📣 Baby steps towards BeGlobalDAO
In order to prepare ourselves for BeGlobalDAO, we need to do a few steps.
As mentioned in the previous post, our aim is to buy our own liquidity to be added in the swap. ✅We want to have a fully working AMM which uses our own liquidity.
The reason is pretty straight-forward: the yield-farming model works but creates a huge constant selling pressure on the token used for rewards. This is not new and whereas before people used to hold the tokens much more, now, in full DeFi 2.0 season, no one cares about DEXes much and the selling pressure is bigger than usual.
🚀 Switching to a DeFi 2.0 model will allow us to own our own liquidity, which in turn will be added to our AMM. 🚀 This will decrease selling pressure dramatically. Eventually, no rewards will be given for adding liquidity, effectively removing selling pressure from yield-farming. In order to do so, we will take different steps towards this goal.
To begin with, we are going to drop token emissions by half and most of the tokens minted will be rewarded to GLB holders. As of now, the APR is not considered an incentive to add liquidity to allow trading, as yield-farming will eventually be halted. As we were explaining, we will be the ones to add the liquidity to the swap. The rewards given are simply a way to get more GLB before we fully migrate from 1.0 to 2.0.
This is how farms are going to look today. We will probably decrease rewards a bit more in the following days, but due to the selling pressure been reduced dramatically (-50% of emissions + rewards shifted to GLB farms mainly), it won’t be an issue. After all, 2.0 is around the corner already!
▶️ Token emission. from 20 to 10.
▶️ GLB-BUSD increased from x25 to x40.
▶️ GLB-BNB decreased from x40 to x30.
▶️ BUSD-BNB stays x10.
▶️ USDT-BUSD and USDC-BUSD from x3 to x2.
▶️ The rest of the farms are going down to x1.25.
Apart from the token emission reduction (which is pretty big) the rewards to non-native farms go down from almost 40% to less than 30%. Basically, inflation to those people not holding GLB is almost gone.
🚨 Ah, and by the way. Obviously, given that we are changing the conditions (even if it is to soften the migration to 2.0) we are removing all withdrawal fees.
Note: pools remain unchanged for now.
💡 Think about it this way:
[TL;DR: accumulating GLB is basically the same as buying as much allocation as you want in the whitelist]
🔥GLBDAO will run a very limited presale.🔥
It will be whitelisted to some people only and the amount you will be able to invest is very capped. That means that buying GLBDAO at 1$ (or 0.75$, the presale price) will be very hard: most people won’t be able to buy before launch + even if you are whitelisted, you will probably put only a small part of the total allocation you would like to. On top of that, at launch, GLBD-BUSD liquidity won’t be huge until everyone starting doing bonds. Basically, you can expect a lot of buying pressure at launch.
👀 Catching GLBD close to launch price won’t be easy at all.
How can you get GLBD at a good price❓ Through GLB. If you buy 1$ of GLB, you get the same value in GLBD: 1$. That means that you are basically buying GLBD at the launch price. Sure, you won’t be able to swap GLB to GLBD immediately as it will be done progressively over the next weeks, but you will effectively buy a GLBD token through GLB. The only difference is that you will get the final tokens (GLBD) “vested” (aka, as time goes by and until migration has finished).
▶️ Join BeGlobalDAO discord to get whitelisted: https://discord.gg/s2jrzNuTA5