Bible Pay

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  • Rob Andrews
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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.




  • MIP
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Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
« Reply #1 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.


  • Dynaxius
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Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
« Reply #2 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


  • Rob Andrews
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Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
« Reply #3 on: April 18, 2021, 01:38:30 PM »
Sounds great!  Proposal entered.

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



  • Rob Andrews
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Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
« Reply #4 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!




  • Dynaxius
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Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
« Reply #5 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

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.


  • Pat Buckley
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Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
« Reply #6 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 !!!!


  • Rob Andrews
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Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
« Reply #7 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.



  • Rob Andrews
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Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
« Reply #8 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/



  • Pat Buckley
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Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
« Reply #9 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.


  • Rob Andrews
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Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
« Reply #10 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.



  • Rob Andrews
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Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
« Reply #11 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.



  • Rob Andrews
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Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
« Reply #12 on: May 09, 2021, 07:44:18 PM »
Could you tell us roughly how its going but no rush!

Thanks!



  • Dynaxius
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Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
« Reply #13 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


  • Rob Andrews
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Re: Enter BiblePay into Binance Smart Chain for DeFi Yield Farming
« Reply #14 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!