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Progress Report: A Quick Update On Beyond Finance

Progress Report: A Quick Update On Beyond Finance

With the Beyond Finance launch around the corner and with quite a few project details released by the team, let’s get a quick update on the project’s progress so far and what to expect once the project is ready. 

Staking On The Beyond Mainnet 1.0

Beyond Finance’s Beyond DEX Staking Program allows users to earn rewards by utilizing BYN with staking. The Beyond Network will be providing an extra-high API for users staking their BYN on the Beyond Mainnet 1.0. 

Let’s take a quick look at how you can stake your BYN tokens. 

  • Connect your Metamask wallet to the Beyond platform. 
  • Connect to the Beyond wallet from the Metamask wallet. 
  • Copy your key and connect to the Beyond hybrid on/off-chain
  • Once connected, you can deposit your ETH/BYN to the Beyond Wallet.
  • Once you have created your Beyond wallet and deposited ETH/BYN, you can go ahead and stake your BYN. If users want, they can get more BYN from the Beyond Platform. However, they need to have ETH in the Beyond wallet. 
  • Users can check the staking details once the staking has been completed. The status will be displayed on the right side of the screen. 
  • To unstake their BYN, users can click “Redeem” and choose the number of tokens they wish to unstake. 
  • Users can claim their rewards every week. The estimated daily accumulated rewards and APY are displayed in the info menu on the main page and are updated in real-time. 

More information on how to stake can be found in this handy instructional video. 

The Beyond Mainnet Launch 1.0

Beyond Finance has also shared the tentative launch date with the community, with the launch date set for 9th August 2021. The team has also lined up several activities to celebrate the launch of the mainnet. 

  • The Beyond Mainnet will be launching a meme contest as part of the mainnet launch celebrations. 
  • A huge airdrop is planned for all BYN holders
  • The launch of an ambassador program 

Mainnet Version 1.0 

The Beyond Mainnet 1.0 will initially launch on Ethereum, followed by the HECO network launch. Once this is completed, it will be followed by launches on other networks, becoming a true multi-chain synthetic DEX. Users and investors will be able to use their BYN tokens by swapping ETH from their Metamask wallets. Users can also stake BYN to get USDb in return. The USDb is a stablecoin backed by BYN. 

Chief Product Officer at Beyond Finance, Kenneth Moon, shared his views on the development, stating, 

“By simply participating in the Beyond Synthetic DEX ecosystem, users can easily earn passive income, not to mention access to multiple synthetic trading assets - we are excited to launch the Mainnet so quickly after the BYN launch and are committed to innovating the Beyond DEX and deliver on the true global potential of synthetics”. 

A Quick Developmental Update 

Beyond Finance is tirelessly working on new features for the Beyond DEX. The DEX mobile application is in final development. Only the final testing phase remains, and the app is being tested at the time of writing. Beyond’s integration with HECO is also underway, with the team working together with the HECO development team to the final stages of development. Beyond will also launch on HECO during the later phases of Mainnet. 

The team has already completed initial testing of the DEX with a few strategic partners and has also completed beta testing, taking into account feedback from participants and the community to implement the necessary changes in the UI/UX. Some of the strategic partners of the project include Huobi, Chainlink, Rarestone Capital, Spark Digital Capital, Consensus Capital, and OKEx Blockdream Ventures.

Synthetic Assets 

Beyond Finance has announced that users can now start trading in a variety of synthetic assets after the launch of its first set of synthetic assets. Beyond has put in a significant amount of time dedicated to research & development, while also gaining valuable feedback from their community members, prominent traders, and beta testers. This process allowed Beyond to carefully select their first synthetic assets, available on Beyond DEX Mainnet, August 9th, 2021.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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