Recap: Bagels Finance and MetaFinance’s AMA
Moderator: Thank you for attending the latest AMA in the MetaFinance X Bagels. Today, we have invited Emily, the CMO of Bagels Finance. Let Emily introduce herself first!
Emily: Hello, everyone. I’m Emily, the CMO of Bagels Finance. I’m based in Silicon Valley, US. I used to work with quite a few well-kown crypto funds in North America as an investment manager and read 30~60 whitepappers annually. And I was the head BD director for one famous Exchange and two other great projects as 6 years career path in Blockchain and Crypto.
Moderator: Among all the DeFi yeild farming projects nowadays, what is special about Bagels Finance, and what does Bagels Finance plan to achieve?
Emily: Bagels Finance is a leveraged Yield farming cross-chain aggregation protocol deployed on Heco/BSC/Ethereum Layer2. The Bagels platform integrates various mainstream liquidity mining strategies and grants users a maximum of 10 times leveraged mining income. Bagels’ main product is a leveraged lending protocol. The user’s deposit interest rate will be higher than the interest from over-collateralization lending platforms because Bagels’ deposit pool utilization rate can reach as high as 99%. On Bagels, we provide both staking&lending pool and leveraged LP mining pool, offering higher APY than the market. On top of that, our borrowing interest is also lower than the market. With leverage option built-in, Bagels finance empowers LP minners to maximize yield while boosting the utilization of assets in the staking vault, hence providing higher APYs for both lenders and borrowers, forming a highly effective ecosystem within our project.
Moderator: So Emily can you talk about the highlights of Bagels?
Emily: The V2 version will add the cross-chain aggregation protocol (Dokodoa), which is a smart contract based on oracle technology to detect the data status of different public chains. Dokodoa can offer the cross-chain mapping of data assets on different chains, and provides a decentralized assets cross-chain solution and cross-chain smart contract interaction. It hence connects various digital assets to different ecosystems (HECO\BSC\ETH, etc.) With the help of Dokodoa (anywhere door) cross-chain bridge, Bagels makes digital asset conversion and smart contract interaction on different public chains possible, enabling cross-chain liquidity mining and cross-chain yield aggregation.
Bagels provides a more effective way for DeFi liquidity mining, by opening up the liquidity on different public chains, and establishing the cross-chain interoperability.
Moderator: How does Bagels Finance design leveraged mining strategies?
Emily: Bagels offers 10 times leverage on LP mining. I’ll explain the procedure. First, if users want to leverage mining, they must first stake their assets into the vault they plan to borrow. Let me give you an example. Suppose a user wants to mine Sushi with leverage. He first stakes 1 ETH in the bagels deposit pool, then the bagels platform allocates 2 ETH for the user to participate in Sushi’s liquid mining pool. This user has 3 ETH in value in position in Sushi LP mining pool in total. Assuming that Sushi’s mining income is 30% per year, then 3 ETH in position, users can mine 0.9 ETH a year, but in fact the user supplied 1 ETH. Let’s do a quick math: For every 1 ETH deposited, with the leverage provided by Bagels, user can mine 0.9 ETH per year, and thus reaching a APY of 90%. But take note that if you borrow ETH with leverage, you are on a slightly short position of ETH. When the price of ETH increases sharply, users are exposed the risk of liquidation. Once the risk ratio goes beyond safety level, our platform will automatically liquidate its positition to ensure safety of the lender.
The asset is then returned to the Bagels deposit pool through the smart contract. Suchmechanism makes sure the assets of lenders on the bagels platform are not exposed to any risk.
Moderator: Another cool feature of Bagels Finance is its the cross-chain yeild farming aggregation strategy. What’s unique about this feature?
Emily: Then I will explain in detail how Dokodoa realizes the cross-chain of DeFi assets. First, Dokodoa is composed of two parts, one is the off-chain oracle, and the other one is the on-chain cross-chain bridge smart contract.
Let me talk about the first part: the oracle. Everyone should have already known that the one function of the oracle is to provide services to the decentralized network by connecting centralized data and off-chain data, such as: providing asset prices and interest rates for DeFi, and verifying asset mortgage rate, etc. But the functions of the oracle are not just limited to these. The oracle we desgined can detect different on-chain data, the transaction status of each user, and so on. The oracle machine is used to detect the on-chain data on various blockchains, including the transfer and transaction status of each blockchain. Through such oracle machine as a broadcaster, it tells each blockchain that there is a need for asset cross-chain, and cross-chain to complete asset cross-chain.
The second part: Dokodoa smart contract, Dokodoa will deploy a set of Dokodoa smart contracts on public chains such as ETH\Heco\BSC. Dokodoa’s smart contract is composed of an oracle machine, a mint contract, and a DeFi yield aggregator. The mint contract is used to map the assets on different blockchains. The aggregator protocol is embedded in the Dokodoa smart contract. Users can use our protocol to mint cross-chain assets or to use our yield aggregator protocol for cross-chain liquidity mining, lending and etc.
For example: When a user needs to mint a cross-chain assets from ETH network to HECO, the Dokodo oracle will detect this data, and the oracle will tell Heco that there is an asset comming from the ETH network. At the same time, the Dokodoa smart contract deployed on the HECO will lock the assets on the ETH network and map the same amount of assets on the Heco chain 1:1 to complete the entire asset cross-chain process.
Moderator: Emily can you tell us more about the token economics of Bagels?
Emily: Bagels finance token adopts the “buyback and burn” and “board of directors’ dividends” mechanism. 60% of Bagels’ tokens are used for lender’s reward mining and liquidity mining. 50% of Bagels’ entire platform income, including spread income and transaction fees, is given to all holders of the Bagels DAO governance community. As long as users stake BAGEL in the DAO smart contract, they can earn 50% of the platform’s income as dividend; 5% of BAGEL is used for “buyback and burn” every day, and 5% is used to provide liquidity subsidies.
