Some of you will know that I've been giving decentralized finance some thought, and those of you in our discord will also know that I announced that we were working on Bro-Fi but with little to no details.
Bro has always faced a problem when it has come to decentralized finance. For instance, how do you lock up liquidity when clearly you would be losing out on your daily dividends. Furthermore, what possible rewards could we add to the liquidity pool when we already give out nearly $50 per day in rewards to BRO holders. How could I even compete in this market?
It's a problem I've been thinking of for some time, and one that I had zero answers to. But, that's not to say that I haven't been searching for solutions.
Thankfully @taskmanager came to my aid after a long chat with my team about how to press forward with solutions to meeting this goal, and it was suggested that I hit him up. Now, he is in the middle of building something completely unique and new to the hive/hive-engine ecosystem, and we're all really excited!
Those of you that know me well will know that I'm a sucker for building unique projects that benefit our token holders on the whole. If I've learned anything in this world it's that if I want to build anything then it has to be something that brings something new to the industry, but familiar. That's the way I operate.
So, without further ado, introducing BRO-FI
Bro-Fi is a completely hive-based project. It uses no other chains, no wrapped-coins, and is centred around hive and hive engine. If you hold BRO you can participate in the project and also benefit from it.
There is no need to buy anything else, or fomo into anything. You may use what you currently have at your disposal to earn more token rewards (and possibly more BRO if you want to).
It is a project completely operable and usable by anyone that participates on hive and hive engine and they will not need to spend or buy anything at all to take part in it. All you need do is hold stake.
BRO-FI Process.
I will donate ~1500 BRO to a hive account that I won't touch. This will be the rewards pool
A hive user will delegate into the rewards pool for a share of BRO rewards daily. This should essentially create a few pools of delegations
The Rewards Pool account will pay ~1% of it's BRO balance to all the delegation pools per day.
People that own BRO can vote on what pools get the best share of the BRO payouts (pool 1 gets the most BRO, pool 2 gets half of the remainder, ect...)
BRO holders will vote on which BroFi curators to pick (@brofi will follow hive votes of these users to earn new tokens)
The voting system will be based on hold-weight, for instance someone that owns 100 BRO will have more influence than someone with 0.5 BRO
New tokens earned from curation are split up, a portion goes to main BRO account for all BRO holders, and a portion is sold on market.
SWAP.HIVE gained from selling are used to buy BRO from market and is added back into the rewards pool.
It's a win win.
With any luck there should be zero involvement from me and this should work entirely on its own. The beauty of it is that everyone wins. You can now earn BRO through delegation, and BRO holders can benefit from those delegations -- dependant on who they vote for of course.
With the implementation of this system, BRO holders will see their earnings improve even if they don't want to get involved in BRO-FI, and people that want to delegate in can now earn BRO.
I certainly know there have been a few that have asked about delegation for BRO, and have been sad that I've never allowed it so far. Well, here's your chance.
Wen BroFi?
I've been given a month's timescale. So about a month. @taskmanager said it will take quite a few man hours to build, and, as well as build this he has his own projects to get on with. He is the brains behind Archon and Discohedge and like every dev on hive currently -- he has little time and too much to do. But I get daily updates from him and everything is working good so far.
Sounds cool. I own BRO, I want to get involved in the process.
Okay, so you'll need to join our discord. That's where all the voting will take place. Unless he changes that (which he might) but you'll get all our updates in the discord so it's probably a good idea that you keep updated in there. You can join here: https://discord.gg/qd8J2x3
How do I delegate?
Not yet, slow down there, woah. I'll write a post when we are live. Don't delegate in anything yet because you won't receive anything in return. Wait until we are live and I officially announce it.
That's it for now fellow BRO's, and in the words of Isaac Butterfield,
Be a Good Motherfucker