Getting Bent w/Vesting, Roadmaps and The Hundredth Ape
As it goes, there were different apes on different islands that had no means of communication with each other. At some point, a young ape began washing potatoes in the stream to get the sand and fine particles off for a more tasty meal. Before long (as expected) all the other apes on the island started doing the same (likely because they could see them and physically copy).
What happened next was astonishing, the apes on a neighbouring island began doing the same unique washing behaviour as if they were all pulling from a collective group mind.
To give some background, the idea for BENT has been floating around our fren-group since June of this year and went into full time development nearly two months ago. Nobody knew it except the core dev team and later a few strategic investors.
What happened next was within a few days of launching BENT, we saw that frens at Curvance have been working in secret on another Curve ecosystem product and then Redacted with theirs. These are all complementary to each other, approaching the same problem of “GIV MOAR” from different directions.
That being said, it has been a buzy few days at frog nation, first off was the soft launch just on contracts and then our beta front end. There were a few things that were brought up by our community which we thought needed to be addressed directly.
Subject 1: The flywheel
First off, a few well meaning onlookers pointed out that “BENT TAKE 17% FROM FEE BAD” and yes these feelings are valid, thank you for sharing. Just keep in mind we are to CVX what CVX is to CRV so we are just doing the same as CVX, so if someone doesn’t like the 17% that BENT takes from the harvest, then they will have not liked the 17% that CVX takes either.
However if you want a TLDR explanation (without having to read our documentation) it is that these fees are given back to BENT Stakers, CVX stakers and a little for the harvester. So it is part of the flywheel that perpetuates the ecosystem. Secondly, let us just look at the real time APY of staking directly on CRV, on CVX or on BENT — all with the same deposit.
Let’s say you want to deposit 100K FRAX and you get approx. 100,000 curve FRAX LP tokens in return.
If I stake these directly on a curve you will get approx. 8.25% APY unboosted, or approx. 20.25% with a full 2.5x Boost (which would cost you quite a bit in veCRV actually).
If I stake these same LP tokens on Convex instead, after the convex 17% clip (but adding their enhanced CVX rewards) you would get approx. 22–26% APR. Just a little above having the full CRV boost (without having to deposit and burn CRV).
However, If I stake these same FRAX LP on BENT, I would get approx 75% APR (after the Bent clip) now obviously BENT is young and TVL will fluctuate, but the point is that you are getting quite a bit of valuable BENT added to all of your rewards.
So assuming all things equal, at this snapshot, you would get approx 3x the amount of yield puting the same LP into BENT as opposed to CVX. (to add to this, BENT is a value add, we only add value to fren CVX, not take from the ecosystem )
Now on to:
Subject 2: Team Vesting
We had some great feedback on our vesting schedule, which was originally setup emulating Convex, but then making it more conservative. For example, according to the documentation, the Convex team began vesting their 10% from day 0 over the course of 1 year.
What we proposed was that there was a 1 month cliff (cliff meaning that no tokens are distributed until then) and then there is a 1 year vesting after that. So, more conservative than convex.
Frog, then phoned in and recommended that to ensure investor trust we alter the vesting schedule which in our opinion is fair because people want to be able to play in a neutral and trustless environment without having to worry about an invisible hand.
Because frog is always right, we listened and are adjusting the tokenomics as follows:
- 100M Max Supply
- 50% Curve LP Rewards, rewarded pro-rata for the CVX received on Bent Finance
- 20% Liquidity Mining, distributed over 4 years for BENT/DAI SLP
- 8% CVX Staking, distributed over 4 years
- 2% Airdrops, more to come on this..
- 0.5% Floating Liquidity
- 2.5% Seed Investors, 1 month cliff then 6 month vesting
- 12% Team, 3 month cliff then 18 month vesting
- 5% Treasury, 3 month cliff then 18 month vesting
Hope that helps. Any feedback, please bring it to the discord.
Lastly, If you buy a coffee mug, someone will probably use the proceeds to …buy coffee.
Love, The Bent Boys.
P.S. there is much to come shortly on our roadmap; the team is currently focused on the setup for CVX staking, we are planning on it following the cvxCRV method and will reveal details shortly (or squeeze it out of us in the discord). Including more info on the Airdrop distribution, to who, how much and mechanics.
Ape info
BENT Token Contract: 0x01597e397605bf280674bf292623460b4204c375
Website: https://bentfinance.com
Medium: https://bentfi.medium.com
Twitter: https://twitter.com/BENT_Finance
Telegram: https://t.me/BentFi
Discord: https://discord.gg/vyhE8RQTeu
Github: https://github.com/bent-protocol
Tokenomics: https://docs.bentfinance.com/general-information/tokenomics
Docs: https://docs.bentfinance.com/
If you are a fresh farmer, visit https://docs.bentfinance.com/ to get a good overview of the fields and how to use the machinery.
