Bastion’s Public LBP on Balancer [Cancelled]
We are excited to share with you the details of Bastion’s Treasury Bootstrapping Event on Balancer via Copper Launch. The 3-day clock will start on March 17th, distributing 8% of all BSTN via a public Liquidity Bootstrapping Pool (LBP).
As the pool weights shift over the course of three days, the price of $BSTN is expected to drop if there’s no buying and selling activity to enable organic price discovery. Starting at a high price discourages bots from sniping the pool, ensuring a fairer token distribution. Please only buy in at a price that you are comfortable with.
The pool will be initialised with 400m BSTN and 1m USDC, with a starting weight of 96/4 and ending weight of 50/50. BSTN price will start at $0.06.
Chain-native lending protocols are crucial DeFi primitives. Missed out on BenQi, Solend, Geist? Well, good news you’re early to Bastion, Aurora’s money market. Read more on BSTN Token and our roadmap here.
Q: Bastion is on Aurora and you are doing a Copper Launch LBP on Ethereum. Why?
Launchpads on Aurora currently do not support Balancer-type Liquidity Bootstrapping Pools. We view the LBP model as critical to achieving proper price discovery and fair distribution of tokens. Copper Launch is a frontend interface and platform for creating and participating in Balancer LBPs.
Q: What are the advantages of the LBP model exactly?
- Price Discovery: The price of the token starts high and decreases on a preset price decay curve. The downward pressure on the price from the curve can be resisted with constant buyers pushing the price upwards.
- Fair Distribution: Any participant can buy into or sell into the auction at any time, sustaining a fair price for everyone. Since the auction lasts 3 days rather than being first-come first-serve, we avoid the situation where users must compete in high gas battles with front-running bots.
- Open and permissionless: No whitelists, hard caps, or listing requirements.
- Capital efficiency: Initially, the BSTN price will be scaled up to 96% relative to the USDC collateral deposited.
To learn more about how an LBP works:
Q: Copper Launch’s Balancer LBP platform is on Ethereum but Bastion is on Aurora. How will I receive my tokens?
Participants directly swap into the pool, receiving BSTN on Ethereum. This means the users will need to bridge over BSTN via rainbowbridge.app/transfer
LBP with a Low Raise ($5m)
LBP with a Medium Raise ($10m)
LBP with a High Raise ($15m)
How to participate?
Keep an eye out for ido.bastionprotocol.com. We will redirect the link to our Copper Launch closer to the start date (before March 17th). Please note that any other links are scams.
For any further inquiries, please make sure to join our Discord community in the link below and ask questions there.
Bastion is a decentralized lending and borrowing protocol built on Aurora, NEAR’s EVM-compatible layer. Building on Aurora enables Bastion to create an autonomous interest-rate engine with superior capital efficiency, fast transactions, ultra-low transaction fees, precise liquidations, and harness the underlying UX benefits of NEAR.
You are not claiming or receiving any governance tokens for a speculative purpose and do not have any intent of acquiring $BSTN tokens as an investment or with the aim of making a profit and will have no expectation of profit from governance participation or from acquisition of governance tokens. You understand that $BSTN tokens have no intrinsic value and are solely tools of governance, and as such have no intrinsic potential for future appreciation in any form whatsoever. You further represent and warrant that you are an active user of blockchain technology and blockchain-based software systems. If you intend to acquire or have acquired any preexisting rights to any governance tokens pursuant to the announcement or resultant of a prior bootstrapping event, you are or have done so only to participate in the Bastion governance experiment and to participate in Bastion governance-related decisions.
The information provided within this article is for general informational purposes only pertaining to the governance tool, BSTN and is not a formal offer to sell or a solicitation of an offer to buy any securities. Information contained in this article should not be relied upon as advice to buy or sell or hold any such securities or as an offer to sell such securities.
You understand that the Bastion Protocol governance structure is an experiment in the field of decentralization and community governed structures, in which participation via the $BSTN token and otherwise is entirely at your own risk.
IInformation contained in this announcement should not be relied upon as advice to buy or sell or hold the aforementioned governance tokens and particular note should be made as referenced prior to the solely governance based nature of the $BSTN token and their lack of intrinsic ownership or economic value. This announcement does not take into account nor does it provide any tax, legal or investment advice or opinion regarding the specific investment objectives or financial situation of any person. Bastion Protocol and its associated parties as appropriate make no representation or warranties, expressed or implied, as to the accuracy of such information and Bastion Protocol expressly disclaims any and all liability that may be based on such information or errors or omissions thereof. Bastion Protocol reserves the right to amend or replace the information contained herein, in part or in entirety, at any time, and undertakes no obligation to provide the recipient with access to the amended information or to notify the recipient thereof. The information contained in this announcement supersedes any prior representation, post or conversation whether informal or formal, concerning the same, similar or related information.
You make active representations that participating in the Bastion bootstrapping event is not prohibited under the laws of your jurisdiction or under the laws of any other jurisdiction to which you may be subject and you are and will continue to be in full compliance with applicable laws (including, but not limited to, in compliance with any tax or disclosure obligations to which you may be subject in any applicable jurisdiction) and you understand that certain jurisdictions have been prohibited from participating in the aforementioned.