Bible Pay

Governance => Production Proposals => Topic started by: Rob Andrews on April 17, 2021, 07:04:37 PM

Title: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
Post by: Rob Andrews on April 17, 2021, 07:04:37 PM
Kindly provided by Dynaxius:

This would be Biblepay's entry into the Liquidity and Yield Farming space of Decentralized Finance (DeFi).

In a sense, a wrapped transaction basically holds the native token in escrow until that wrapped token is returned, allowing the user to then again receive a native token equivalent in exchange.

As you may already know, Ethereum's gas prices have skyrocketed over the past several months, making it difficult for smaller holders to trade ETH and other ERC-20 tokens because most of their ETH would get drained far too quickly via transaction fees (from making even the smallest transfers from one ETH address to another). As a result of this recent crisis, the heads at Binance created a separate blockchain network called "Binance Smart Chain" (BSC), with tokens similar to ETH's ERC-20 tokens called BEP20 tokens.

Instead of being powered by Ethereum, the network is powered by a BEP20 version of Binance's BNB token. This token has risen in value over the last quarter from ~$40 to just above $500 at the moment (it may have almost hit $600 earlier this past week).

So, the BEP20 token "Biblepay SmartChain" (Ticker BBP or BBPSC) would be a token on the BSC network available via apps such as MetaMask and TrustWallet. Basically, a BBP holder (either in Binance Smart Chain or via the current BiblePay wallet) would visit a webpage and make a request for the tokens on the other side. They would then be given a period of time within which they would need to send the tokens they initially hold to an address, and after being received by that address the "converted" tokens would be delivered to another address provided by the holder for storage on the other side desired.

Once BEP20 tokens exist as part of our BiblePay ecosystem on the Binance Smart Chain network, liquidity pools can be created for them on DeFi exchanges like PancakeSwap.finance, 0x1.finance, Cub Finance, etc. Yield Farming agreements can also be arranged so that BBP tokens held and farmed by holders on a particular exchange can be used to farm either more of the same token or a completely different token, based on the parameters of the contract agreed upon and created on each exchange.

If approved by the sancs, no funds will be required from the governance budget for this to be pursued and configured. (This will be an anonymous in-kind donation to the BiblePay Foundation. I have access to a team of trusted resources who should be able to make this happen for us within the next few weeks. )

I've run multiple BBP masternodes in the past for several months at a time, so volunteering for that would be no issue for me, if required as part of the solution recommended by the resources in my network.


Title: Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
Post by: MIP on April 18, 2021, 05:34:32 AM
This is a very exciting development that can give BBP greater exposure and flexibility. Canīt wait to see it happening.
Title: Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
Post by: Dynaxius on April 18, 2021, 12:14:53 PM
Looks great, Rob. I'm definitely looking forward to this as well.

I'll continue to stay on the lookout and once the proposal passes governance, we'll get the ball rolling.

For anyone interested in checking out Binance Smart Chain in the meantime, take a look here:

https://www.binance.org/en/smartChain

If you're already using MetaMask for your ETH or plan to in the future, see the links below on installing and/or configuring for BSC:

https://academy.binance.com/en/articles/connecting-metamask-to-binance-smart-chain
https://docs.binance.org/smart-chain/wallet/metamask.html

Keep me posted as you need. Hope you all have a great week.  8)

Dynaxius
Title: Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
Post by: Rob Andrews on April 18, 2021, 01:38:30 PM
Sounds great!  Proposal entered.

Ill make a post in 7 days with the voting status.

Title: Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
Post by: Rob Andrews on April 18, 2021, 08:05:48 PM
Looks great, Rob. I'm definitely looking forward to this as well.

I'll continue to stay on the lookout and once the proposal passes governance, we'll get the ball rolling.

For anyone interested in checking out Binance Smart Chain in the meantime, take a look here:

https://www.binance.org/en/smartChain

If you're already using MetaMask for your ETH or plan to in the future, see the links below on installing and/or configuring for BSC:

https://academy.binance.com/en/articles/connecting-metamask-to-binance-smart-chain
https://docs.binance.org/smart-chain/wallet/metamask.html

Keep me posted as you need. Hope you all have a great week.  8)

Dynaxius

Hi Dynaxius,

Thank you for the info on BSC, Metamask, and PancakeSwap.finance.

So I just formulated a couple questions for you:

Let us hypothesize that we now have a "BIBLEPAY"  asset on Binance Smart Chain, facilitating wrapped BBP coins that can be easily sent into the binance chain through metamask.
I assume the user will configure metamask to use the Binance Smart Chain params, then somehow, send in a deposit from BBP to some URL (a "place")  that wraps the coin into a BSC-BBP (BC-20 type token).  Not sure what URL would do the wrapping - do you know that yet?

