Bastion launches its native token BSTN about five billions worth $180 million
Largest decentralized finance protocol on Near goes by the name Basiton is launching its own token as a sign of pursuing rapid developments on the ecosystem of Near. The token of Basition, BSTN will trade on a decentralized exchange of Aurora which is an EVM compatible layer of Near, Trisolaris beginning on Thursday, 21st April, 23:59.
The Bastion protocol is a lending, borrowing and exchange services providing platform that was launched first in March in the form of a fork of Compound, a popular DeFi protocol based on Ethereum. The founder of B acetone protocol remained pseudonymous, N^2, told in an interview that the platform is able to double its protocol’s utility along with using an equal amount of liquidity by using the deposit receipt tokens again. He also said that no other DeFi protocols have ever done this.
In less than a time span of several weeks, the growth of Bastion has seen a growth of about $620 million in its total value locked, as founder of Bastion N^2 told. But the data provider DeFi Llama has its protocol at TVL of about $507 million which is a figure that N^2 says exclude the value worth $110 million in its exchange protocol. Nonetheless, DeFi Llama has placed Bastion as its largest DeFi protocol on the blockchain network of Near.
ALSO READ – Crypto used as a payment method to buy homes in Spain
Now, Bastion will allocate five billion BSTN tokens worth $180 million as per the pitch deck materials. The initial supply in circulation will be around 12.6% or approx 630 million tokens. New tokens of Bastion will give holders the right of governance that would include input for the protocol development and the voting ability on fee models, staking and gauges in a decentralized manner.
About 15% of the total five billion tokens will be transferred to the investors and 25% will go to the team members and advisors. On top of that about 30% of these tokens will be located aside the liquidity mining incentives and another 30% for treasury of the protocol. Those eligible users who already mined on Basition or those who participated on lockdrop IDO of Bastion will be then able to claim their airdrop of BSTN on the launch day of tokens.
BSTN token holders will also be able to earn their token yield by providing liquidity on decentralized exchange of Aurora, Trisolaris and also can stake their native tokens BSTN in the Aurora Realm or Basiton app.
Source: https://www.thecoinrepublic.com/2022/04/22/how-did-the-defi-protocol-based-on-near-bastion-launch-bstn-at-a-180-mn-valuation/