Today we are excited to reveal a sneak-peak of our fully on-chain staking product for Ethereum based ERC-20 tokens. Depending on the developments with Polkadot, we also intend to offer the same product for Substrate based assets when possible. The addition of on-chain staking to our BEPRO Codebase signals the start of a series of DeFi releases coming in the first half of 2021. Our goal with these products is to offer the best Code-as-a-Service in the blockchain industry for deploying DeFi apps and services. As always, $BEPRO tokens will be required to access our Network and Tech Support, through staking. So therefore it makes sense that the first DeFi product we release post rebranding is an on-chain staking product.
Are you familiar with the concept of impermanent loss? If not, then it might surprise you that Uniswap is all based on the concept of impermanent loss. Liquidity providers on Uniswap provide both the quote and base asset (for example, ETH & BEPRO) to provide liquidity to a given market pair. No matter what happens on that market, the LPs always maintains more or less the same USD value of assets, just with different denominations (in ETH or BEPRO), and he can always withdraw his liquidity plus fees whenever he wants.
We wanted to play with this idea of impermanent loss in order to build a business model that is centered around the $BEPRO token. From now on, to access our Codebase and to have tech support, operators will have to stake $BEPRO in our on-chain staking product (for now and before release of on-chain staking, they can use KuCoin or BitMax). If the operator ever wishes to shut down operations they can just unstake and walk away with impermanent loss. But don't worry, there will also be a monthly subscription fee in $BEPRO as well that does get paid to $BEPRO Network.
The on-chain staking code will be available under BEPRO-js library available for operators who stake $BEPRO for access. Once they prove their stake, they will receive an API key to access our network, and be allowed to use code under license from our Github.
The code and smart contracts that comprise the on-chain staking product have been audited by multiple 3rd party auditing firms.
With BEPRO Network's On-Chain Staking product, companies who currently don't have on-chain staking for their ERC-20 tokens can offer that to their communities. We believe there will be big demand for this product, as a relatively low percentage of token projects offer staking to their communities in either off-chain (on a centralised exchange) or on-chain modes. The crypto market has shown that in general staking gives positive price action to tokens since it actively locks up circulating supply. Each customer that is on-boarded for our on-chain staking product will have to stake $BEPRO first to access the Network, and additionally pay monthly $BEPRO subscription fees to us for continued access and support.
Staking can also be one of the pieces of a larger DeFi plan for token projects. Decentralised Finance is eating crypto, and we see the projects that embrace DeFi and its system of incentivised yield generation are racing ahead. BEPRO Network is the Codebase for DeFi, gaming and a whole host of decentralised products that can be mixed and matched for innovative on-chain services.
Check out the Codebase here:
When the Codebase is live on BEPRO Network, you'll need to have an API key to use this staking product (and any other of our products). How to get this key? You'll have to stake 5 Million BEPRO Tokens. If you are interested get in touch by using the contact form on this website.
For now you can study the code and start #Buidling!
Stay tuned because in future posts we will reveal further pieces of the puzzle, and you'll be able to imagine what can be done when all the pieces fit together.
BEPRO Network is a Codebase for DeFi, Gaming, Prediction Markets & More. We are a Code-as-a-Service protocol providing technology and support for blockchain-based applications. By staking BEPRO Tokens, companies can get access to our code to launch an infinite number of apps.