Next, let us assume that pancake Swap listed us as a Stake Liquidity pool in Farms (BBP-BNB I assume).
https://pancakeswap.finance/farms
Let us assume a user sends in 1MM bbp to URL1 to be wrapped, and now has this (binance ethereum type) Private Key in their metamask wallet.
Let us assume the user then sends the wrapped BBP-BNB into Pancake into the liquidity pool.

My main questions:
Does a custodial relationship exist that stores the master key for each BBP wrapped coin in URL1, another words is there a security risk for one individual to steal the entire stash (regardless of where it is ultimately staked)? Or if not what ensures the safety of the wrapped coins?

How about the liquidity pool at pancake, is there a risk in their farming pool for their contract owner to steal the staked BBP?

Sorry but I have one more final question:
What drives the hyperinflated APR calculation on pancake IE 457% ROI, and is that real?  I mean I read of a user last night that staked in 3 places at once and waited 6 months and he said he earned 2% as compared to a quoted 200% (or something) so Im still trying to figure out how that can have a discrepancy.  I assume the ROI is driven by unbound minting of new CAKE tokens, meaning if it says 357% APY then it is correct, but PANCAKE might not be worth as much per coin when you exit. 

Thanks!


Title: Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
Post by: Dynaxius on April 19, 2021, 08:48:41 AM
Great questions, Rob!

If the proposal passes, my go to team for the wrapping would be https://wrapping.services. They already have a number of coins they've delivered wrapper solutions for, and they have a multi-year history of keeping native coins they manage stable for exchanges like Bittrex and Abra.

Trust in DeFi usually needs to be earned, which translates to DeFi devs at any table delivering what is promised and their preventative measures and crisis responses under pressure. One risk historically that is possible with these pools and exchanges is that the devs running a platform can "pull the rug" and steal coins. Another would be the same DDoS and other threats that can arise if infrastructure preparations have not been made ahead of time, with attempts historically made to hijack website traffic. This has not happened on exchanges with well-coded contracts and secure infrastructure designs. Having their contracts audited by an agency like Certik to validate security protocols are in place is a big deal in the space that puts hodlers and investors at ease.

In addition, for example, exchanges like Pancake Bunny have made names for themselves recently to the point that a rug pull would no longer be to their advantage:

https://www.binance.com/en/blog/421499824684901928/Binance-Labs-Leads-$16-Million-Strategic-Investment-Round-for-MOUND (https://www.binance.com/en/blog/421499824684901928/Binance-Labs-Leads-$16-Million-Strategic-Investment-Round-for-MOUND)

High reputation and effective crisis mitigation results in high usage and ever-increasing investment. If you take a look at  https://bscscan.com/yieldfarms and sort by marketcap, you can see the extent to which communities are staking their claims in certain places.

CAKE (PancakeSwap's token) was priced at around $0.87 in mid-January. It has averaged in the low to mid 20s ($20-$25) for the past couple of weeks. Here's a pretty decent article that breaks down the why and how it can hold that kind of value with gradual depth:

https://www.coinbureau.com/review/pancakeswap-cake/

In addition, it then comes down to the variations of benefits being offered on each respective platform (farming, lending, borrowing, trading, etc.) and the benefits of utilizing those features of specific platforms versus others to varying most manageable degrees. This is where DYOR and each trader's particular dev or investment approaches come into play to allow them to create strategies best customized to meet their needs.

Remember that a liquidity pool allows you to hold a pair of tokens ($100 worth of BBP and $100 worth of a Stablecoin, for example) on an exchange for trading. Anyone holding either of those coins can affect your holdings by purchasing the token they don't hold from you at the value you've set, thus ending either you up with "more BBP, less Stablecoin", or "more Stablecoin, less BBP." If you were to stake that liquidity pair for yield farming, you can be still affected by price movement on an exchange, but your ongoing profit is the token you staked the pair to have yielded to you in the first place. These are two standard scenarios that don't touch on the lending or borrowing. Check https://dapp.com and https://dappradar.com/ and filter on BSC to get ideas of the platforms one might want to keep aware of as they design their best fit approaches. To answer your question: Properly positioned, yes - the ROIs can be real for those who do their homework across the space.
Title: Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
Post by: Pat Buckley on April 19, 2021, 02:01:43 PM
Hi All,

We have been praying about an easy onboarding method for BBP, and I am assuming that using Metamask for our proposed Binance Smart Chain Yields Farming will give us this benefit, and the fact that the Binance network is a very credible worldwide network, and will give us exposure, I am all in favor of this venture.

