Hey there Yetis! We’re back with more information for the xBLZD hodlers and newcomers who are interested in the project. To say it’s been a busy week may be the understatement of the year. Not only did we roll out V2 and updated our website, but we added a number of other back-end improvements that will make our future plans that much easier. So having said that, strap in and get settled because we have a LOT of development in the coming weeks!
Introducing the Snow Bank
First up we have our Snow Bank. We took our devs, sealed them in a room, fed them nothing but coffee, and poked them with a stick until they came out with this amazing idea.
Our next big development push will be a new type of vault/bank where users can earn interest on their deposits. We know it sounds an awful lot like a regular staking pool but there are some marked improvements.
Deposited funds are exchanged for a new GALE token which will be issued through a bonding curve model. All deposits in the pool are sent to a smart contract which scours multiple BSC protocols and gets the best yield, which then continuously generates interest. This interest can be claimed by any GALE token holder as long as they sell the same dollar amount of GALE tokens back to the contract.
A tax is applied to anyone entering or exiting the bank. 60% of the tax is used to buy and burn GALE tokens, permanently locking value in the protocol. This allows for a constant stream of interest to be generated for as long as there is demand for the deposited asset, benefitting every GALE token holder. Neat!
As this perpetual interest grows, so does the value of the GALE token. The remaining 40% of the tax will be used to fund an xBLZD staking pool. The more GALE tokens that are bought or sold the more BUSD that xBLZD holders can stake for. Here’s what the flowchart looks like, and we’ll be creating something more user-friendly in the coming days.
But When Tho?
Development starts on April 18th and is targeted for launch 2 weeks later. A specific launch date will be communicated in advance.
Ok, good Medium everyone. Time to go back to whatever you were doing. Hahaha you thought we were done? Guess again!
MVB and Audit
We are currently applying to Binance's Most Valuable Builder Accelerator Program (MVB). If we are accepted, this program will give us direct access to Binance - liquidity, funding, reduced cost on audits, etc. We are currently in the process of quoting Blizzard v2 xBLZD token and farming pool contracts. The team has funds in reserve, ready to pay for this audit. As always, we will work with 3rd parties to provide the fastest completion date possible. So no need to ask “when” because we don’t know yet.
This next feature comes directly from the galaxy-brains in our Telegram room, no need for locking doors on the devs needed. Modeled around the PoolTogether project, the Yeti team will be implementing a no-loss lottery, starting with the xBLZD token.
Here’s how it works. xBLZD hodlers stake into a lottery pool that earns a fixed number of tickets. The more xBLZD you stake the more tickets you get in return. At the end of the lottery period, 3 winning tickets will be randomly chosen. Hodlers of those tickets will share 70% of the emissions generated by the staking pool. The remaining 30% of emissions will be sent to a burn address. In the future, more lottery pools could be implemented using different BSC ecosystem tokens. If you participated in Beefy Finance’s Christmas giveaway, it will work very similarly.
But When Tho?
No specific date has been defined for development, but it will be within 90 days before the emissions reduction.
That’s right, we are taking the ban-hammer to inflation issues after receiving a massive amount of feedback. xBLZD will soon become more scarce than ever before. On July 13th, 2021 (~90 days), we will be reducing total emissions to 0.5 per block. With the majority of that going to incentivize xBLZD native liquidity.
But that will drop yield further, why are you doing this?
Blizzard was not meant to be just another regular boring inflationary farming token, but something that earns revenue on new product features while becoming more scarce over time. Lowering the emissions rate (again) is one more transitory step to accomplishing this goal. Further emissions drops will also be on the horizon until we hit zero new emissions.
That’s right, we’re taking a page out of Beefy Finance’s book and will eventually cut off emissions altogether.
The vision for the next 90 days is set and now we sprint to building out the first parts of the ecosystem. If you forgot what those were, scroll back up to the beginning of this article.
The Yeti Dollar
After reviewing the current state of algorithmic stable coins throughout BSC we have determined that these methods are too risky for our Yeti Family. Sure, we could definitely launch a generic algo that would be good for early adopters but not maintain a long-term peg which would be pretty destructive for later participants. This does not meet core Yeti values.
So we locked our devs in the stick-poking room (again) and played Celine Dione’s “My Heart Will Go On” until they came up with a better idea. Therefore, we will be exploring a new model that is backed 1:1 by BUSD reserves while still allowing it to float in price.
The design will include monetary control parameters that allow for short-term growth of price and liquidity and long-term price stability. More information on this as we progress but xBLZD will both be required to participate in the initial launch of the Yeti Dollar AND be able to be staked to generate a dividend from the protocol earnings.
Dare we ask, when tho?
This type of development takes time and since it is a fork of a new Ethereum project, multiple factors need to be considered. Of course, contract security is paramount as we have built our reputation and community on security. Our goal is to launch within the 90-day emission reduction window, but it will not be without an audit being performed before launch.
In the meantime, we will be starting to build a community-generated BUSD reserve fund. To accomplish this, we will be removing ALPACA-BNB, AUTO-BNB, and EGG-BNB farm+ pools. This will happen on April 20th and will be replaced by a 3x multiplier BUSD single staking pool.
Yup, that’s a new 3X BUSD STAKING POOL.
Like all other v2 farm+ pools we will be putting the deposited assets to work in other projects to generate yield. This yield will be sold for BUSD and stored for the future Yeti Dollar Reserve Fund. As the vast majority of initial deposits into the discontinued pools were during the 0% deposit fee window, we feel that most investors are not subject to any loss of the deposited asset. Those that did pay a deposit should have also generated enough yield to recoup that fee.
These announcements, it’s too much information
Don’t we know it! And we also know there will likely be a TON of questions about everything we just covered. Our mods are always available in our Telegram room and will answer as best as possible. But remember, we are tuning a flying plane here and things may change. Just remember that no matter what levers we need to pull in the background, we have YOUR best interests at heart and will go above and beyond what other teams do in order to make this right.
Our track record speaks for itself at this point, and between our devs, mods, marketing team, accountants, dog trainers, and window washers, we are on track to bring something unique and exciting to the DeFi space.
Yeti Tracker: https://t.me/YetiTracker