Ticker : BELT
Chain : Binance Smart chain (BEP-20)
We are also implementing cross-chain BELT mining, a feat made possible by Orbit Chain and its cross-chain masterchef. Essentially, a portion of the total BELT token emissions will be bridged over to HECO chain used for liquidity mining on HECO Belt.
There are some key points to understand about hBELT and cross-chain BELT mining:
BELT bridged over to HECO Chain is hBELT.
hBELT isn’t a separate BELT token, it is simply the same asset on a different chain. hBELT is emitted as BELT on BSC is locked via smart contract on BSC. This means that BELT tokenomics, including circulating supply inflation, remains the same.
The overall BELT token metrics (circulating supply, inflation rate, etc.) remain the same but the BELT token gains a new field of play with HECO. This adds a new avenue of yield and related buyback & burns with higher TVL.
Once governance is launched, BELT holders will control the Belt Finance protocol across different chains.
hBELT liquidity mining will be distributed in the same structure to the BSC equivalent assets (BELT, BTC, ETH, and stablecoins) on HECO. You can view this as incentivizing deposits of more liquidity of that same asset (e.g. BTC) to the Belt Finance protocol, except on a different chain.
With this same logic to mining distribution, BELT is essentially adding the value of HECO Chain to Belt Finance.
Through Orbit Bridge, BELT is also available on Klaytn and Polygon.
150,000 BELT was made available through a PancakeSwap IFO (event now over)
22,500 BELT was used for promotions related to the IFO (liquidity and syrup pool)
27,499 BELT will be used for marketing/promotional activities (not yet minted)
1 BELT was used to register for a BELT-BNB LP Pair on PancakeSwap
Mining started at Block #5559747, following the PancakeSwap IFO. The emission rate may be changed through future governance.
BELT governance will be added (see roadmap) to decide Belt.fi's:
Block emission rate (inflation)
BELT pool distribution
Inflation will be distributed to our pools and LP stakers. BELT will be distributed to all types of pools, independent on whether they are token-based or LP-based. BELT has the role of giving incentive to BSC economies and subsequently acting as a booster for the BSC economy as a whole.
BELT is also a governance token so holders may change this distribution ratio through governance consensus.
There is currently 1.178 BELT mined per block. 0.178 BELT/block goes to the build allocation. The build allocation will be used to ensure sustainable development and rapid innovation. This equates to about 15% of mined BELT.
Here are the details behind what’s behind the 15% Build allocation:
No individuals in the company will be directly receiving any of the build allocation. It will managed by the company as a whole.
The main objective of this build allocation is to stabilize operations and governance.
70% of the build allocation
Will be used purely for governance once the full governance system comes out for stability
Will be locked up until then
30% will be used to cover costs when needed (we’re not planning to sell immediately)
5% will be used for marketing
20% for R&D development
5% will be used for operations
For reference, the build allocation for KLAYswap (our Klaytn AMM DEX with over $360M in TVL) is also 15%).
There’s also no build allocation for the Initial Public Allocation.
Belt.fi combines yield optimizing with an AMM protocol. Deflationary mechanisms occur in both process.
50% of swap fees from each swap transaction is used buyback BELT and burned (sent to the delete address). The remaining 50% is given as a reward to liquidity providers.
8% of yield is used to buyback BELT and burned (sent to the delete address). The remainder of the yield is given as a reward to liquidity providers.
The real time deflation can be seen transparently on the Belt.fi website.
As stated above, governance consensus may change the burning rate, block emission rate (inflation), and other factors important to deflation.
For stablecoin swaps through Belt Finance, there is a 0.1% Swap Transaction Fee.