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About Bonfire
BONFire is deploying the first truly available decentralized credit based stable monetary system.
Around cost, monetary value capture and fair governance, BONFire is exploring a future of financial systems that belong to us and the crypto world as well. BONFire is to focus on algorithmic credit and liquidity value, volatility and expected return capture to form a fully transparent and decentralized financial protocol suite. May blockchain bless us, this time the credit currency will be controlled by the people who gave it credit.
Strictly speaking, this includes an infrastructure network composed of DUSD minting, treasury lending pool, ARBUnstake (like a mini futures), Farm & DEX and ecological Launchpad, and an expanding ecosystem of smart contract credit currency around DUSD. We choose and drive our beliefs!
BONFire is dedicated to igniting the flame of hope in the darkness where native credit value medium is missing in the crypto world, attracting DeFi travelers and explorers.
Let’s create and own credit.
Around cost, monetary value capture and fair governance, BONFire is exploring a future of financial systems that belong to us and the crypto world as well. BONFire is to focus on algorithmic credit and liquidity value, volatility and expected return capture to form a fully transparent and decentralized financial protocol suite. May blockchain bless us, this time the credit currency will be controlled by the people who gave it credit.
Strictly speaking, this includes an infrastructure network composed of DUSD minting, treasury lending pool, ARBUnstake (like a mini futures), Farm & DEX and ecological Launchpad, and an expanding ecosystem of smart contract credit currency around DUSD. We choose and drive our beliefs!
BONFire is dedicated to igniting the flame of hope in the darkness where native credit value medium is missing in the crypto world, attracting DeFi travelers and explorers.
Let’s create and own credit.
WHat is Bonfire
BONFire is composed of three main carriers: WOOD, $BON and DUSD, which are gradually increasing value levers.
BONFire brings self-driven, active incentive and crypto money through WOOD & smart contracts, $BON, $DUSD respectively. Accordingly, crypto money is responsible for stable availability only; self-drivenness is achieved through a sustainable contribution value assessment mechanism, and active incentives are achieved through $BON that can draw value from the ecosystem.
WOOD
–A private Layer 2 point asset managed with a private key signature
WOOD is used to measure and evaluate a user’s community contribution. There is no gas fee to use WOOD.
BONFire releases WOOD through people’s behavior on the chain, interaction with BONFire, activity in the BONFire community and other contributions.
$BON
–The underlying asset which drives the entire BONFire protocol
BON is deployed on the Ethereum mainnet. The gas fee is required to use BON.
BON is the GAS and decision-making power of BONFire. Of course, in order to ensure stable growth, it will appropriately continue to absorb some value from the DUSD network.
$DUSD
–A truly usable decentralized credit-stablecoin
We could understand it as a stable currency issued by the Federal Reserve in a parallel world, but it only supports the exchange of crypto assets for this stable currency. BONFire ensures 1:1 anchoring of DUSD to USD at this stage by controlling minting costs, expanding liquidity scenarios, ongoing external value plunder and good liquidity.
We could also understand it as a bond with an acceptance window. When you pay BTC (WBTC), ETH or other crypto assets listed as reserve assets, the BONFire protocol will pay you DUSD based on the value of these assets.
Why do we need BONFire&DUSD?
In the past hundred years, credit money has become a tool of social value plunder under the unequal relationship among resources, status and discourse power, between sovereign countries, and between organizations and individuals who control monopoly resources or not.
However, BONFire is not forced by the giants to push up the “Debt Limit”, nor does it need to follow the rough principle of minority obedience to the majority to make you pay for your neighbors' stupid decisions. Thanks to blockchain, we may indeed be moving towards a world of “Responsibility for your decision”.
Why do we need WOOD?
BONFire hates the Gas War. It is unfair to rely on a single asset count and bots to allocate certain community resources in the era when identity on the chain has not yet been formed.
Real users, long-term support and participation are more worthy of rewarding. We want to ensure that WOOD, BON can be truly a BONFirer Claim through fair rules!
WOOD can accumulate weights through multiple dimensions, shaping BONFirer's identity, so that more magical products can be realized!
Real users, long-term support and participation are more worthy of rewarding. We want to ensure that WOOD, BON can be truly a BONFirer Claim through fair rules!
WOOD can accumulate weights through multiple dimensions, shaping BONFirer's identity, so that more magical products can be realized!
Phase 1
Prometheus
- Launch BONFire protocol suite – (BONFarm BONSwap, BONLoan, BONLaunch);
- Launch Pan’s Parchment Scroll (WOOD data verification and archive mechanism);
- Launch Drunken PAN-Bonfire (random number generator);
- DUSD and USDs achieve ±1% stable value anchoring over 424,242 Ethereum blocks;
- DUSD minting volume exceeds 10,000,000.0000;
- BON Holder exceeds 2,000.
PHASE 2
Perses
No rush. It’s not time yet, let’s wait until people gather around the fire.
PHASE 3
Persephone
No rush. It’s not time yet, let’s wait until people gather around the fire.