I think this will turn out to be a blessing !!!!
Title: Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
Post by: Rob Andrews on April 19, 2021, 02:41:40 PM
Great questions, Rob!

If the proposal passes, my go to team for the wrapping would be https://wrapping.services. They already have a number of coins they've delivered wrapper solutions for, and they have a multi-year history of keeping native coins they manage stable for exchanges like Bittrex and Abra.

Trust in DeFi usually needs to be earned, which translates to DeFi devs at any table delivering what is promised and their preventative measures and crisis responses under pressure. One risk historically that is possible with these pools and exchanges is that the devs running a platform can "pull the rug" and steal coins. Another would be the same DDoS and other threats that can arise if infrastructure preparations have not been made ahead of time, with attempts historically made to hijack website traffic. This has not happened on exchanges with well-coded contracts and secure infrastructure designs. Having their contracts audited by an agency like Certik to validate security protocols are in place is a big deal in the space that puts hodlers and investors at ease.


Thank you!  It sounds like your wrapping firm is credible.  So far, it sounds very promising.

I will continue to learn about this space.  I'm amazed at how much capital is already over there, especially considering that 'pull the rug' is even possible.

Title: Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
Post by: Rob Andrews on April 20, 2021, 05:09:36 PM
I found this example of a rug pull, just so people can understand what it is:

https://cryptoslate.com/trust-no-one-founders-of-once-50-million-ethereum-coin-rug-pull-users/

Title: Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
Post by: Pat Buckley on April 20, 2021, 06:12:36 PM
Surely there must be a way to secure DeFi Yield Farming, to make sure that there could never be a rug pull. One would think that the Binance network would insure that these types of scams could not happen.
Title: Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
Post by: Rob Andrews on April 20, 2021, 08:11:49 PM
Surely there must be a way to secure DeFi Yield Farming, to make sure that there could never be a rug pull. One would think that the Binance network would insure that these types of scams could not happen.

1) We arent really on the binance network in this case, we are just an asset on their chain.
2) The first warning that appears on bscscan is "warning Binance is not responsible for rug pulls etc" for these assets.
3) Yes there are ways to prevent rug pulls, it would be using contracts that have no way for the administrator (IE the owner of the contract) to run away with the keys.  I think HEX went through this if Im not mistaken; originally Richard Heart had all the access (to $50B btw) but I believe there is a new type of automated contract where custodial rights arent given to the owner of the contract - I dont know enough about this to say any more and I welcome more comments.
4) The rug pull risk exists on both the defi yield farm, and wherever our custodial wrapped coins are held (IE 2 places)  I believe.

Title: Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
Post by: Rob Andrews on April 28, 2021, 12:16:59 PM
So far we have 39 votes for this, so it looks like it will pass.

As far as I can tell it is safe to start working on it!

The voting ends at block 270600.

Title: Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
Post by: Rob Andrews on May 09, 2021, 07:44:18 PM
Could you tell us roughly how its going but no rush!

Thanks!

Title: Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
Post by: Dynaxius on May 10, 2021, 10:46:11 AM
FYI - Happy to report that everything is moving along smoothly. Expecting an update early this week for initial post-test deployment of the 1-to-1 swapping functionalities.

You'll definitely have another update by mid to end of the week. Should be good news.

Dynaxius
Title: Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
Post by: Rob Andrews on May 10, 2021, 01:28:35 PM
FYI - Happy to report that everything is moving along smoothly. Expecting an update early this week for initial post-test deployment of the 1-to-1 swapping functionalities.

You'll definitely have another update by mid to end of the week. Should be good news.

Dynaxius

Thanks brother D!
Title: Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
Post by: Dynaxius on May 25, 2021, 11:45:48 AM
Greetings, all.

Update: BiblePay is still in the project delivery pipeline for wrapped tokenization on Binance Smart Chain (BSC). ETA for release is early June. Extended utilization for the token will be established very quickly for current hodlers (can't say any more than this on that for now), so please remain patient and continue getting acclimated to maneuvering BSC and compatible wallets while our wait comes to an end.

Given the recent volatility that has occurred for so many top coins/tokens, it will prove greatly to our advantage that this new use case for BBP was not released earlier than now.

(Remember: The BEP20 version of Binance Coin (BNB) is the driving token of Binance Smart Chain, the way ETH is the driving token for ERC20. You will need BNB for BEP20 transactions the same way you need ETH for ERC20 transactions. Our wrapped token will be a BEP20 token.)

Trusting His timing as always, and looking forward to sharing the next update.

Dynaxius
Title: Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
Post by: Rob Andrews on May 25, 2021, 03:18:31 PM
Greetings, all.

