In this Telegram AMA recap, you’ll find insights about the Blueshift project. In an event hosted by Iris from MEXC, you will meet Igor, CEO and Co-founder of Blueshift.
Introduction:
I’m a co-founder and the leader of Blueshift, building the DeFi ecosystem for quite some years in a row!
Thrilled to be here 🔥🔥🔥
Feel free to connect guys: https://twitter.com/imikhalev
Questions from the community:
Question 1:
Iris: What is Blueshift? Can you share with us more in detail?
Igor: Essentially, Blueshift is a new capital-efficient AMM exchange protocol based on decentralized liquidity portfolio management
We utilize multiple innovative mechanisms which facilitate new DeFi realities such as zero or negative fee arbitrage, significantly reduced impermanent loss due to the dynamic reserves model, liquidity portfolios, and the decoupling of token price from token reserves.
Our platform has other cool mechanisms with some of them being completely new in the broader DeFi ecosystem.
Some of these mechanisms or features are: Virtual Pairs, Community-selected portfolio managers, Integrated Farms and yield pools, Controlled minting & burning process, Revenue generation from slippage for liquidity providers, and Executing multi-token trades at the cost of a single transaction.
Question 2:
Iris: What triggers you to launch Blueshift? What are some of the real-world problems/ pain points that Blueshift aims to solve?
Igor: The reason why Blueshift was created in the first place is the original (aka DeFi 1.0) issues, have still largely not been addressed.
Traders and Liquidity Providers are plagued with high slippage, high impermanent losses, and other serious issues as a consequence.
The situation is quite dire, from our perspective and we want to change it as we are democratizing and making access to DeFi safer, more efficient, and more user-friendly.
Question 2:
Iris: What are Blueshift’s unique selling points as compared to other similar projects in the industry?
Igor: First of all, it is liquidity portfolios with multiple tokens instead of liquidity pools with two tokens. So:
• Users can provide and withdraw liquidity with one token instead of pairs (potentially demanding extra swaps)
• Liquidity is used more efficiently, as it’s not spread between multiple logical pairs
• Deposit and withdrawal limits for liquidity providers that protect liquidity portfolios from malicious actions
Then, introducing internal price oracles and virtual pairs for higher financial security and superior financial efficiency and effectiveness
The ability to change the composition of liquidity portfolios and the selection of portfolio managers through a community vote. In other words, decentralized portfolio management through a DAO-based mechanism
Lastly, decoupling the token reserves in a liquidity pool from the price of each token allows for the reduction of impermanent losses.
Through decoupling liquidity reserves from prices, Blueshift provides unprecedented flexibility in portfolio asset management and the reuse of liquidity in external protocols for higher APRs.
Question 3:
Iris: What is the role of the $BLUES token in Blueshift? Would you tell us more about its tokenomics?
Igor: Very good question. Here’s the compilation of key uses I’ve updated today:
1. Rewards for liquidity providers. Liquidity providers can stake their LP tokens, received when investing liquidity to Blueshift portfolios, in the Farms and earn Blueshift tokens every block proportionally to their staked amount.
2. Staking rewards for token holders. Blueshift token holders can stake their tokens in the Yield pools and earn additional tokens.
3. Portfolio management. BLUES tokens can be used by the community of Blueshift protocol users to vote on portfolio management decisions:
(a) add / remove liquidity portfolios;
(b) add / remove tokens to/from a portfolio;
(c) change target token weights in portfolios.
4. Distribution of the protocol fee. The accumulated protocol fee is exchanged for BLUES tokens on surplus auctions where token holders can bid their tokens to receive the fee. After the auction has ended, the tokens received from the winning bidder will be burnt.
5. Payments for Blueshift services. Blueshift will offer services to help new projects launch markets for their tokens: listing services, marketing support, etc. These services will get paid in BLUES tokens. Part of these acquired tokens will go to the team that will actually provide the services. The other part of the tokens will be burnt.
6. BLUES staking requirements for arbitrageurs wishing to use swaps with reduced reserves and zero fee
The tokenomics are a mix of inflationary and deflationary mechanics—with 100,000,000 tokens as a hard cap.
Both the minting and burning of the $BLUES tokens will be controlled by the DAO which will be deployed later this year (we start with what is called by a16z “progressive decentralization”).
At the current moment, the minting speed is ~0.06 BLUES per second and it will decrease with a monthly factor of 0.96. These are the initial parameters, it will be possible for the community to modify them via the DAO.
Question 4:
Iris: Are there any exciting news or updates with regards to Blueshift that you would like to share with the users?
Igor: Yes, absolutely! The Q2 will be marked with Arbitrum integration, deployment of the decentralized portfolio management system as well as the integration of advanced trading and liquidity analytics. However, currently, we are potentially considering going with Solana/Neon Labs instead of Arbitrum 😉
During the Third Quarter of 2022. Blueshift will deploy full on-chain DAO and list the $BLUES token on subsequent, Tier 1 Exchanges.
Question 5:
Iris: If you were to summarize your project in ONE word, what would it be? Why?
Igor: I am a bit torn between “APR” and “DeFi 2.0” 🙂
Let me go with APR for now, because our solution is centered around providing the best opportunities for our users which in most situations means providing the best APR (but not necessarily the highest!) for every mechanism the user utilizes.
Our APR formula is comprised of the following elements:
> Portfolio APR—related to the growing market value of portfolios
> DEX APR—related to trading fees that can be gained
> Farm APR—related to gains from the users` contributions to farming and yield pools
> External protocol APR—related to revenues gained from partner protocols
Free-asking Session
Q1. Where can I currently buy Token?
Igor:
You can buy on:
– MEXC
– Blueshift (https://blueshift.fi/)
– OccamX
– MEOWswap (Cardano-native)
Q2. The partnership is always an important factor for every project. So who is your partner? What are the benefits you get from those relationships?
Igor:
👉Backers: Shima Capital, MEXC ventures, HODL, Next Chymia (Sasaki Foundation), Cardano Syndicate, Chain Collective, …
👉Partners: Firmshift.com, Wave Financial, Market Across, Milkomeda, …
Q3. How old is Your project? What are the major plans ahead? Could you show us an image of your roadmap?
Igor:
The project is about 2.5 years old. The current version of smart contracts is the major V3 iteration from where we started and is quite stable. The roadmap can be found here: https://blueshift.fi/
Q4. Smart contracts are prone to failure, and many projects fall victim to it, costing user funds and discrediting projects. How reliable and secure are your smart contracts? Did you test it with either party?
Igor:
The initial audit has been carried out by Certik => https://www.certik.com/projects/blueshift
The extended version is going to be published by them later this week.
Q5. [2640] Ambassadors play a very important role in every project, Do you have an ambassador program? If yes, how can I be one?
Igor:
Yes, please. Do join our Discord community where you can learn how to become an ambassador.
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