Introducing BSTN — the Bastion Protocol Token

1 month ago our team had our first meeting about creating the first lending protocol of Aurora. 2 weeks later, we were the first to hit Testnet with a custom frontend, and accumulated an enthusiastic army of Bastions whitelisted for our OG NFTs (which you can still win). In this short period, Bastion has seen significant growth:

17k Unique Users on Testnet
Close to 10k Twitter Followers
Received maximum grant from NEAR/Aurora
First Aurora money market to integrate with Flux, the leading oracle provider on Aurora/NEAR
Partnerships with Ref Finance, DODO, Flux Protocol, Trisolaris, Vaporwave Finance, NEARNauts, and Anti-Social Ape Club

The ultimate vision for Bastion is to be the liquidity hub of NEAR, where no asset lies unproductive and composable cTokens form the base of the ecosystem.

We are excited to introduce BSTN, a governance token serving two primary use cases:

Govern the development of the Bastion Protocol and vote on key parameters such as fee models, gauges, Protocol Owned Liquidity, and staking in a decentralized manner
Align incentives between Bastion stakeholders (lenders, borrowers, ecosystem partners, team)

For early community governance, token holders should use the official Bastion Community Discord. We are looking forward to moving to an upgraded governance platform as more DAO tooling emerges on Aurora.

Token Distribution

The Treasury will be used as an insurance fund, exchange liquidity reserve, ecosystem grants program, cover DAO operational expenses, and for the BSTN public sale (stay tuned).

Q: When airdrop? When public sale?

We have not yet confirmed anything about an airdrop or public sale. Please take notice of Official Announcements only. We appreciate our loyal community members who contribute by spreading awareness of Bastion on Twitter, and supporting us in Discord (e.g. bug reporting, making memes/stickers).

Why NEAR?

NEAR has the highest growth potential of any L1 right now. As the fastest, sharded Proof-of-Stake chain with superb DevX and infrastructure, NEAR has all the tools to become the next DeFi powerhouse.

Building on NEAR enables Bastion to have ultra-low transaction fees, greater capital efficiency, fast transactions and precise liquidations.

Currently, NEAR’s DeFi ecosystem mainly consists of AMMs. Bastion is bringing the next DeFi primitive to NEAR.

The Aurora Thesis

We are on the brink of an explosion in Aurora DeFi.

Aurora has 1s block-time (fast!), and one of the cheapest fees of any alt-EVM.
Many DeFi projects were simply not possible until recently. Aurora’s Engine Upgrade released last week doubled the transaction size capacity… and there are still greater optimizations to come!
Huge projects are currently integrating including: Curve, Ribbon, Chainlink, and Abracadabra.
Introduction of a predictive fee market greatly improves transaction UX
Large liquidity mining programs are coming to Aurora 👀

Chain-native protocols for the win

Each chain has their own native DeFi primitives. Bastion is focused on being the leading lending protocol of Aurora. Chain-native protocols have: a hungry team, with singular focus; a new token allowing ecosystem natives to get in early; deep, intangible relationships with other ecosystem native projects; and first-mover advantage.

Roadmap

With the backing of our community, we will continue to improve Bastion with an incredible roadmap including (in no particular order):

📈 Analytics and historical reporting (e.g. historical APY) for lending markets
Isolated and permissionless markets
1-click Zaps
Stableswap
Time-weighted Interest Rate Algorithm
Yield-bearing collateral (LP Tokens, stNEAR etc.)
Upgrading oracles to list long-tail assets
Integrations with other Aurora DeFi protocols
DeFi x NFTs 🤩

About Bastion

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.

Website | Twitter | Documentation | Github | Email

General Disclaimer:

You understand that the $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 and have the pre-requisite technical knowledge to understand what has been mentioned in this article and the risks that follow.

The information provided within this article is for general informational purposes only pertaining to the governance tool. 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.

Information contained in this announcement should not be relied upon at any time 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.

This communication is not for distribution to U.S. newswire or similar services or for any dissemination in the United States. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, BSTN Tokens to any U.S. person (including, without limitation, any citizen or resident of the United States) or in the United States or in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the laws of any such jurisdiction.