If you are not up for a long read, here’s a brief list of features that the BIPx token will have once it goes live on Ethereum and Binance Smart Chain:
- Early participants will be first to get BIPx through transferring their BIP to validators’ multisig addresses at the 1:1 ratio
- It is not a new token, but a ‘mirrored’ one, meaning it represents corresponding BIPs that have been locked in Minter
- With its help, you’ll get access to the new money-making opportunities offered by the world’s leading DeFi services
- It’ll be possible to lend BIPx, make deposits, add to liquidity pools, and use as collateral to take out loans in BTC, ETH, USDT, etc.
- Token will be submitted for listing on both decentralized and centralized exchanges
- Over time, deposit and withdrawal of BIP with conversion into BIPx will become automated and available to everyone
- It can all be managed via regular Minter wallets
- For valuable proposals regarding DeFi services, community members will receive a commission on all completed deals
In a sentence: BIPx will unlock the best of global decentralized finance (DeFi) and help users earn with just one of the Minter wallets at hand.
Minter’s Russian-speaking blockchain community is one of the largest in the world, and that collective mind should be put to the benefit of all participants. Thanks to Minter 2’s integration with the leading networks starting with Ethereum and Binance Smart Chain, we get instant access to their popular DeFi services that are still in their infancy but already yield great results for advanced users. What can we do in this situation?
On the one hand, this token should be easily available to any Minter participant, and on the other hand, it has to meet all modern standards and be freely liquid on any popular blockchain. We’ve called this token BIPx, where X can stand for, for example, “experiment,” “exploration,” “exchangeable,” “collaboration,” or the multiplication sign. We used a different name on purpose so that it’s immediately clear whether it’s the internal BIP or the external BIPx.
The rollout of BIPx will match current supply, meaning it’s not a brand new token but a reflection of BIP locked in Minter. Over time, everyone will be able to swap BIPx for BIP and the other way around at the 1:1 ratio — that’s the power of free conversion. In-Minter, regular BIP can be staked, provided as reserve for custom coins, added to liquidity pools, and used to pay fees. Now it can also be used to issue BIPx, giving the broadest access to services that are growing in popularity, including DEX trading, collateralized crypto loans, deposit accounts, etc. It is a unique combination of internal and external opportunities in one token.
For example, let’s look at the most straightforward and massive DeFi case that we’ll use to start promoting BIPx to the world — DEX listing. It’s no secret that decentralized trading provides better security and predictability and in the coming years, will overcome centralized systems because it lets users keep complete control over their funds. Thanks to BIPx being freely liquid on Ethereum and Binance Smart Chain, it can be listed on any DEX. Moreover, liquidity providers will be able to earn from their participation in trades, taking around 0.3% per each deal (depending on the DEX). Given that there are aggregators on top of many DEXes already — e.g., 1inch (Russian guys also) — we’ll in fact integrate into world trading once and for all with the help of BIPx. And that’s just one new edge of the good old BIP that Minter Hub opens.
No matter how strong of decentralized trading believers we are, however, today’s leading exchanges are centralized organizations. And listing on them depends mostly on how much the managers want to put their effort into onboarding a new blockchain by estimating the scope of work and potential profits. BIPx got this covered, too — being an ERC-20 (Ethereum) and BEP-20 (Binance Smart Chain) token, it becomes super-easy-to-list for any exchange or aggregator. From now on, listings will take hours, not weeks of negotiations.
BIPx brings Minter to the front lines of partnerships and integrations because it meets all of the modern requirements.
Even though trading is a key market for us to enter in the first place, the main earnings of 2020–21 have already moved into the DeFi services that provide opportunities such as:
- Collateralized loans
- Collateralized stablecoin issuance
- Deposits
- Liquidity provision
- Staking and farming (in the broad senses of the words)
Participation in all these needs professional engagement and a high level of expertise, and that’s where the community’s collective wisdom comes to help. Among us, there are definitely those who’ve already made significant achievements in each of the markets mentioned above. In Minter, all experts can push their proposals as to where to place BIPx, what returns to expect, and how to manage processes. To guarantee at least fraud protection, these proposals will be verified by Minter Hub oracles and marked as ‘Available to All’ afterwards. Oracles will benefit from the higher number of transfers and satisfaction of users, so the selection process will be very thorough!
After that, magic begins: in all interfaces of all Minter wallets, users will see catalogs with offerings on DeFi placements for BIP, which will be instantly converted into BIPx after a simple confirmation. There’s no easier solution yet. You don’t have to think about other blockchains and wade through countless services and protocols — just pick the verified one from the list and make a decentralized placement at the profitability rate predicted by the expert who’s submitted the proposal.
Experts that have selected, researched, and offered the DeFi services potentially beneficial to the community will get a bonus for each placement, which will help incentivize the greatest minds: one good suggestion can bring you life-long earnings. The bonuses will be paid from the DAO’s funds upon a vote by oracles — fair and efficient. A good job in the interests of the community should be generously rewarded!
Our shared goal is for BIPx to become the most user-friendly and universal DeFi token in the market, offering users the hottest earning possibilities. It all has to work in a few taps and from any wallet.
There will be 5 stages of entering the market:
- Preparation: Accumulation of the first participants’ BIP on two multisig addresses of the oracles for further issuance on Ethereum and Binance Smart Chain
- Initial issuance: Minting of BIPx on those networks and first votes on placements in DeFi services and listings
- Integration: Integration of select services into Minter wallets
- One-way exchangeability: Ability to swap BIPx for BIP
- Unlimited exchangeability: Ability to fully and freely swap BIP for BIPx and vice versa for everyone
Make money with BIP inside Minter and BIPx in the world’s most promising DeFi services!
P.S. BIPx (MNTx) has been successfully issued on Ethereum and Minter testnets Monday, March 1.
Explore the exchanges BIP is listed on & rankings it takes part in here.