Update: BiblePay is still in the project delivery pipeline for wrapped tokenization on Binance Smart Chain (BSC). ETA for release is early June. Extended utilization for the token will be established very quickly for current hodlers (can't say any more than this on that for now), so please remain patient and continue getting acclimated to maneuvering BSC and compatible wallets while our wait comes to an end.

Given the recent volatility that has occurred for so many top coins/tokens, it will prove greatly to our advantage that this new use case for BBP was not released earlier than now.

(Remember: The BEP20 version of Binance Coin (BNB) is the driving token of Binance Smart Chain, the way ETH is the driving token for ERC20. You will need BNB for BEP20 transactions the same way you need ETH for ERC20 transactions. Our wrapped token will be a BEP20 token.)

Trusting His timing as always, and looking forward to sharing the next update.

Dynaxius

This is great news!  Thank you for this excellent update.

God is definitely opening doors for us.  We spoke of an amazing (imho) idea this weekend regarding Trust Wallet integration also.  I look forward to sharing that idea with everyone very soon!

Title: Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
Post by: Dynaxius on May 30, 2021, 11:26:07 AM
Greetings, all. The time has come.

I am pleased to announce that you are now able to wrap BiblePay on Binance Smart Chain. This will empower BiblePay holders to participate in DeFi activity on any BSC Platform where services such as liquidity pools and Yield Farming are available.

You may now begin using the site below to exchange your native BiblePay token for Wrapped BiblePay (wBBP) (https://bscscan.com/token/0xcb1eec8630c5176611f72799853c3b7dbe4b8953):

Swap native BiblePay (BBP) for Wrapped BiblePay (wBBP) at https://wrapping.services/get/bbp/

This system can also be used to unwrap your BiblePay and return it to native tokens to allow for the continued benefit of features already available within our BiblePay ecosystem. Note that the wrapping system features an advanced option that allows you to receive email confirmation of your conversions.

(Please allow 10-15 minutes for conversion from native BiblePay to Wrapped BiblePay. )

When working with Wrapped BiblePay, make sure that your wallet is configured for the Binance Smart Chain Network.

We have the team at https://wrapping.services to thank for this, and because of this I would also like to announce that this same team will be providing our BiblePay community exclusive opportunities to add value to Wrapped BiblePay in June on the BSC DeFi Platform YieldFields, which can be found at:

https://yieldfields.finance

This platform will be a great first place to begin creating your liquidity pools and trading wBBP and other tokens for BNB, Cake, USDT, BUSD, DOGE, and the like.

To create a liquidity pool (LP), you need two different BSC BEP20 Tokens. For example, say you have Wrapped BiblePay and Wrapped MonetaryUnit. By pairing those coins together at equivalent values with one another and locking them into a platform's exchange, you add to the pool of tokens available for purchase on the platform.

When viewing your wallet address on the BSC explorer ( https://bscscan.com ), you will see platform-level LP tokens that remain in your wallet until you remove your token pair from out of the LP lock.

By participating in the farms and pools at YieldFields, you will be rewarded by earning their FIELD token, which at the time of this writing is valued at $0.04.

To add Wrapped BiblePay as a token in your Binance Smart Chain wallet, use the contract information below:

Token Name: Wrapped BiblePay

Token Contract: 0xcb1eec8630c5176611f72799853c3b7dbe4b8953

Decimals: 18

Transactions Explorer: https://bscscan.com/token/0xcb1eec8630c5176611f72799853c3b7dbe4b8953

(And another reminder: BEP20 BNB is used to pay for transactions on Binance Smart Chain, so make sure you have some handy or get more at YieldFields once you begin working with Wrapped BiblePay. Enjoy!)
Title: Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
Post by: Rob Andrews on May 31, 2021, 05:33:42 PM
Good news!

I will paste this as an infohint on the main forum now, and then I will come back and test it asap (its unusually busy right now).

Thanks for the good news!
Title: Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
Post by: MIP on June 05, 2021, 04:16:47 PM
This is really exciting news, let’s hope this brings more attention and use cases!
Title: Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
Post by: Rob Andrews on June 07, 2021, 08:44:36 AM
I'm going to try to test this today, exciting!

Title: Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
Post by: Rob Andrews on June 07, 2021, 04:29:27 PM
Alright everyone, I tried Wrapped BiblePay today and it was a success!

This is pretty sweet.

