Recap on Bella Protocol Community AMA: Preview on Product Updates, Features, and Launch Date
Nov 10th, Bella Protocol’s co-founders Felix and Yemu conducted an AMA in its English community on Telegram. They answered questions from the Bella community and gave an overview about the latest product updates, features, and launch date. The AMA was moderated by Bella’s global community manager, Thomas.
Below is the summary of the AMA
What has the team been up to after listing on Binance? Could you give us an update on recent progress?
It has been about two months since Bella Protocol launched on Binance as the first project on Launchpool. To be honest, DeFi reached its peak in early September and the timing of BEL token launch was not the best. YFI was down 80%, and BEL was almost down 80–90% since its first day close price. So now it is time to gradually work things towards better direction.
Could you please shed some light on Bella Flex Saving? When will it be launched, and what are the key features etc.?
In the past two months, we made huge progress in product development, and the team is getting ready to launch one of our core products — Flex Savings. Flex Savings is a DeFi yield aggregator to farm other protocols and re-invest to achieve compound returns.
Flex Savings solves two problems — 1) gas fee. 2) time. Users deposit stablecoins on curve.fi, stake LP into Gauge, claim CRV, sell it into stablecoins, and finally deposit and stake stablecoins into Gauge again. The whole process costs $100 in gas fee. Flex Savings subsidizes gas fees and take care of the tedious process for users. Users will only need to spend maybe $3–5 USD in gas.
Major components: Flex Savings, Staking of bTokens, and Locker of BEL. Flex Savings will also incorporate Liquidity Mining (liqudity.bella.fi) and Governance (https://snapshot.page/#/bella)
For example, when users deposit USDT, there will be bUSDT as a receipt transferred to the wallet. And USDT will start to accrue interest. Staking of bToken can receive extra BEL reward (but it is not part of the native interest in USDT). At the initial launch, we will NOT enable staking feature, to avoid extra BEL emission. Our team will discuss with community when DeFi tokens have 2nd wave of uptrend, to enable the staking of bToken and give out extra BEL to Flex Savings users.
Our Flex Savings product is elegantly designed to function smoothly on both PC and mobile.
For BEL Locker, users can lock BEL tokens for fixed length and receive handsome returns in BEL at the end of the period. The purpose for Locker is to reduce BEL in circulation. I strongly believe that yield farming is not going away. The return APY can normalize, but as more and more DeFi applications coming out, there will be plenty of new opportunities and strategies we can add to Flex Savings.
What are the future plans for what’s left in the Bella product matrix?
We are now at Q4 2020. Launch time for Flex Savings+Locker+Liquidity Mining+Governance is going to be later this month. We will add more features / strategies to Flex Savings, and launch bToken Staking for BEL rewards when market performance is better.
In Q1 2021, we will launch Bella One-Click Portal, another core product for ZERO gas fee liquidity mining and much more. One-Click is exclusively a native mobile app (no PC version) as we feel the trend for mobile is here in crypto. Users can deposit stablecoins or cryptos into One-Click just like using a CEX. We will take care of the custody with bank-grade security infra. Within One-Click, there are several features:
- DeFi — Flex Savings plugin: users can invest balance into Flex Savings with ZERO gas fee. Unlike Flex Savings, One-Click will accrue interest T+1 day as we aggregate all user orders. Users can also see the transaction hash for transparency purpose.
- DeFi — Liquidity mining plugin: users can join BEL liquidity mining and many other pairs. This may incur potential loss but APY is much higher.
- Quantitative asset management.
- Asset allocation etc.
The purpose of One-Click is to further lower user barrier and gather traffic. One-Click is going to carry many of our future business, not just within DeFi. The goal is to become a huge asset manager similar to BlackRock.
Q3 2021, robo advisor and ETFs for smart crypto asset allocation and re-balancing. We believe there are going to be more assets, not just crypto but also tokenized assets/equities/commodities/virtual goods. So users can get exposure to a broader asset class. Similar to the stock market, ETFs will generate a lot of fees to reward BEL stakers.
What will be the function of BEL in Flex Savings?
Flex Savings will be one of the first major use cases for BEL token.
- Users can get base reward and additional rewards in BEL tokens by staking stablecoins, ARPA and UniSwap LPs.
- A certain percentage of the proceeds from the reward generated will be used to buyback and BURN BEL tokens.
- With emission rate decrease for BEL liquidity mining, and BEL Locker going live, there will surely be fewer BEL in circulation which will be beneficial for token performance.
- We want to build applications with clear business models and create value for users. Both Flex Savings and One-Click lower user barriers, save gas fee and time for users. For Flex Savings, say we earn 15% interest rate for users, we will take 4% of that interest to market-buy BEL token, part of it will be used to reward BEL stakers, and part of it will be burned. For One-Click, a centralized custody will be able to support many business lines, for example quantitative asset management, smart asset allocation etc. We function as an asset manager, earn money for users, and earn part of that profit to benefit BEL token holders.
You have collaborated with DEGO finance. Are you also going to launch a special NFT for Bella Protocol through DEGO?
