Since the founding of Bastion a year ago, the protocol has:
- Originated over $2.1B in loans
- Processed over $3.2B in deposits
- Raised $408mm in platform deposits locked for up to 12 months
- Amassed a 60k+ strong community
- Climbed to become the 2nd largest protocol in the NEAR ecosystem, successfully forming the liquidity foundation of Aurora (60% of TVL)
- Made 10+ partnerships, including Trisolaris, Rift Finance, Proximity, and Metapool
Bastion was designed to usher in the future vision of an evolved, more capital-efficient and user-friendly generation of DeFi applications. We were the first protocol to combine the two largest primitives of decentralized finance: lending and stablecoin exchange. Users no longer needed to choose between yield from lending and trading fees as deposits on the platform can earn both simultaneously. Whereas most DeFi lenders pool assets into a single honeypot, Bastion innovated with Isolated Realms which help containerize risk between assets with different risk profiles, allowed the protocol to list long-tail cryptocurrencies, and implement leveraged yield-farming and staking yield arbitrage for stNEAR. BSTN was launched along with Bastion Kingdom in the second largest lockdrop in history. Shortly after, Bastion became the 4th largest decentralized lender in the world when it reached $1.6B in deposits and $880m outstanding loans in May 2022.
During the crypto crash, the team focused heavily on smart contract security and economic risk management. We rebuilt a robust liquidation engine, launched a $250k Immunefi Bug Bounty Program, developed oracle fallback mechanisms, sophisticated internal monitoring systems, and dashboards to measure protocol health and flag risky accounts. We successfully dodged the landmines which catalysed the crash, including LUNA and FTX. As a result of these efforts, Bastion remains the only major lending protocol with zero bad debt according to RiskDAO’s Bad Debt Dashboard.
Today, we are excited to reveal a new logo, brand concept redesign, landing page, and full app revamp to reflect Bastion’s renewed ambitions for 2023.
The Future
Launching on Aurora, NEAR’s Layer-2 EVM blockchain, represented the beginning of Bastion’s journey. Aurora is the cheapest, fastest, and most user-friendly EVM-compatible blockchain.
However, our goal to build secure, powerful, innovative and chain-agnostic crypto applications. We look forward to sharing our hard work on new product developments that we have kept in stealth for the past few months.
Our conviction in crypto remains stronger than ever. Rebuilding a universal, open, transparent, fair, and fluid financial system will be one of the most important transformations of our generation.
In 2023, we are going on the offensive.
About Bastion
Bastion is a Lending and Stableswap protocol built on Aurora, NEAR’s EVM-compatible layer. The project innovates with novel features such as: isolated markets, interest rate swaps, increased receipt token utility, and boosters. Building on Aurora enables Bastion to create an autonomous interest-rate engine with superior capital efficiency, low slippage swaps, fast transactions, ultra-low fees, precise liquidations, and harness the underlying UX benefits of NEAR.
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DISCLAIMER: This article does not constitute investment advice. Bastion Protocol Token (BSTN) is a means by which users may utilize and govern the protocol. Bastion does not recommend purchasing BSTN for speculative investment purposes. BSTN tokens may lose value or have no value and may have no market. Please read the full disclaimers here.
