Joining forces with Aurigami

Bastion Protocol is thrilled to announce its plan to merge with Aurigami, a decentralized, non-custodial liquidity protocol on Aurora, NEAR’s EVM-compatible layer. This strategic merger allows two competing protocols to synergistically combine strengths, resources and expertise, resulting in a more robust and resilient DeFi ecosystem. By pooling together their respective technologies and talents, Bastion Protocol and Aurigami will be better equipped to navigate market challenges, mitigate risks, and ensure long-term sustainability.

Bastion Protocol set out with the North Star to become the liquidity foundation of Aurora and this merger moves us further towards that vision. Bastion users will be given the option either convert BSTN to PLY or to have their BSTN redeemed in exchange for USDC, and to migrate their assets to Aurigami. As Bastion’s Reserve has been in excess of BSTN’s circulating market cap for an extended period of time, this merger is in the best interests of giving token holders the choice to exit, or continue with us and Aurigami on this journey. This collaborative effort is a win-win for both communities, and the ecosystem as a whole.

We built Bastion to serve the Aurora and NEAR community, and we are proud of what we achieved for the ecosystem. Actions speak louder than words; the team has never sold any of our token allocation, and BSTN was airdropped to the community without ever conducting a public sale.

Next steps for Bastion Depositors

Access the app interface at this link to withdraw your assets from Bastion Protocol. Users who wish to re-deposit their assets to Aurigami may do so via the Aurigami interface at their discretion and of their own volition.

Next steps for BSTN Holders

Moving forward, holders of BSTN will have two options.

1. Option 1: Exchange BSTN for a share of protocol reserves in the form of USDC at a price of $0.000175 per BSTN. This amounts to approximately a 34% premium to the 30-day TWAP and a 101% premium to the spot-price of BSTN as of August 22nd 2023.
   Note: Users must be approved by professional KYC/AML (via Synaps) to qualify for this option.
2. Option 2: Alternatively, convert BSTN to PLY at a conversion rate of 0.58 PLY per 1 BSTN. The distribution of PLY shall be subject to a 21-day vesting schedule starting on the first day of the conversion window.

General Information

1. The Merger Portal can be found at merger.bastionprotocol.com.
2. The full Terms and Conditions of each option can be found here.
3. The Bastion Protocol Reserve, which holds approximately $430k as of August 22nd 2023, is publicly available on our Dashboard.
4. The conversion window start date is 21:30 EST on August 22nd 2023. Option 2 (PLY) shall be open for 30 days for Option 2 (PLY). KYC applications for Option 1 (USDC) will be accepted during the same 30 day period, however, the actual swap contract will be open for two weeks from the 30–44 day window.

This will be the only opportunity for BSTN holders to convert or redeem their tokens. If you do not successfully redeem or convert any BSTN tokens in accordance with the Merger Portal and respective Terms and Conditions, the tokens not so redeemed or converted may be worthless and you may be required to continue to hold such retained tokens indefinitely (with no potential future means to transfer, redeem or dispose of the same).

To support the transition, Bastion pools will be placed in withdrawal-only mode, and the BSTN token contract will no longer be supported.

Thank You

Bastion Protocol believes that this merger will create a stronger and more vibrant DeFi ecosystem that benefits all participants. Ultimately, Bastion Protocol believes that together with Aurigami we can be better poised to drive innovation, unlock new opportunities and help shape the future of the ecosystem.

About Bastion Protocol

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 the protocol. The BSTN do not carry or provide rights to receive or share in any of the profits, income, gains or other distributions or retains from or in connection with the issuer company (Agamodo Inc) or its business operations or affairs, nor any voting or other governance rights with respect to the issue company or its business operations or affairs. Bastion does not recommend purchasing BSTN for speculative investment purposes. BSTN tokens may lose value or have no value and may have no market. The owning of the BSTN token does not provide you with any legal rights over any assets belonging to Bastion Protocol or the issuer company. Please read the full disclaimers here.

About Aurigami

Aurigami is a decentralized, non custodial liquidity protocol built on Aurora, NEAR’s EVM-compatible layer. The protocol enables users to effortlessly lend, borrow and earn interest with their digital assets. Depositors provide liquidity to the protocol to benefit from the interest rates, while borrowers are able to borrow in an over-collateralized fashion.

More information found here: https://docs.aurigami.finance/public/introduction/aurigami

DISCLAIMER: Bastion Protocol is not associated with Aurigami and its success is not assured by Bastion Protocol. Much like any other blockchain protocols that have not been fully developed, finalized and integrated, Aurigami may be subject to further changes, updates and adjustments.