BlueBit: An efficient yield aggregator for all users on NEAR Aurora network
Source: BlueBit Website
BlueBit is a decentralized yield aggregator protocol built on NEAR’s Aurora EVM that offers a full set of farming solutions. The BlueBit protocol is dedicated to providing all DeFi users, who may have different risk tolerance levels, with a more secure, more accessible and more efficient farming experience.
For those of us who may not be as familiar, Aurora is an EVM-compatible network built on the NEAR protocol, delivering a turn-key solution for developers to operate their apps as an Ethereum Layer-2, delivering high-throughput, a scalable and future-safe platform, with low transaction costs for users. BlueBit expects that Aurora will continue to surge and attract a significant amount of EVM-based projects and capital inflows in the future, thus they have chosen to build their platform on it.
BlueBit has three main advantages for users when it comes to using their platform:
- More Secure: Fund safety comes first and foremost for BlueBit and they will take a proactive approach to diminish users’ exposure to risks to a minimum level, that includes continuous audits from trusted third parties, fully open source codes, 24-hour time lock for major contracts, whitelist for pools, and multisig for treasury funds (if needed).
- More Accessible: Thanks to NEAR and Aurora, the rainbow bridge now allows an effortless token transferring process between Ethereum, NEAR and Aurora. Their platform also boasts of an easy-to-use user interface for DeFi newcomers.
- More Efficient: Taking advantage of high-throughput, scalable on-chain transaction experiences powered by the NEAR blockchain, BlueBit is dedicated to set up a full range of farming tools to meet the needs of different users, including LP pair vaults, single-asset vaults, lending, and leveraged farming. They also plan to collaborate with Rainbow Bridge to support cross-chain yield farming on NEAR mainnet in the near future.
BlueBit plans to build a more decentralized farming world. Although their journey starts as a NEAR ecosystem yield aggregator, BlueBit’s vision goes beyond that. In the future, under the governance and supervision of the BlueBit DAO, BlueBit will continue to contribute to the DeFi ecosystem in a more efficient manner. Namely, BlueBit DAO will cooperate, incubate, and invest in promising DeFi projects to further grow the ecosystem, with the results to be shared with all BlueBit stakeholders.
BlueBit is also the first yield aggregator that embeds the CRV voting escrow model into its protocol, by locking its utility token $BBT, users will get the governance token $veBBT, which enables users to participate in platform fee rebate, farming boosting, and voting rights. They believe that this mechanism will effectively solve liquidity problems while aligning users’ goals with the platform’s in the long term, so as to solve liquidity problems and help to maintain vault APY and the $BBT price at a relatively stable range.
There will be three main utilities for the $BBT token, all of which require $veBBT as well:
- 50% platform fee rebate weekly
- Up to 2.5x boosting on BlueBit vaults liquidity mining incentives
- Voting rights
According to their road map, BlueBit is expected to list their token in Q1 2022, with the launch of lending & leveraged mining and single-asset vaults in Q2. With the popularity of Aurora growing, BlueBit will be in a good position to expand on its user base and provide a comprehensive DeFi solution for all users. Be sure to follow their official channels to get their latest updates.
⚙️ Find out more about BlueBit:
Website | Telegram | Twitter | Discord | Github | Medium