Moderator: What is the roadmap of Bagels finance? What stage we are in now?
Emily: We are happy to announce that we’ve completed the internal testing and the second audit report has been completed. Next, we’ll kick off the global public test at BSC on August 6th, 10am(GMT+8). We will open up 50,000 BAGEL as an airdrop reward.
Currently, Bagels plans to have two versions. After the product launch, we will first the V1 version and open the V1 pool to the public. Then, Bagels will issue interest-bearing tokens (proof of deposited assets: for example, deposit an ETH and get a token of GETH). This interest-bearing token has already cooperated with Orbits and opened a USDT trading pair based on Orbits. In the V1 pool, Bagels will not open the DAO governance first, but will give 40% of the DAO to the early LP contributors to increase APY.
After the V1 version is launched, we will also speed up the launch of the V2 version. The V2 pool will launch at the same time with V2 version. In the V2 pool, LP will generate LP tokens, which will be used as collateral to allocate funds to the deposit and borrow pool for leveraged mining. The V2 pool LP tokens are only used for allocation for leveraged mining and are not circulated.
Since the start of the V2 pool, Bagels will launch in the decentralized governance of DAO, 50% of the platform income will be given to the board members of DAO, and the lock-up period is 30/60/90/120/180/270/360 days. The longer the lock-up period of Bagels, the greater the weighting ratio on voting and higher dividends.
Bagels V2 version will integrate Dokodoa cross-chain aggregator protocol, partnering with Curve and Convex, to bridge the liquidty between BSC/HECO and ETH network. By that time, the assets on BSC and HECO can join the liquidity pool of Curve and Convex on the ETH network through Dokodoa cross-chain bridge to yield CRV and CVX token. On top of that, Bagels will offers 3x-10x leverage for participants depending on the LP pairs. Curve has the highest TVL in the DeFi market, exceeding 12 billion. Nearly all the DeFi yield farming aggregators’ strategies on the ether network were based on Curve. Within a month of Convex’s launch, it became the largest yield farming aggregator in the DeFi world, reaching 4 billion in TVL.
Moderator: Wow, that’s great news. First of all, how do we participate in this test?
Emily: You can follow Bagels Finance’s official Twitter and Weibo to get detailed test tutorials in time And activity rules.
English: https://t.me/bagelsfnance
Chinese: https://tme/bagelsfinanceCN
Twitter: https://twitter.com/BagelsFinance
Weibo: https://weibo.com/u/7580591480
Telegram service：@Tinabagels
Today I will briefly introduce the testnet rewards, users participating the testnet will receive two type of rewards:First, 50,000 BAGEL airdrop rewards in total; Second, user can receive the real MDX through the test to exchange income.
First of all, Chinese communities members follow two steps below:
1、Join in Bagels Finance community:
Bagels Finance Telegram CN：https://t.me/bagelsfinanceCN;
2、Follow Bagels Weibo, like the article, write a comment and forward@3 friends;
Completed this two task, each of the first 2000 users can directly receive 5 BAGLE airdrop rewards; Next, a single address also has the opportunity to receive up to 3,000 BAGEL through join in the testnet（http://pre.bagels.finance/）. Both of us know that Currently BAGEL price of IDO is 1.1U, So we are very sincere in inviting everyone to participate in the testnet this time.
Moderator: Can Emily sync with us what updates have been made to Bagels products recently?
Emily: OK, our first audit report has been released, and the second review has been submitted to Certik. Bagels’ Github code base has been continuously updated.
Currently, the DAO contract has been deployed. Staking vault has added a whitelist function, and leveraged mining has added slippage tolerance, anti-frontrunning attacks, and staking pool has added a blacklist function to prevent hackers from attacking. In fact, in terms of the product, we have done a lot of optimization and iteration. We will have a good news regarding the product next month. We will announce the good news through a video AMA next month, stay tuned for our updates!
Moderator: Can Emily talk about the recent marketing operations of Bagels?
Emily: Okay, l’ll briefly talk about two points:
We will announce a good news on Twitter and invite community contributors to join our celebration within this month. Please stay tuned for @bagels.finance. Right now, Bagels hold 1–2 AMAs on Telegram every week, and the interest of community ascends rapidly.
Till 5th of July, we have 41001 followers on our Telegram channel, 37425 followers on Twitter. 1505 followers in Korean telegram channel, 1780 followers in Chinese channel and 867 followers in Vietnam channel. Our first IDO on Flybit attracted 94,859 participants and was sold out within 3 seconds.
Moderator: Thanks again Emily!
About Bagels Finance
Bagels Finance is a leveraged Yield farming cross-chain aggregation protocol deployed on Heco/BSC/Ethereum Layer2. The Bagels platform integrates various mainstream liquidity mining strategies and grants users a maximum of 10 times leveraged mining income.
About MetaFinance
MetaFinance aims to create a decentralized financial complex by combining different decentralized products in a legoesque way, with four core products: metaaboard, MetaPool, metadaao, MetaTrigger, community-based Dex, derivatives, NFT and more will follow. MFI is a governance token that carries the value and equity of MetaFinance. A version of MetaFinance V2 will be available from 2021 Q3.
Learn more about MetaFinance:
Linktree: https://linktr.ee/MetaFinance
Official Website: https://metapool.finance/
Twitter: https://twitter.com/MetaFinance_MFI
Telegram: https://t.me/metafinanceglobal
V2 Introduction: https://bit.ly/3itdAdF
Contact: service@metapool.finance
