A Novel New Project tapping into Crypto Payment Solution with a Pay-to-Earn Twist
After a successful beta launch, bStable has gained wide recognition in the Binance Smart Chain ecosystem. Now, bStable is preparing for an official launch but with a new feature of Pay-to Earn.
What is bStable?
bStable is a decentralized payment protocol that rewards users for making payments with stablecoins. In other words, bStable is a trustless and non-custodial payment solution. The platform is currently built on Binance Smart Chain; however, the team has expressed that there are plans in place to expand to other blockchains with a low gas fee such as Polygon, Celo, and Solana.
“We purposely focus on blockchains with low gas fees because our goal is to expand the adoption of crypto payments, it wouldn’t make sense to have users pay 60 dollars to make a 10 dollar payment,” as noted by the CEO and founder of bStable Christian Greene.
bStable’s Pay-to-Earn design
BStable’s payment protocol is the main innovation by the bStable team and the main differentiator from other DeFi products. bStable payment protocol is its introduction of ‘Pay to Earn’. Anytime someone uses bStable’s Pay feature they receive will receive a reward in BST, the bStable DAO governance token.
The amount of BST earned is intricately designed to be dependent on the dollar amount of each payment, the size of the payment as a percentage of all payments on the platform, and BST available for payment rewards. The goal is to incentivize early adopters but also to ensure it is fair for all users. The details are written into the smart contract, making it safe, automatic, and immutable.
As of launch, bStable’s payment feature is limited to sending payments. The pay feature currently supports USDC, USDT, and BUSD. In the future, bStable’s payment feature will be extended to an integrate-able payment widget, as well as other formats, including seller tools. bStable’s payment feature’s goal is to make payments free, easy, and trustless while rewarding those who use it.
“We really believe the future of cross-border payment solution lies in blockchain but the crypto payment space is still heavily underdeveloped with low adoption. BStable plans to fill this space not only with a simple payment feature but an innovative concept of “Pay-to-Earn”. We strive to be the pioneer of the next generation cryptocurrency payment space,” expressed by Christian Greene.
$BST Token
bStable’s token, BST, will serve as an important governance tool for the bStable protocol, with holders being given the ability to vote on proposals to modify bStable in a later stage. Product-level governance will allow BST token holders to govern key protocol parameters of specific products, while finance-level governance will allow BST token holders to govern buy-backs and burns of BST.
Furthermore, bStable’s team stated that they are talking with multiple Defi platforms to launch BST staking pools. This means that for every payment made on the platform, users will receive tokens that can be used to stake for more rewards in other defi platforms.
$BST Token Deflationary Design
The BST token’s contract has built-in scarcity and is meant to make BST creation gradually slow down. Specifically, for the first ‘quarter’ of a year (91.25 days) after launch, 6.5 BST will be minted per block. At a rate of 28,800 blocks per day, a total of 17,082,000 BST will be minted in the first 91.25 days. On every ‘quarter’ thereafter, the BST minted per block will be divided by 21/4.
When asked about this unique number, Christian Greene explained “our team spent a lot of time looking into the deflationary design of tokens and after modeling various reduction factors we found that 21/4 is best for bStable.”
$BST Token Distribution
While there are no hard caps of the BST supply, the deflationary design levels out a little over 120 million.
- 83.4% will be reserved payment mining
- 8.35% will be reserved for Team allocation
- 4.95% will be reserved for a Private Sale Round
- 1.65% will be reserved IFO/IDO/IEO
- 1.65% will be reserved global marketing and partnership
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