BonFi V2 — Development Update 1

Learn more about our updates to Branding and Governance

In our last news release, we announced the launch of BonFi V2 — The Ultimate DeFi Aggregator. Now it is time to update you where we delineate more details on the new functionalities and their mechanics.

Modernized Branding

From the get-go, we have aimed to streamline the DeFi Industry by offering a secure and accessible portal where users can manage their DeFi Portfolio. Given this goal, we will further modernize the BonFi platform to accommodate new users. With the release of V2, visitors are welcomed with a new landing page. Users can instantly understand our product, directly purchase the $BNF token, and experience different platform features. Besides the landing page, we built new user interface features to accommodate new features. These include Direct Token Swapping, Launch of Polygon Support, the Expansion of our DeFi Products, and the launch of DAO Governance. We also made tweaks to the existing UI to optimize the user experience and browsing experience.

DAO Governance

Since humans transcended from nomadic lives to settle in communities, the economic and social structures that have been used to create, transact and store value have been permissioned. Centralized power has resided in various banks, states, and other institutions. We live in an age of modern technologies, such as smartphones, artificial intelligence, and virtual reality; however, it has not yet transformed our institutions that govern our lives in any meaningful way. Modern governance is not fit-for-purpose.

Blockchain technology came into existence with the promise of creating a more decentralized system of governance and wealth management. Building a Decentralized Autonomous Organization (DAO) aligns with this philosophy, and therefore we will develop towards that direction. However, we simultaneously observed that managing a proper-functioning DAO is not an easy feat. Without the proper workflows, lack of accountability, and structure, achieving anything of note will be nearly impossible.

Having understood these risks, we have introduced DAO concepts to our user base over time. Our first step came by launching the BNF Community Bounty, where community members are united to help the core team establish new partnerships and launch new market campaigns. The next step is to bring the Web3 experience to another level, where users can drive the platform’s future through the launch of new initiatives. Creators are incentivized to partake in discussions actively and get their hands active so that we can shape the future of DeFi together!

Our New Governance Portal is straightforward 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. We will allow for 100% free voting to end-users, which helps to increase token holder engagement and meet minimum participation thresholds. We will support various voting types, including single and multiple questions, real-time or encrypted results.
  • BonFi Discussion Forum: We will launch 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. Ideas that receive strong community interest are submitted to Aragon Voice, allowing users to decide whether a suggestion should be adopted or rejected democratically.

Launch Update

We will provide an overview of our development progress with the final launch date for BonFi V2 soon. Please stay tuned!

About BonFi

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.

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