We are happy to announce that today we will be having the snapshot for Bitrue’s very own asset management token, BMAX.
Earlier this week, we published the litepaper for this project. To make things simpler, here are some key points from the litepaper that we have summarized for you.
· BMAX is a rewards token for Bitrue’s yield farming hub
BMAX will be replacing BTR as rewards token of the platform, for every asset invested into one of our yield farms, users can get up to 100% of APY in the form of BMAX tokens.
· BMAX’s yield farm will consist of 3 investment vehicles
Assets deposited to the yield farms will then be automatically reinvested to not two, but three investment pools at the same time. The three investment vehicles include staking pools, liquidity pools, and trading pools. Depositing in a BMAX yield farm essentially means that the user will have a well-balanced, fully hedged portfolio to withstand any kind of market conditions. Prioritizing safe but high-yielding investments is our ultimate goal for the BMAX yield farming hub.
· BMAX is always pegged to its underlying asset
Unlike most synthetic/rewards tokens, the value of BMAX will always be proportional to its underlying asset, it is always backed by another asset that is initially deposited by the users. In short, BMAX is not minted out of thin air.
· BMAX is deflationary
Through regular buybacks and the expansion of our yield farming hub, the team at Bitrue makes sure that BMAX is high in demand but low in circulating supply, creating deflationary pressure to the token. The token is designed to have more utilities in the future, therefore its value will naturally increase along the way.
· BMAX makes BTR deflationary
As BMAX replaces BTR as the rewards token on our platform, the number of BTR tokens in circulation will subside, allowing for new price discovery of BTR. BTR will remain the governance token of Bitrue, and will also have more functions in the long-run.
· With BMAX, community comes first
At Bitrue, our community is second to none, as we aspire to provide our members with the highest returns, we decided on two policies that will be vital to BMAX’s profitability. First, there will be 0 supply of tokens allocated to the Bitrue team, all of our BMAX tokens will be distributed to the public. Second, the fees of transactions on our yield farming hub will be as low as 2%. The rest of the returns will be reinvested again in the pools until users decide to unbond it.
As Bitrue is a community driven exchange platform, we hope to hear from you and see what we can do to help you maximize your earnings in the world of DeFi. Let us know what you think of BMAX, and please reach out to us via our socials. 😊
Please read the full version here-https://www.bitrue.com/static/pdf/farming/BMAXTokenLitepaper.pdf