Bagels team noticed there are some voices generated by the community recently.
“Why Bagels can’t provide a specific Roadmap?”
“Did Bagels make a long-term strategic planning seriously?”
Even the majority considered that Bagels already decided to abandon the community. But on the contrary, we have prepared well for this long journey since app.bagels.finance officially launched in August.
We consider that creating some milestone gimmicks for coping with the market is meaningless. Compliance with the Waterfall Model(planning ahead and focusing on clear targets)won’t work in this DeFi market which is characterized by rapid change. Because there are many concepts and projects that emerged every day caused for whichever plan will be old-fashioned within 3–6 months after launch, so we are keep learning and adopting some adjustments to adapt to the changes in DeFi market. The vision of Bagels Finance is to grow with DeFi market together.
Bagels’s long-term objective is to keep the core spirit of DeFi and achieve the value proposition and application that traditional finance can’t. The short-term objective of Bagels is to provide a more superior solution to other projects and achieve completely decentralized governance by DAO, which will be implemented on the well-functioning DeFi ecosystems we build in 2022. Therefore, Bagels will develop strategies and adjustments monthly based on the project experience of difficulties we overcome last month. Keeping Bagels more flexible to adapt to the rapid change market and go forward continuously in this way.
Aug-Oct Roadmap Review
1、Bagels Finance built the well-functioning leverage yield farming ecosystem based on BSC, updated the Lend, Leverage, Vault, Geyser pools with integrating to PancakeSwap and MDEX.
Ease of Use - We develop unique functions to devote greater efforts to make Bagels become one of the easiest DeFi projects such as opening leverage with single-asset, customizing the slippage, minimizing trading fee, adding collateral, etc.
Security - Audit 2 times by professional audit firm and operate without suffering any vulnerabilities or hack since genesis launched. Meanwhile, Bagels smart contract adopt Independently Authorization to maximize the security of users funds.
2、Bagels already built well-functioning DAO, which is required to users holding vote-escrowed BAGEL(veBAGEL) to participate in. veBAGEL is the governance token that can’t be traded or transferred, it applied to vote for proposals on DAO. Users could lock BAGEL into DAO, which is the only method to get veBAGEL. The maximum lock time is 4 years and 1 BAGEL locked for 4 years is equal to getting 1 veBAGEL. The balance of veBAGEL will linearly decay as the remaining time before BAGEL is unlocked.
The platform revenue dividends, which are combined from the 85% of farming taxes and 50% of interest spread, will be distributed to veBAGEL holders by smart contract weekly. Dividends distribution so far has been completed 8 times.
Bagels Finance 2.0 Roadmap
Bagels Finance 2.0 will be officially launched in December, which is the first DeFi 2.0 Dapp based on BSC, aiming to achieve the Liquidity as a Service (LaaS) and Decentralized Governance (DAO). Roadmap as below:
1、Launch BSwap，a stablecoins swap with low slippage, to build the connection between several stablecoins and solve the issue of liquidity depletion in gUSDT/gBUSD/gUSDC(gUSDT/gBUSD/gUSDC convert to USDT/BUSD/USDC).
2、Launch 3BAGEL wrapped stablecoins, including USDT/BUSD/USDC
3、Launch innovation zone- Bagels will list more high APR strategies by integrating the liquidity pool which has CAKE rewards in PancakeSwap such as GameFi, Doge, Memecoin, etc. The innovation zone will achieve the function of efficient compounding of fewer than 12 hours to maximize the farming APR. In addition, users could stake LP Token to earn CAKE rewards.
4、LaaS(Liquidity as a Service)- Providing better market depth and utilization. LaaS could bring two additional income to Bagels: LP staking fee 0.4% and Compounding farming taxes 20%, 50% of that two-income will be distributed to DAO.
5、Temporarily delist the PancakeSwap leverage pools; BAGEL daily output from MDEX Leverage pools reduce 30%; BAGEL daily output from other pools reduce 50%.
6、Implement the Web 3.0 upgrade- Bagels Finance URL has been deployed on the IPFS network to anti-DDOS attack.
7、Completely Decentralized Governance(DAO)- Community will act as an operator of Bagels Finance to manage some operation decisions by voting proposals on DAO such as BAGEL output percentage, treasury management, strategies listing, etc. The BAGEL within Treasury Address will be managed by Multisig, the rights of signature will be given to Dev Team, Institution Partners and Community representative. This is to put BAGEL forward to a completely decentralized Memecoin.
8、A large part of updates of Bagels Finance 2.0 has been submitted to SlowMist. The audit report is expected to be issued in early December.
9、In the LaaS, users could stake their LP Token to mint the stablecoin-Baguette, a stablecoin in Bagels Finance platform. Then stake Baguette into Metapool, a liquidity pool with Baguette and 3BAGEL, to earn the BAGEL rewards.
After iterations above have been completed on BSC, we will focus on deploying Bagels on multiple chains such as Avalanche, Ethereum, Fantom, Solana in the Q1 of 2022; Integrating with top AMMs such as Curve, DYDX, Axie Infinity, Uniswap, providing leverage strategies of 10x of stablecoins and 3x of CRV, DYDX, AXS.
More upgrades in 2022
1、For the issue caused for wearing by the Lending pool, we will launch an insurance pool to keep lender funds secure. Single-asset lenders will obtain the compensation while occurred wearing losses if they hold policy.
2、Launch Dokadoa- A Cross-Chain Protocol. A variety of different digital assets could achieve conversion and smart contract interaction in multiple chains by using Dokodoa.
3、GameFi Development- BAGEL will emerge in more scenarios by Play-to-Earn.
4、Support More Languages
5、Listed on More CEX
7、More Farming Pools
8、Dapp Page Optimization
9、Integrading More Farming Pools in DEXes.
Above is the latest Roadmap. With the rapid change in DeFi world, the Roadmap might be adjusted accordingly. But the certain thing is that we will keep working hard to overcome market changes and challenges, continuing to expand the attributes and functions of Bagels, so that Bagels Finance can maintain strong competitiveness in the DeFi market and create value for the community and BAGEL holders.
We are very happy to find the right path. This path may be full of thorns, but it will be more colorful. We are full of confidence and determination. Sincerely invite you to witness with us together.