Using Beyondfi Synthetic DEX
How does the synthetic Works in the Beyondfi Protocol?
Step 1. - User Purchase the BYN Token (Beyondfi Platform, DEX and CeFi exchanges)
Step 2. - Stake the BYN TOKEN and get Synthetic Token USDb. Receive Staking reward based on the staked BYN amount.
Step 3. - Trade/Invest USDb for multi asset synthetic products in Beyondfi DEX.
Step 4. - Earn Profit from Investment/Trade.
Step 5. - Redeem BYN token and liquidate the profit.
What is the first step to participate in the Beyondfi Synthetic DEX?
Staking BYN token, then invest in synthetic to trade synthetic products in the beyondfi exchange.
Why stake BYN?
1. Stake BYN to receive staking rewards.
2. Staking BYN allows the BYN holder to invest (mint) synthetic assets and earn additional rewards in BYN.
3. Stake BYN to earn the portion of trading fees from the Beyondfi Exchange.
Further if the BYN holder, stakes at least 50,000 BYN, the stakers is eligible to participate in the Beyondfi Governance via voting and every participant is rewarded with the BYN token for the contribution.
What is required for a BYN Staker to claim rewards?
BYN stakers need to maintain the collateralization ratio of 300% and manage their own ratio by either redeeming (Burning) the USDb to increase their ratio or investing (minting) USDb to reduce it. By doing so, the user can collect rewards. Staking rewards are high, but is based on a 365 day retention period.
Where do I get the BYN token?
From then Beyondfi Exchange, swap with your ETH and get BYN token. Alternatively BYN will be available in the other DEX and Centralized exchange.
What do you mean by Invest synthetic?
For the ease of understanding and for the greater mass adoption, invest synthetic here in refer to 'mint' in the Blockchain Defi world. It simply means that BYN token will be collateralized with the ratio of 300% to issue synthetic USDb.
What do you mean by collateral ratio of 300%?
The ratio of collateral of 300% is used to backed the each synthetic invested. For instance a user locks 3USD worth of BYN token to invest 1 USDb in the share pool. 300% C-Ratio needs to be met to be eligible for staking reward. In order to reduce the burden to manually adjust the C-Ratio every time, Beyondfi platform provides an advanced auto-staking system where additional BYN amount to meet 300% ratio is automatically calculated and automatically staked from the system if user holds any unstaked BYN in Beyondfi Wallet as a buffer. On the other hand, in case of C-Ratio increases to over 300%, the excessive amount of staked BYN is automatically unstaked from the system.
What is the redemption fee and how much and how is the redemption fee implied or calculated?
Redemption fee for reward tokens is applied to motivate users to stake longer and to prevent from selling the reward token and to maintain the BYN price and circulation.
To promote and incentivize our early investors to stake their reward tokens as long as possible, Beyondfi platform applies 365 days retention period for reward tokens. For an early redemption, reward will be distributed in proportionate with the holding period and also early redemption fee is applied. Early redemption fee is reduced as holding period increases and eventually become zero (i.e. eligible to unlock the full amount of reward) after 365 days passes.
What do I do if my wallet is not connecting to the Beyondfi Platform?
Please clear your browser's cache. To clear the cache follow the following steps.
1. On your computer, open Chrome.
2. At the top right, click More .
3. Click More tools. Clear browsing data.
4. At the top, choose a time range. To delete everything, select All time.
5. Next to "Cookies and other site data" and "Cached images and files," check the boxes.
6. Click Clear data.