Innovated DeFI cross chain BAGEL

9 Feb 2023

The projects on the Ethereum, BSC public chain each develop their own ecology, and it is difficult to carry out related interactions, so the assets will be in a blocked state. Therefore, a major feature of Bagel is to provide cross-chain liquidity. Mining, through Bagels' cross-chain aggregation protocol Dokadoa, realizes the free transfer of assets on the three public chains.

Let's make a brief introduction below:

The first function of Bagels' cross-chain liquidity mining is to facilitate the transfer of assets between these three public chains through the form of smart contract interaction, which solves the problem of users from this public chain to another public chain. Just need to operate like a normal smart contract, our coins on the A public chain are locked, and then the B public chain can mint a corresponding number of tokens through the smart contract. In this way, the cross-chain is completed. At the same time, it also avoids the need to deposit and withdraw funds through the exchange, thus realizing the conversion of assets.

Secondly, the cross-chains we usually see are basically the cross-chain operations of ordinary tokens. For example, the usdt can be crossed from the Ethereum public chain to the BSC public chain. For Bagels, LP can also be used The currency is cross-chain, which means that our LP liquidity mining certificate on Ethereum is directly crossed to HECO. This is completely possible.

The cross-chain of LP tokens can bring many extended applications, such as the most common arbitrage operation. In short, we conduct LP pledge operations on the A public chain, and then due to the LP market price of the B public chain and the A public chain There is a big gap between the chains, so for users, cross-chain operations can be performed. We can directly cross-chain and then cash out operations on the B public chain, which makes the operation easier.

The transfer of LP tokens allows users to grasp some arbitrage opportunities when the market fluctuates, which can also increase the playability.

Non-destructive mining strategy

Due to the recent turn of the DEFI atmosphere during this period, the currency price adjustment has made many people choose the single-coin mining mode in order to pursue stability, which can reduce the risk to a lower level.

Lossless mining is actually a single currency mining method. For example, if we deposit ETH, then after a certain period of time, it may appear that the corresponding tokens and Bagels tokens can be obtained, but the current rate of return of lossless mining is relatively low. For example, on AAVE, the interest rate of ETH deposits is below 1%, so the benefit will be much smaller.

For Bagels, it has seized the needs of users, so that non-destructive coin mining also has a leveraged model. After increasing leverage, the revenue of single currency mining will be improved. For some users, it is A better way.

The return rate of lossless single mining is relatively stable and the risk is relatively small. Therefore, for users who are willing to take a certain risk, single mining plus a certain leverage ratio can have a good effect. However, leveraged mining also has certain risks. Therefore, users must set a suitable leverage ratio. Although a particularly high leverage ratio can obtain a high rate of return, there may be risks in the principal. Therefore, the higher the better, and The best is what suits you.

Token distribution

The total number of Bagels is 110 million. According to the official white paper, 60% tokens will be created through mining.

On the whole, the total amount of tokens held by the team is still relatively small, and most of the coins will be used for mining, so this distribution method is relatively reasonable. In addition, the platform also has a corresponding destruction mechanism. 20% of the platform's revenue tokens will be destroyed in the future. This will make the overall Bagels in a deflationary state, which is also conducive to the stability of the currency price.

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