So I wrote this guide that might help you out if you want to try it:

https://wiki.biblepay.org/Binance_Smart_Chain_Wrapped_BiblePay

Basically what we have now is:
- Wrapped BiblePay, a BEP20 presence on the Binance Smart Chain
- A DEFI offering that is Live (similar to CAKE) over at YieldField (https://yieldfields.finance/)
(On a side note, I like the fact that YieldField is a very low priced asset, this gives our users a lot of leverage and hope for it to grow into double digits later).
- A highly liquid contract to enter and exit from (FIELD)

Excellent, it should help us gain more users as it gives us another real use case for BBP.

Dynaxius, could you please let me know if I made any errors or if I should add anything.


Title: Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
Post by: fredocrypto on August 12, 2021, 03:46:55 AM
It would be nice if Yield Fields denied referenced BBP on their discord ... 😵😷😊.  There are all their pools and farms except BBP.  Why?
Thank you
Title: Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
Post by: fredocrypto on August 12, 2021, 04:15:04 AM
It would be nice if Yield Fields wanted to have BBP referenced on their discord ... 😵😷😊.  There are all their pools and farms except BBP.  Why?
Thank you
Title: Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
Post by: Rob Andrews on August 16, 2021, 12:38:23 PM
It would be nice if Yield Fields denied referenced BBP on their discord ... 😵😷😊.  There are all their pools and farms except BBP.  Why?
Thank you

Hmm, I dont know.  I will PM Dynaxius and see if he can comment?

I invested in YieldFields when it opened... I hope it starts going back up!

Title: Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
Post by: Dynaxius on August 16, 2021, 06:43:14 PM
It would be nice if Yield Fields denied referenced BBP on their discord ... 😵😷😊.  There are all their pools and farms except BBP.  Why?
Thank you

Hello Fredo...

In the YieldFields Discord menu there is section called Field.Farms, where many tokens have channels created specific to the farms that have been created. Are you saying that there are no channels there referencing Wrapped BiblePay (wBBP)? If so, we can request that the one of your preference be created.

Currently, the farms that we can stake to at https://yieldfields.finance/farms are:

- wBBP-Field
- wBBP-wMUE
- wBBP-BNB

One thing great at the moment about the latest farm wBBP-BNB is that the BNB required to create the liquidity pool can now be acquired at Southxchange:

https://main.southxchange.com/Market/Book/BNB/BTC

If you are already out on YieldFields, you can also acquire additional BNB and other tokens (including additional wBBP!!) using the platform's exchange feature:

https://exchange.yieldfields.finance/#/swap

Of course, any BBP already in our possession still be moved back and forth from Binance Smart Chain via https://wrapping.services/get/bbp/

Hope this helps, just let me know if there was anything else you were looking for!

Brother Dynaxius
Title: Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
Post by: fredocrypto on August 21, 2021, 04:05:33 AM
Hello Fredo...

Are you saying that there are no channels there referencing Wrapped BiblePay (wBBP)? If so, we can request that the one of your preference be created.


Hello Brother
Yes that's what I'm saying. 
For the visibility of BBP and its promotion.

I know the platform well and I invested in the wBBP / Field farm and then in the Field pool when Field was worth $0,14.
Thank you
Title: Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
Post by: fredocrypto on August 21, 2021, 05:24:07 AM

Hello Brother
Yes that's what I'm saying. 
For the visibility of BBP and its promotion.

I know the platform well and I invested in the wBBP / Field farm and then in the Field pool when Field was worth $0,014.
Thank you
Title: Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
Post by: Dynaxius on August 23, 2021, 11:48:01 AM
(Disclaimer: Not a Financial Advisor, DYOR)

Hello, Fredo...

FYI, as requested - There is now a group in the YF Discord for BiblePay Hodlers:

wBBP-Portfolio-Fields (https://discord.gg/9HbubM9hMH)

Regarding your Field purchase: YF has an interesting value proposition as a result of its solution provider arm https://wrapping.services (in addition to its umbrella-like original token MonetaryUnit - MUE/WMUE - which can be staked natively for around 30% annual yield).

As you probably know, locking value on the YF platform for long-term hold with wBBP and several other coins provides you a feature with Field somewhat similar to the BBP Portfolio Builder.

In efforts to move the price of Field back closer to $0.014, you may want to refer other native tokens like BBP which exist outside of Binance Smart Chain to reach out to the team at wrapping.services to provide them with a BSC wrapped token variant. This will allow for more farms and pools to exist on the platform, and as well for more members of your partner communities to have incentive to lock coins members are hodling on BSC for farm yields.

By the way, the price has been hovering for some time now at around $0.003-$0.004 per Field. With between $350K-$400K in total locked value currently, this is likely to be a much better time to grab some Field while cheap for long term HODL.

(Disclaimer: Not a Financial Advisor, DYOR)

Have a blessed one,
Brother Dynaxius