Near’s Largest DeFi Protocol Launches Its Own Token: BSTN Token

As part of the continuous development of the Near ecosystem, Bastion, the largest decentralized finance (DeFi) protocol in Near, will launch its own token.

Users can trade the BSTN token on a decentralized exchange called Trisolaris, Ethereum Virtual Machine-compatible layer on Aurora, starting from Thursday, April 21.

Bastion is developed through forking Compound, a popular DeFi protocol based on Ethereum. Bastion is essentially an exchange protocol that offers services of lending and borrowing.

Bastion founder N^2 (“Near Squared”), in an interview, said that the protocol, through reusing deposit receipt tokens, the protocol is doubling the utility of the protocol, which the founder claims no other DeFi protocol has done before.

According to Bastion founder N^2, Bastion has touched the mark of $620 million in total value locked (TVL) in just a span of weeks.

N^2 points out that the DeFiLlama has reduced $110 million in its exchange protocol, showing just $507 million in TVL.

Nonetheless, Bastion is still the largest DeFi protocol on the Near blockchain, according to DeFi Llama.

BSTN Token: Tokenomics

According to Pitch deck materials, Bastion will allot 5 billion BSTN tokens at a valuation of $180 million. However, initially, the circulating supply would be 630 million tokens, 12.6% of the total supply.

The holders of the new token will be able to participate in the protocol’s governance. Bastion’s new token will provide them with the right to vote on fee models, staking, and gauges in a decentralized manner.

Out of a total of 5 billion tokens, approx. 15% will go to investors, while advisors and team members will have 25% of the share of the total supply.

Besides, 30% will be allotted for liquidity mining incentives and another 30% for the Treasury of the protocol.

On the token’s launch day, eligible users participating in Bastion’s lock drop IDO or pre-mined on Bastion will be able to acquire their BSTN airdrop.

By providing liquidity on Trisolaris, decentralized exchange on Aurora, the BSTN token holders will be able to earn a yield on their tokens and, in addition, can also stake their BSTN tokens in an isolated lending market on Aurora ecosystem assets, Aurora Realm, or Bastion app.