would like to thank our wonderful community for their commitment. Despite some difficulties and delays, are continuing to support the protocol and believe in its future. BondAppetit could not have gotten this far without you.
Links
Website: https://bondappetit.io/
Whitepaper: https://bondappetit.io/whitepaper
Litepaper: https://bondappetit.io/static/media/bondappetit_litepaper.pdf
Dev docs: https://bondappetit.io/docs/
News channel (EN): https://t.me/BondAppetit
Chat EN: https://t.me/BondAppetitEn
News channel (RU): https://t.me/BondAppetitRuNews
Chat RU: https://t.me/BondAppetitRu
Twitter: https://twitter.com/DeFiBonds
