Dec 6, 2021
Important Beyondfi Community Update
Good day, Beyond community.
Over the past few months, we have constantly worked hard on expanding our ecosystem, product, and community. As a result, trading volume has increased phenomenally, more active users, a user-friendly mobile version, and whitelisting for HECO testnet.
Moreover, many partnerships with top-tier projects in the global blockchain space were made to expand our ecosystem.
Recently, ahead of the unlock of the early staking program, we have been receiving numerous questions related to the Earnings Rate.
To clarify this issue first, debt pool is an underlying system of synthetic DEX in which all stakers share the profit & loss from their trading once they stake and mint synthetic assets. This is different from other existing simple plain vanilla staking platforms where users just stake the native tokens and get a fixed reward.
Once users stake their BYN on our synthetic exchange, USDb is minted for trading and at the same time, it is automatically exposed to the price movement of synthetic assets and gains/losses of other participants in the debt pool.
While the exposure to price movement is inevitable under this structure, the most conservative way to avoid the volatility from price fluctuations is not actively engaging in the trade, instead, keeping most assets in USDb rather than having greater exposure to more risky assets (this was the rationale behind the CMs comment of keeping assets in USDb minimizes the price risk).
Nonetheless, in the bull market where active traders gain higher profits, the conservative investment could lead to a reduction in Earnings Rate.
However, it appears that many users assumed our platform as a simple plain vanilla staking program in which users just stake a fixed amount and get a certain rate of yield. A recent issue of Earning Rate came from this misunderstanding.
We are planning the following:
- To cater the needs of these users who do not want to have any exposure to the price movement of underlying synth assets but only enjoy an attractive APY, we will be opening a new “plain vanilla” staking program. The new staking will be similar to many existing staking sites where BYN gets staked for a certain period of time and at maturity, principal and total yield for the staking period is provided without any changes in values.
- In addition to opening a new staking platform, we will have multiple functionality upgrades and UI/UX modifications, reflecting the requests from community members and users of our platform. These upgrade will lead to convenient trading. Reflecting all these updates, mainnet version v1.1 will make a grand opening soon.
- Awaiting for the opening of a new staking platform, as well as to celebrate the revamp of our Mainnet1.1, an extended staking program will be introduced on our mainnet where the period is short, but the reward is beyond the norms. The high yield program can be registered on Beyondfi DEX throughout this week, and applications must be submitted before the unlock date of Dec. 13 (next Monday). We have exciting updates for our only early stakers, whom are eligible to participate to this program. This program will help users to keep generating attractive returns from BYN staking under the current structure before the new site & exchange opens.
- For the early users who staked on our synthetic DEX but did not want any exposure to price movement, we will be providing a compensation program to reimburse losses caused by the change in Earnings Rate. Although in principle, all users of Beyondfi DEX were to be exposed to the changes in debt rate. Since this structure may have been difficult for some to grasp, as we have constantly proven from the beginning, Beyondfi listens to the voices of users, positive or negative, any concerns, and we try to incorporate any reasonable requests submitted by our users and community. This reimbursement will only be applied to users who only staked on our platform and have not made any synth trades (= only holding USDb from the initial staking date).
In order to claim this compensation, please send the Beyondfi wallet address and left-side info menu bar section (where the list of Synthetic assets and Total BYN / Staked / Not Staked BYN amount is displayed) to our CMs so that we could verify that the user only used Beyondfi platform as staking and not trading.
As we are ending our current staking program and beginning a series of important milestones and development roadmap ahead, we would like to first extend our gratitude for your support and feedback for our platform. We are humbled by the support we get from all our community members and we all know that without supporters, we could have made it this far.
About Beyondfi
Previously Beyond Finance, Beyondfi is a decentralized synthetic product trading platform where users can create and trade synthetic financial products, unlocking the full potential of decentralized finance and derivatives without limits. With prominent key partners including Huobi Ventures and OKex Block Dream Fund, Beyondfi allows users to trade decentralized products without any restrictions, allowing individuals to reach their fullest to fully realize the value of Decentralized Finance.
