Platform Development Update 2
Learn about the latest BonFi Development Progress!
As the New Year is looming, it will mark the conclusion of what has undoubtedly been one of the craziest years in our lifetime. We anticipate that this next decade will usher in a new paradigm for decentralized finance. It is a fantastic time to get involved and drive forward new DeFi innovations.
The BonFi Council launched the BNF token two months ago — and since then, the team has put great efforts to accelerate the development process. We are excited to share the latest updates on the current development status and provide further insights into the platform’s functioning.
The BonFi platform functions as a comprehensive DeFi aggregator that streamlines the DeFi value proposition and popularizes digital assets. Users gain access to various native BonFi DeFi products and recommended third-party DeFi products based on advanced algorithms that continuously analyze many data sources, including but not limited to crypto market data, behavioral data, and risk sentiments. These different data points are integrated into the back-end, powering a sophisticated prediction engine that helps DeFi users contextualize market information.
Besides offering various DeFi products paired with an associated prediction engine, our platform also helps users gain a comprehensive overview of the DeFi market. The BonVest enables users to optimize their crypto portfolios by presenting relevant data, allowing you to understand individual DeFi projects and the overall DeFi market quickly.
Blockchain technology empowers people by facilitating currency transactions without depending upon a third party. In line with this philosophy, the BonFi Council will not manage users’ digital assets. Instead, we will fully empower you to manage your portfolio without the involvement of any intermediary. Additionally, we intend to build the BonFi platform as a global community where everyone is equal: where everyone has the opportunity to contribute to consensus, and where all can interact on a level playing field.
Accordingly, the platform shall be managed by the BonFi DAO Council, accessible to every single BonFi user. Each DAO Council term is six months, and each token holder can choose DAO Council Candidates through voting. During each election, one token equals one vote. The BonFi DAO Council manages a multi-signature wallet, where they need to collectively decide on BNF Token expenditures and rewards for further platform development, marketing, and other initiatives. Regular token holders will remain continuously involved as they can actively participate in community collaboration tasks and receive potential rewards for their contribution.
Upon opening the BonFi platform, users need to connect their MetaMask wallet to start using the platfrom. Once you are connected, you can start enjoying all the functionalities within the platform. At platform launch, there will be two different user tiers: Rookie and Professional. Each user tier comes with other criteria and perks. Your tier impacts your access to：
- BonVest Data
- The Prediction Engine
- BonFi Native DeFi products
- Recommended third-party products.
Each user gets access to the same functionalities and tabs; however, some functionalities are restricted for the Rookie user. They can unlock these features by staking a certain amount of BNF token. You can optimize the DeFi recommendations according to your risk appetite by sliding the Risk Appetite toggle to either Normal or High.
Since we launched the BNF token two months ago, we have been continuously working around the clock to accelerate the platform’s launch. We want to give you a quick overview of recently completed tasks and the road ahead for development:
- Completed all-inclusive market research on current DeFi products. Conducted a thorough quantitative and qualitative analysis on each third-party offering;
- Completed BonFi platform front-end design, including the entire dashboard and all functionalities;
- Finished drafting the end-to-end user journey throughout the full platform;
- Designed the BonFi DAO Council unified Governance System, including election cycles, workflows, voting, and rewards;
- Concluded general DeFi market quantitative data analysis, including user data, market sentiment, and overall risk indicators;
- Started new smart contract development for on-chain governance and the launch of new native BonFi DeFi product offerings;
- Started development of automated proprietary prediction algorithms;
In the coming weeks, we will focus our efforts on completing the launch of our new DeFi offering with our strategic partner NULS & NERVE. Furthermore, we will commence work on integrating requisite data points and oracle solutions that power all the data offered by the BonVest.
We want to thank you for your continued support! On behalf of the entire BonFi Team, we would like to wish all of you a Happy New Year!
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.