Today, we’re introducing a new token called bCRED which will help us build the future of DeFi.
What is bCRED?
bCRED is a token that allows us to reward members for work before we start generating revenue.
Since BUILD Finance doesn’t have any products or revenue yet, we are not able to pay for work with hard cash at the moment. However, as many members of the BUILD community have already started helping with various tasks, it became obvious that we need a way to reward this work and also to incentivize the involvement of more people much further.
bCRED is currently not backed by anything. Or doesn’t have any collateral. It’s purely a promise made by the BUILD Finance that when we start generating revenue, we’ll deposit part of that revenue into a smart contract which will accept bCRED and give back DAI 1:1.
Read about the proposals and motivations made by our governance to create bCRED here: proposal #3, proposal #4. Note that is this token was initially planned to be called DEBT but since that created a lot of confusion, we’ve decided to rename it to bCRED.
How do I purchase bCRED?
As of right now, bCRED can only be earned. You can’t buy it anywhere. It’s likely someone will create a Uniswap pool for it in the future and provide liquidity there but it’s not our goal at the moment.
Who gets bCRED?
bCRED is awarded to those who help with various tasks to grow BUILD Finance ecosystem. For example, you may earn it by helping to design a UI for a product, code up a website, write an article, etc.
Soon, we’ll be releasing a list of bounties which anyone can start working on to earn bCRED.
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