Ethereum
$590.23 -2.89%
ETH · 5w

B.Protocol is LIVE! A new backstop liquidity protocol for decentralized lending platforms!

Introduction

We are excited to announce that B.Protocol is live on the Ethereum mainnet, and available at https://bprotocol.org/app.

Users of B.Protocol are able now to make more with their MakerDAO Vaults, earn a share from liquidation proceeds, take part of B.Protocol future upgrading decisions, and help make MakerDAO more resilient to Black Thursday-like events.

We are sharing here the full details about the protocol’s launch, to enable everyone to learn the details and choose how and when to get involved.

What users get

Users who manage their MakerDAO Vaults with B.Protocol smart contract interface accumulate a user rating score. The earliest you start using B.Protocol, the more rating score you get. After a 6 month period, part of the liquidators’ proceeds are distributed to the users, proportional to the rating score they have accumulated.

The protocol was seeded with $10,000 in ETH to guarantee a minimum of the sum of distributed rewards. After 6 months the same time, users could start to vote on the future proceeds distribution model, and their voting power is proportional to their score.

During the first month, the user rating accumulation speed will be x2 higher.

The score is given only to users, and no score was pre-allocated to VCs or the team. The score is non transferable and not even an ERC20 token. Hence it cannot be traded, and can never be traded. While we technically cannot prevent future governance from tokenizing it, we will not actively support any outcome that will violate the applicable regulatory framework. Security model

B.Protocol was designed as a thin layer on top of MakerDAO CDP system, and to make user funds as secure as they are when using MakerDAO directly. The user pays the same interest rate, and the same liquidation penalty.

The code was audited by Solidified. Wil Barnes and Lucas Manuel, who are among the people that are most familiar with MakerDAO smart contract code...

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