Bagels Finance Mainnet Officially Launches

The cross-chain leveraged yield farming protocol saw a successful start after their public test.

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BSCNews
on
August 24, 2021
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Bagels Finance Opens Shop

Bagels Finance is a cross-chain leverage yield farming protocol which is based on Binance Smart Chain (BSC), HECO, and Polygon. Bagels closed their public test on August 23rd. In this public test, users experienced the core function of Bagels 1.0 beta, such as vault and leverage. 

According to the data of Block explorer, over 30 countries and regions participated and more than 15,000 wallet addresses participated. The public test saw 150,000 contract interactions, more than 300 Twitter DeFi media and KOL retweets, and 5,000,000+ impressions among global blockchain users. The test helped build several communities in Chinese, English, Japanese, Korean, Vietnamese, Russian, Indonesian, Spanish, and Arabic.

Bagels Finance set 50,000 BAGEL as reward to the users and community contributors who participated in the public test. Currently, Bagels Finance is proceeding with ranking statistics and data collation and will publish the ranking of competition and airdrop list within 7 working days.


Block Ocean IDO

During the public test, Bagels Finance finished their IDO on Block Ocean on Aug 22nd. According to the data, 41 countries and 2,858 users participated. The total amount of deposited USDT is 400% bigger than Bagels had anticipated. In the first IDO of Flybit, all the allocations were grabbed by 94,859 users within 3.05 seconds. 

Mainnet Beta Officially Open to Global Users

Bagels Finance mainnet beta will officially launch on August 23rd, opening the deposit function and Decentralized Autonomous Organization (DAO). The Vault, Leverage and DAO governance functions will be opened on August 25th.

To reward the early liquidity providers, a 30,000 BAGEL airdrop will be distributed by users who have deposited in Bagels during the August 23rd-25th time range, gaining Genesis farming eligibility on Aug 25th.

 

The Bagels Finance governing token, BAGEL, will launch on PancakeSwap and the BSC contract address was posted on Twitter at 10pm, August 23rd. Any other address claiming to be for the BAGEL token is illegitimate and not associated with Bagels Finance.

 

About Bagels Finance

Bagels Finance is the first cross-chain leveraged yield farming protocol based on Ethereum, BSC and HECO. Users can deposit ETH, WBTC, USDT, DAI, BNB, HT and other assets into Bagels smart contracts to earn high-percentage APY. Bagels aims to provide users with up to 10x leverage on APY in DeFi liquidity farming market through strategically interacting with multiple DeFi products for farming, providing liquidity for Ethereum, BSC and HECO ecosystems.

In addition to high interest rates, users can also earn deposit APY and leveraged farm APY, and receive BAGEL governance token rewards according to the share of deposits and borrowings. Users can stake BAGEL to the DAO governance and gain a 50% dividend from the Bagels platform revenue.


Bagels Finance Key Features

1. Multi-chain deployment (BSC/HECO/Polygon)

2. Multi-currency vault farm and leveraged farming to achieve hedging

3. The first cross-chain liquidity mining in DeFi market

4. The first one supporting vault farming boost combined with the DAO governance system in the leveraged lending track

5. 50% of platform revenue is allocated to DAO members (the same model as the DAO governance system of Curve)

6. Smart contract adopts independent authorization to maximize the security of users' funds

7. Provides a whitelist for cooperation with vault yield aggregator platforms and shares TVL lending protocol.


Tokenomics

Token name: BAGEL

Total supply: 110,000,000 

60% of the tokens are farmed

Contract address: Bagels’s Twitter announced the official address on August 24

Buy-back & Burn: 5% of platform revenue is used for daily buy-back and burning of BAGEL

Boardroom dividend: 50% of platform revenue goes to the DAO Boardroom and is distributed to each Boardroom member according to their share of token holdings.


veBAGEL Governance Model

Token holders can deposit their BAGEL into Boardroom smart contract to get veBAGEL and some rights:

  1. Gain a 50% dividend from the Bagels platform revenue per week.
  2. DAO governance
  3. Boosting Vault farming up to 2.5x
  4. Airdrop quota from Bagels and cooperative DeFi projects
  5. The longest time that users can lock BAGEL into DAO is 4 years, and the shortest is 7 days. Boost of Vault will go up to 2.5x if the veBAGEL is locked for 4 years

 

Marketing

1. Bagels Finance will hold a event with Coinmarketcap

2. Bagels has a global ambassador program

3. Audited by Certik and Knownsec with no security loopholes

4. 200+ authoritative media presences and 350+ KOL signed long-term cooperation

5. 500+ AMAs in various regions around the world

6. Investing by 40+ international institutions

To learn more about Bagels Finance, visit the following links:

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