📣 Why we migrate to 2.0

📣 It is highly recommended to read these links before proceeding:

👉🏻 Migration from GLB (GLOBAL) to GLBD (GlobalDAO) token

👉🏻 Baby steps towards BeGlobalDAO

👉🏻 2.0 launch

▶ BeGlobal was conceived in May 2021, even though we didn’t really start developing it until June/July. All the core members have quite demanding jobs: we manage international teams, companies, universities… It was impossible to be full time on BeGlobal.

That’s why we didn’t make it public until the end of August, when everything was already half way and even the Certik audit was already scheduled. Back then, a DEX was a DEX and that’s it. Most of them had been ongoing for months without any more products and they were doing (mostly) just fine.

After the audit, around mid-November, BeGlobal launched. From BeGlobal conception to the launch, this is what happened in the market:

• August/September: gamefi.
• September/October: NFTs.
• October/November: metaverse.
• (shortly after launch)November/December: DeFi 2.0.

Unfortunately, DEXes that had plans and were developing the roadmap promised were working fine until summer. From there, and thanks to the resources that they had previously acquired, they started to release their own NFT marketplaces and games. They didn’t focus on the financial parts but on those which were more hyped (this is not a criticism but an observation).

👉🏻 In our case, we had to release an MVP before anything else, and we knew we were going to launch in disadvantage. However, with the initial farming and with a good vision and roadmap, we expected the market to guarantee us 1–2 months of time before dropping down hard. After all, we followed the same process as other DEXes (and in our favour, our roadmap was muuuuch better than any and in much shorter term). However, as soon as we launched, we faced a few problems that affected us negatively (a lot):

▶️ A youtuber, considered TIER1, posted a review video of BeGlobal without looking/studying any of the information provided. Just for the sake of the example, he went to poo coin to see the chart… You can imagine how well prepared he did the video. We even had to request him to put the video down because he new so little about us (even though we sent all the information in detail for him to review it) that was even fudding. The video was a complete joke. A complete shame. It was so dissapointing to see that such youtuber did not even read the frontpage of the docs… Anyway. We guess that he has so much money and such a guaranteed business, that he doesn’t give a shit about what he posts. Great level of videos.

▶️ Another top youtuber had to post a video about us as well in the first week. Then the 2nd one. Then the 3d… And here we are, still waiting.

▶️ Unfortunately, some code from the optimizer, which was reviewed by Certik, couldn’t be deployed (set) because of some gas issues. Funny thing, the snipped code that was causing the issue wsa replicated in a few smart contracts… And Certik didn’t pick any. Well. Our fault for writing it this way, but we were hoping that if something was wrong, Certik would pick it up. Fortunately, Samy (the founder) spotted it in his lasts tests before deploying and didn’t announce it. It was a very good and complex optimizer and one of the relevant actions of this optimizer was to buy GLB in the market and lock them for some weeks. This would have reduced selling pressure and increased buying pressure. But we couldn’t release it. We decided to focus on long-term projects instead of short-term ones like a small optimizer release and that’s why this part is still on hold.

▶️ BTC went down from ATH (almost 70k$) to the 40k$ area. Strong alts went down 40% to 50% (without heavy farming like GLB).

▶️ And what really affected us, because until then, our token was going up and down but ranging: a few 2.0 sites were released in the same week with APYs of several trillions.

The first actions are definitely short term, but the last one had a huge impact. Why would you care about holding a DeFi token with 200%-300% APR if others were giving you 5.000%-10.000% APR? If we are going to try a new site, let’s give it a go to the one that you can pull the initial investment out in 3 days, shouldn’t we?

This is not something that happened to us only. For instance, if we take a look at Mars ecosystem, they are down 80% in the last month. The market was hit.

✍🏻 Even if everyone got burned out from those 2.0 sites (because, obviously, token crashed -90%+ in a few days), we were heavily hit during the first weeks of BeGlobal because no one was interested in buying our token. It was much more appealing for everyone to try out those unsustainable APYs in case you were fast enough to go in and out. We were only able to attract liquidity from big chip tokens from people that were only interested in farming and dumping the token. The consequence of all the points above, as we can see, is the token going south for days and days now. Thanks to very high APRs to native token farms or pools, those who have been here since the beginning, are around -10% only (whereas market is -30% to -40%), but the graph is clearly ugly. Note: when a project is alive and the token has gone down a lot vs. your entry point, it’s usually smart to DCA.

DeFi 1.0 always fights against those people heavily farming to dump. In September, the OlympusDAO model started to become popular. This model consists on acquiring liquidity instead of renting it. We started to work on this model even before the launch. It looks much more robust than DeFi 1.0, even though neither of them are perfect. In fact, we have a huge list of improvements to apply to OlympusDAO smart contracts. It lacks flexibility, treasury control, governance power and many other improvements. We wanted to redesign it from scratch and release a much better version of it However, the market has been so heated with 2.0 that we have no choice but to release a fork as soon as possible before everyone burns out of all those 2.0 degen forks out there. We will implement all the changes we want in a second iteration of the protocol.

� It is true that many people are scared of 2.0 now. Most of them have tried to gamble trillions of APYs and have lost money. However, the system is way better than the one from DeFi 1.0. Simply, teams with no interest in building anything serious decided to be greedy and go allin offering impossible numbers. However, when well managed (and I insist, when WELL managed and with realistic numbers, not what all those protocols were doing!), the model is powerful and it’s able to offer high profitability to investors thanks to the autocompound feature (to get started with, there is more to it, of course). Say, the token goes down 80% in one year. However, with the auto-compound feature, you might still be in profit. The price is not so important as long as you play well and you stake your tokens. Let’s take a look at Wonderland docs

Auto-compound power over time

In fact, we strongly recommend you reading their docs, even if they are quite long, because you can easily appreciate the advantages of buying the token through bonds and staking later.

👉🏻 In short, in the 2.0 model, investors do not add liquidity to do yield farming but, instead, invest in the token’s protocol. In another post, we will detail how BeGlobalDAO will be a sustainable DeFi and not a GG, Jade, Metaverse, Agartha, MidasDAO or any other of this kind. In fact, do not fall for their marketing. Most of their tokenomics and plans/vision are quite pointless. Focus on fundamentals instead of listening to their marketing and you will see the real product. Then, you can compare and analyse what will happen in the long term. The most relevant topic is inflation and what you do with the treasury. We have a few surprises for you here. And then, there is project S on top of that, which can change EVERYTHING.

For those who are new to DeFi, you might want to understand a bit deeper what is the difference between 1.0 to 2.0. This would take quite a bit of time to describe and teach and we will publish it in the BeGlobal academy in the next weeks.

Just a quick note before we finish this post. We do not believe DeFi 2.0 will replace DeFi 1.0. So far, others DeFis implement either one model or another. We believe that a mix of both, which is something completely new and non-seen in the market yet, is the way to go. And that’s what we plan to do in the long term.

Carry on reading about the migration to 2.0:

👉🏻 Migrating from GLB to GLBD.

👉🏻 Why the 2.0 model is sustainable

🚀 Official references and All things about BeGlobal🚀

🌐 Discord: https://discord.gg/ZSHSxTrmar

💬 TG Chat: https://t.me/BeGlobalFinance

📣 News Channel: https://t.me/BeGlobalAnnouncements

🕊️ Twitter: https://twitter.com/Beglobaldefi