What is Bastion?
Bastion strives to be the liquidity foundation of Aurora, stacking yields with both Stableswap and Lending. Since launching 1.5 months ago, Bastion has accumulated $620mm TVL and encompasses most of the stablecoin liquidity in the NEAR/Aurora ecosystem. With the upcoming launch of $USN, Bastion will be strategically positioned as a fundamental DeFi lego spurring the adoption of NEAR’s native stablecoin initiative.
Many exciting features will be rolled out over the next few weeks. These include leveraged yield farming, interest rate swaps, new asset listings, more Realms, inter-realm yield-optimizers, and last but not least, veTokenomics. Furthermore, Bastion plans to gamify DeFi through loyalty-based NFTs. That’s a lot!
$BSTN: The Bastion Protocol Token
We are excited to launch BSTN, a governance token serving two primary use cases:
- Govern the development of the Bastion Protocol
- Align incentives between Bastion stakeholders (liquidity providers, traders, lenders, borrowers, ecosystem partners, team)
What can I do with my $BSTN?
- Provide Liquidity BSTN/NEAR LP farm on Trisolaris for BSTN and TRI dual rewards.
- Stake BSTN in BSTN Kingdom, the hub of the token
- Users who buy and HODL all their BSTN for longer than 1 month will receive the Diamond Hands Bastion NFT, an extremely rare and tradable diamond statue dedicated to Bastion’s most loyal supporters.
Further BSTN utility coming over the next few weeks includes: veBSTN, gauges for Stableswap and lending, protocol-owned liquidity, rewards boosting, borrowing fee rebates, and a borrow market for BSTN.
Trade on Trisolaris’ BSTN/NEAR pool
BSTN will be launching on Trisolaris, the leading decentralized exchange on Aurora, at 23:59 UTC on April 21st.
Bastion has also partnered with leading DAO Liquidity-As-A-Service provider Rift Finance to provide $1.8mm in liquidity in the BSTN/NEAR pool on Trisolaris for the first 3 months. This creates a liquidity floor while organic liquidity develops over time. The pool will be seeded with 25,000,000 BSTN (0.5% of supply), at a $180mm fully-diluted valuation.
Dual Liquidity Mining Rewards Farm
Trisolaris is allocating 125k TRI emissions towards their BSTN-NEAR pool. Bastion will pair this with strong BSTN rewards to ensure high APYs and deep liquidity in the BSTN/NEAR LP pool.
Bridging to Aurora
Users can easily bridge to Aurora through Bastion’s bridge interface, connecting to Ethereum, NEAR, Terra, BSC, Avalanche, Polygon, Solana, Fantom, and more. Here is documentation regarding how to bridge from Ethereum to Aurora through Rainbow Bridge.
Airdrop for Pre-miners and Lockdroppers
Users who pre-mined on Bastion before token launch or who participated in Bastion’s $410mm lockdrop IDO will be able to claim their BSTN airdrop on the app on Thursday 21st April.
The initial circulating supply is around 12.6%, consisting of:
- 8% from Lockdrop Phase I,
- 3% from Lockdrop Phase II
- 1% from Pre-mine Epoch I (before Lockdrop Phase I)
- 0.1% from Pre-mine Epoch II (after Lockdrop Phase I)
- 0.5% to seed the BSTN/NEAR pool on Trisolaris
Pre-miners receive BSTN proportional to the amount of capital and duration of time held in the protocol, regardless of asset type. Note that Bastion’s earliest supporters who participated in Pre-mine Epoch I were able to premine at a rate 10x of Premine Epoch II.
Liquidity mining rewards will be spread between Lending, Stableswap, BSTN staking, and the BSTN/NEAR LP on Trisolaris. 30% of total BSTN supply is dedicated to the liquidity mining program, which will last for 36 months.
85,000,000 BSTN (1.7% of total supply) will be emitted in the first month of token launch, with emissions decreasing over time thereafter.
Pools and BSTN staking will be boosted with between $1,000,000 — $2,000,000 worth of NEAR rewards within the first month of token launch. This is thanks to Proximity Labs’ $350mm DeFi Grants program.
Lending will only have borrow-sided liquidity mining rewards, meaning Bastion will subsidize the borrowing cost for users. This leads to two positive scenarios where users can profit from recursively borrowing and leveraging their deposit on the platform.
Scenario 1: Deposit APY > Borrow APY. This occurs when the yield earned from deposits > the cost of borrowing. Users can “borrow for free” by folding deposits and borrows, and earn more rewards!
Scenario 2: Negative Borrow APY. This means Bastion’s liquidity mining rewards are so large that they dwarf borrowing costs, enabling users to make money by simply borrowing.
Bastion is a Lending and Stableswap 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, low slippage swaps, fast transactions, ultra-low fees, precise liquidations, and harness the underlying UX benefits of NEAR.
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.