How does the synthetic Works in the Beyond Protocol?
Step 1. -User Purchase the BYN Token (Beyond Platform, DEX and CeFi exchanges)
Step 2.- Stake the BYN TOKEN and get Synthetic Token USDb. Receive Staking reward based on the staked BYN amount.
Step 3. -Trade/Invest USDb for multi asset synthetic products in Beyond DEX.
Step 4.- Earn Profit from investment/Trade.
Step 5- Redeem BYN token.
What is the first step to participate in the Beyond Protocol?
Staking BYN token, then invest in synthetic to trade synthetic products in the beyond exchange.
Why stake BYN?
1. Stake BYN to receive the staking rewards.
2. Staking BYN allows the BYN holder to invest (mint) synthetic assets and earn additional rewards in BYN.
3. Stake BYN to earn the portion of trading fee from the Beyond Exchange.
Further if the BYN holder, stakes at least 50,000 BYN, the stakers is eligible to participate in the Beyond Governance via voting and every participant is rewarded with the BYN token for the contribution.
What do BYN staker need to do?
BYN staker need to maintain the collateralization ratio of 300% and manage their own ratio by either redeeming (Burning) the USDb to increase their ratio or investing (minting) USDb to reduce it. By doing so, the user can collect the rewards.
Where do I get the BYN token?
From then Beyond Exchange, swap with your ETH and get BYN token. Alternatively BYN will be available in the other DEX and Centralized exchange.
What do you mean by Invest synthetic?
For the ease of understanding and for the greater mass adoption, invest synthetic here in refer to the aka mint in the Blockchain Defi world. It simply means that BYN token will be collateralized with the ratio of 300% to issue an synthetic USDb.
What do you mean by collateral ratio of 300%?
The ratio of collateral of 300% is used to backed the each synthetic invested. For instance a user locks 3USD worth of BYN token to invest 1 USDb in the share pool.
What is the redemption fee and how much and how is the redemption fee implied or calculated?
Redemption fee is for those staker to motivate to stake more and to prevent from selling the reward token and to maintain the BYN price and circulation.
To promote and intensify our early investors to stake their reward tokens as long as possible (possibly close to 12-months). The redemption fees are applied. For instance, the following example is to set a redemption fee deduction schedule to the reward tokens.
1) On M+0, 100 reward BYN tokens are distributed to an investor, and automatically staked.
2) If the investor immediately unlocks the reward token, 90 BYN tokens (90% of total reward) would be sent to the foundation’s wallet and the investor only receives 10 BYN tokens. (Which means the investor has 90% fee for early redemption)
3) If the investor waits until M+1 and unlocks the reward token, then 80% BYN tokens (80% of total reward) would be sent to the foundation’s wallet and the investor only receives 20 BYN tokens. (Which means the investor has 80% fee for early redemption)
4) When it becomes M+2, then the penalty will go down to 70%, and so on and so forth.
5) Redemption fee rate goes down as time passes, and when it reaches M+9, investors can unlock and receive 100 BYN tokens without any redemption fee.
What do I do if my wallet is not connecting to the Beyond Platform?
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3. Click More tools. Clear browsing data.
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5. Next to "Cookies and other site data" and "Cached images and files," check the boxes.
6. Click Clear data.