bernard.finance — bernardswap update and release
Introducing dynamic pools
Hello friends, while waiting for bernardswap release, we wanted to update you on some important changes we brought to the platform !
bernardswap’s staking system
The whole original concept around bernardswap’s staking was built, at start, for our farms.
By providing liquidity to bernard.finance’s trading pairs (bones-busd, barrel-busd, bern-bnb), you got rewarded. You had different farms to connect to, depending on the kind of NFT you held. Rarest NFTs > best rewards.
But we completely changed our approach.
bernardswap will still provide our three farming pairs to stake your LP tokens on, but they will be public. As we like people strengthening our liquidity pools, we will give good rewards for that and even some surprises, but no links with NFTs anymore.
After many internal testings, we were not satisfied with the liquidity management, we were not satisfied with the global user experience this solution provided.
We want it smooth, efficient. It was not.
Also after considering some investors comments (regarding impermanent loss and other details) we kept looking/working for a better solution.
And oh boy we found it.
Introducing the “dynamic pools”
“Dynamic pools” is a brand new concept in DeFi we designed with our devs, it is an extremely elegant and efficient solution.
When connecting to bernardwap’s Pools page you will see three simple pools just like on any other yield platform, $BONES, $BARREL and $BERN.
But when you stake tokens, our Masterchef’s staking contract aka the one and only ChefBernard will automatically scan your NFT holdings and adjust dynamically your rewards.
This means that, if you don’t hold any bernard.finance’s proprietary NFT you will get basic rewards, as soon as you hold one in your wallet, your rewards will update to a better APR (Annual Percentage Rate).
All APR levels will be displayed on the pool, so everyone will see the increasing rewards our pools make until the highest level. Basic APR < Classic APR < Bronze APR < Super APR.
A note about higher level rewards, allowed by NFTs. We’ve all seen huge percentage numbers on yield platforms that in most if not all cases happen to decrease a lot after a few days. This is due to platform losing money because of too much supply dedicated to staking.
This will not be the case on bernardswap.
Because we have set up an entry key to access better APRs, we will be able to maintain really high level of rewards overtime.
APRs are calculated around 3 variables, $BONES rewards per block, $BONES price and the total pool size.
We completely control the first one, we do everything we can to push up the second one, and by setting up a tollgate (with NFT holdings) it will mechanically limit the third one, and so, keep high rewards over time.
As things go forward and bernardswap development is close to an end, let’s make a statement about where we are, what we have left to do, what we want to improve.
Changing the whole staking system
NFT marketplace still needs a bit of work, we want the user experience to be top of the notch. Mint function will not be available at launch (for users), but will be in the future as we have great ambitions on this side.
BSC marketplaces are all globally terrible, we think we have a spot to take.
The Bernardo Fight Club is still in development. We will announce a release date soon.
We are working hard to push live as fast as possible, but we won’t make any compromise. If something is not properly tuned or working the way we want, we will keep improve and update.
Exactly like what happened with our staking situation.
We also worked a lot on maintainability, to be sure that we can move along with pancakeswap updates to avoid any issue in the future, especially security, bernardswap is here to stay.
Audit company is already booked, as soon as final version is up they give it a go and we will launch.
The platform and staking contracts have to be audited before launch, it is mandatory, for security reasons.
We focus on quality and user experience, so we know that you want things to go fast, but we know you will prefer having a great experience. So many projects come out trashy and badly tuned for the sake of releasing fast, that’s not our vision.
We plan to keep our deadline for bernardswap release : September, but again, no compromise, it is good or it is not.
Transparency is key
In tartiflette we trust.