Booga Beras: Roadmap Update 1
Setting Expectations
We’re deeply grateful to the Beras who supported Booga Beras by minting or purchasing an NFT. Your support enables us to execute our plan fully and deliver on our plans.
We want to make it clear that Booga Beras is a Defi/Utility NFT. It’s priced strategically to give us runway to work on the roadmap and explore expansion. The NFT’s true value lies in ecosystem rewards that come from building a community, not speculative pricing.
Despite market conditions and a low mint rate, our strategy remains unchanged. Rather than lowering prices aggressively as it’s been suggested publicly, we’ll continue delivering value to justify our pricing. Our focus is on long-term value creation and attracting liquidity to Berachain.
Thanks to our supportive community, our Osmosis validator ranks in the Top 80 with $1.3 million TVL on Day 1, a significant achievement. Our marketing targets long-term users, and we went through an extensive filtering process to attract the best holders to our ecosystem. Additionally, partnerships like with The Honey Jar and Kingdomly are based on clear value exchanges, and this is the only type of situation where we use the word “partnership”. We have kept it clear from the beginning.
Roadmap Phase 1 — Activation
We have deployed 5 validators across the Cosmos ecosystem: ATOM, OSMO, TIA, DYDX, and DYM. However, not all are in the active set yet, achieving this requires a significant initial effort. Thanks to our community’s support, we successfully placed OSMO in the active set on day one. We’re actively seeking further support to bring more validators into the active set.
Additionally, we identified a need to have a similar system in the EVM side of the ecosystem. Many Bera users are only active in the EVM, which is why we’re in the process of launching our own EigenLayer operator node by staking 32ETH from our mint funds as initial liquidity. This will enable users to stake their EVM assets and turn the rewards into Booga Beras incentives.
We’re committed to rewarding our supporters by distributing 100% of the rewards generated by any of our nodes until the Berachain Mainnet is launched. This ensures our community directly benefits from our node operations. Once Mainnet is released, reward distributions will revert to standard percentages.
- 50% of rewards for any LP provider that helps bootstrap our nodes (Large Size)
- 50% of rewards will be sent to Booga Beras holders
- 0% of rewards will go to our team. You are funding us and our infra with our mint, we provide the infrastructure for this community
As we anticipate the Mainnet launch, rewards will be periodically distributed to our holders in the form of stETH or a similar asset on the Arbitrum network. LP rewards will be returned to the LP wallet in the original staked asset.
Upon the release of the Berachain Mainnet, all node-generated rewards will be distributed within Berachain. Our team will help bridge or use IBC to transfer all rewards into the chain, seeding initial liquidity for various assets. Our current focus is on building TVL for these nodes to facilitate liquidity transfer to Berachain while attracting users from diverse ecosystems.
More details will follow as progress continues. In the immediate term, the Eigenlayer Node will be operational in less than 2 days, with additional information coming soon.
The End Goal — Vase Finance
Consider Booga Beras a precursor of what will come with Vase Finance. Vase is a Liquid Staking Protocol that uses Proof of Liquidity to power Proof of Stake. We are not ready to spill all the details yet, but through Booga Beras, we are priming the Berachain ecosystem for its release.
Booga Beras serve the following functions:
- Provide runway for our team
- Establish the initial user base for Vase
- Provide us with feedback and Q&A on initial Vase Products
- Set up key infrastructure like Validators and Relayers ahead of Vase’s release
- Seed the initial liquidity of Cosmos tokens and a variety of assets inside of Berachain
Aside from this, we didn’t want to sell a simple PFP. Booga Beras has legs to stand by itself. We aim for the Booga Beras brand and NFTs to be a bridge between the Cosmos and EVM ecosystems through Berachain. Holding a Booga Beras NFT will give you access to several sources of rewards coming from the BB community in multiple ecosystems and will concentrate all of these on Berachain, where we can leverage POL to further enhance the utility of the NFT.
Our Response
We recognize a need in reducing the price for the health of the collection. Because of this, effective immediately, we will airdrop Booga Beras holders an additional NFT based on their existing holdings. The snapshot has been taken. The remaining supply will be sent to the public sale, at a price of 0.0696ETH. Supply won’t be cut and the sale will remain open until all the supply is gone.
Note: Users that have their NFTs listed in marketplaces under the previous public price of 0.09ETH will get a reduction of 1 airdropped supply per BB listed. Listing below mint price hurts the collection.
