BonFi Project & Development Update
Ensuring the longevity and impact of the BonFi Platform and its contributions to the DeFi Landscape
Building BonFi V1: A retrospective
The original BonFi Platform, as released in April 2021, was built with the future in mind. After a successful launch of Version 1.0 on the Ethereum network, it quickly became apparent that with exorbitant gas fees, further investments and innovation by the team were required to reduce gas fees and subsequently cater to a broader audience of DeFi users.
With this mission in mind, the BonFi team quickly recognized the potential of cross-chain interoperability. It began its journey in building the Binance Smart Chain (BSC) module and launching a full platform update the same year — the dawn of Version 1.5. Now users could use the BonFi platform, spending minimal gas fees and getting the most out of our DeFi aggregation service.
At the same, users received a whole new suite of DeFi staking products on ETH and BSC. The team released an entirely new way of staking and earning for users, namely Multi-yield Staking on ETH & BSC. Furthermore, all existing staking products were made available on BSC and new exclusive network-specific staking pools are launched regularly.
Building BonFi V2: A forward-looking perspective
Building BonFi V2 in its core follows the same forward-thinking ethos and aims to innovate the BonFi Platform. We have laid the groundwork for Decentralized Autonomous Organization (DAO) Governance and further cross-chain expansions utilizing the Polygon (MATIC) network.
Let’s break down the current development status of BonFi V2.
1. Modernizing branding, UI and user experience
Across the platform, we have tweaked and improved the designs of V1 and actively considered community feedback. We have been building a new landing page that streamlines the user experience tremendously when visiting our site. New community members gain instant access to main features on the landing page while also being able to purchase $BNF and launch the platform app itself directly.
2. Polygon (MATIC) interoperability and DeFi on Polygon
It is planned to add full DeFi support for the Polygon Network (MATIC) and subsequently allow Token holders to seamlessly leverage the technical features of Polygon and gain access to exclusive Polygon DeFi products. We have created many new smart contracts, optimized for Polygon, and built an entirely new front end that natively integrates with the platform as we know it.
3. Direct Token Swapping
We have further streamlined the DeFi experience by adding a token swap module that allows users to swap the BNF token with just a mere click of a button. Through this module, token holders can easily purchase, sell and swap their BNF tokens across the various supported blockchain networks.
4. DAO Governance
For this reason, the team started building the framework and tools for DAO Governance. It includes a straightforward new Governance Portal and enables all users to participate without barriers. The Governance Portal consists of the following layers:
- BonFi Voting — Through Aragon Voice: A Fully Decentralized, Permissionless, Gas-Free, and Universally Verifiable Voting Solution.
- BonFi Discussion Forum: We built a dedicated discussion forum to encourage community discussion and participation. Participants can submit their ideas for improving BonFi, and discuss other projects and protocols that could benefit the BonFi ecosystem.
The improvements to the BonFi Platform listed above are far from exhaustive, and we continue to have innovative solutions in store. However, our drive for innovation also comes with great challenges, such as the general bearish sentiment in the cryptocurrency market, heightened volatility, and operational costs.
Considering today’s challenges, we decided that our best option is to continue building on the platform and wait for more optimal market conditions. We believe that both the team and the community need to collectively manage these challenges and come together to ensure that BonFi as a platform can continue its operations.
With this, we take a proactive step towards not giving up on our vision, unlike many other projects that shut down servers and suddenly end their journey. The team and our community will aim to prevail and release the BonFi V2 platform when sentiment and bearish markets have passed in an attempt to make our permanent mark on DeFi.
We are opting to provide the community with periodic updates and gear up towards release in the future.
BonFi is a multilayered open finance liquidity mining service platform complemented by the AI-powered BonVest, a professional cryptocurrency liquidity mining solution. It expands the DeFi financial product offering by combining smart contract staking and a managed cryptocurrency liquidity pool to achieve sustainable benefits for users.