Bella will partner with the best quality projects out there, slowly but surely. DEGO is among the first batch of our partners. DEGO has been a sensational NFT project since its launch with a highly active global community. We have been in close talks with DEGO to discuss many possible ways to cooperate, from using BEL as collateral to mine or auction DEGO NFT, to cross-community marketing/promotions, etc. There are many new projects and initiative emerging everyday with novel functionalities. As long as a platform is audited, secure and will enable BEL with more use cases, we will be open in partnerships. Stay tuned for our future partnership updates!
There was a mention that there is a BEL token burn by using Flex Savings. Does that mean that the more people use this product the more BEL token will be burnt and in turn reducing the inflation ? Will there be a portal to show how much tokens are burnt?
Absolutely right. There will be fewer and fewer BEL available and it will become increasingly difficult to mine. A certain percentage of the rewards earned/generated by users will be used to buyback and burn BEL tokens, which means the total amount of tokens in circulation will be decreased. We will consider adding features to show total token burnt, and it will be available on Etherscan/Coinmarketcap as well.
By using BEL Locker, can I prematurely end the locking period ? If I can, what will be the consequences? Do I lose all the interest ? Or will it be pro-rated ?
For BEL Locker, users can earn BEL rewards on the BEL token staked. Users are able to freely choose his/her staking period, for 30/60/180/360 days. Once the staking period is chosen, the BEL tokens staked will start accruing interests immediately, and will only be claimable along with the interest earned at the end of each staking period.
What about BEL Locker, what is the minimum BEL needed?
No, there will not be any minimum requirement to participate in BEL Locker. Anyone can stake any amount of $BEL and earn juicy rewards from anywhere, anytime.
What can we expect to see from Bella Protocol in the short-term (at some point in 2020) and 2021 and beyond (long-term goals)?
Expect to see cool products with elegant design and UX. We aim to lower user barrier for DeFi and in longer term we focus in asset management with multiple strategies ( DeFi is one of the strategies). These products can generate cash flow used to repurchase BEL token.
What is the relationship of Binance LaunchPool with Bella?
Our team designed Launchpool with Binance Labs. But unfortunately we underestimated the dumping pressure of these free tokens. With Launchpool now concluded, there is not much daily emission.
As crypto users we don’t want to lose our assets to some scam projects that run away and disappear with our money so why should we invest in the Bella as a long-term investment?
We take system & fund security as our highest priority. Our team members have traditional tech & finance background, and will be in crypto + blockchain space for the long run, create value for this young industry and grow with it. Also, Bella is backed by some of the most high-profile investors and partners in the space:
How important is the community to you? and how can we collaborate or help you for the development of the project?
Community is super important. it is really the key factor of a project’s success. We have many ways to reward community contributors (Angel/Governance Group), and Flex Savings users via on-chain snapshot (lucky draw for whom invests more than certain amount for certain days).
Community can also contribute to Flex Savings strategies and receive a cut from performance fees. We look forward to hiring anyone with front end and smart contract experience as well.
Will you regularly share the Total Value Locked in Bella Locker?
Yes it is going to be embedded into our product.
How does the Bella Protocol team assess the risks associated with market uncertainty and volatility? Is there a market risk hedging mechanism to ensure user safety?
There are several risks -> protocol risk, smart contract risk etc.
We will not be able to cover user loss if the farming protocol got hacked, or something is wrong with our smart contract. Being audited does not mean it is risk free. We will have detailed risk disclosure. Please only invest with the amount of money that you can stand to lose. Of course we will do our best to eliminate risks.
Bella offers the possibility of making arbitration either on-chain or with the service of custodian. What are the advantages of using the custodian service? Bearing in mind that we must “trust” since we would not handle the private keys.
Custodian will offer much lower transaction fees, much friendlier UI and UX, and is essentially more acceptable by new comers of the crypto space. We will work with some of the most trusted custodian partners in the space in asset custody.
I came cross the profile of Bella, so basically it says you will revolutionized the Central mobile bank. But how do you see the internet banking like Paypal? Will you turn over those institutes as well?
Our end game is not to completely disrupt the traditional/centralized financial system but to improve its transparency and increase its efficiency, and at the same time educate people on crypto and eventually bring more people into this amazing space of freedom & 10x the current users.
What’s the total amount of tokens you plan to burn ?
A certain percentage of the reward earned will be used to market-buy BEL and these BEL will be burned. The more users we get, the more BEL gets burned. Actual % can be adjusted through community governance. Token burn depends on TVL within our Flex Savings product, and also depends on how much we make for users so that we can take a cut from the profit.
Bella is a suite of open finance products including automated yield farming tools, lending protocol, 1-click savings account, customized robo-advisor, and more. We believe everyone deserves equal access to premium financial products and services with elegant design and smooth user experience.
Bella brings your familiar mobile banking into crypto with just one click. With Bella, you can just simply sit back, watch your asset grow, and leave all the heavy-lifting to secure, automated smart contracts.
Bella’s core team consists of serial entrepreneurs and blockchain veterans who have tremendous experience and proven track record in finance, cryptography, blockchain, and engineering.
For more information about Bella, or to join our team,
please contact us at firstname.lastname@example.org
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