Beyond Main Update
The recent survey program was conducted to gather users’ feedback of our Beyond Platform and proposals for improvement (Oct 12~18).
The survey issued questions like users’ views on Beyond platform’s ease of use, UI/UX, appropriate reward level and others such as operational matters such as staking structure, unlock policy and C-Ratio.
Beyond will eventually be led by our community, therefore the results of this survey and the feedback from our community are of substantial importance. Results of this survey will be promptly reflected to enhance, mould, and design our updated product.
Beyond’s governance system (DAO) is estimated to be completed and will be fully operational before the end of this year. Through BIPS, an autonomous decision-making mechanism will be implemented. Whilst BIPS is in development to be deployed, we have taken the results of the survey program to compile users’ opinions of the platform and timely incorporate the changes.
These are the 3 major changes that will be implemented accordingly.
1) Auto rebalancing of staked/unstaked BYN will be disabled — In order for users to receive extra-high rewards from Beyond staking program, the 300% C-Ratio requirement needs to be met. Since the C-Ratio fluctuates on a real-time basis from multiple factors (such as BYN price and synthetic asset price change), Beyond platform has implemented an Auto rebalancing structure which the system calculates the BYN amount required to meet 300% C-Ratio and automatically stakes extra unstaked BYN to recover the 300% collateralization ratio. This system reduced users’ burden and inconvenience to manually stake their BYN every time it falls below 300% to receive weekly rewards, as well as to avoid OLM (automatic liquidation) when the ratio falls below 150%. This system is also used by existing synthetic asset trading platforms such as Synthetix. Yet, this system has also brought confusion from users who do not prefer their assets to be automatically staked by the system. While there have been two conflicting opinions on who were for and against the Auto rebalancing, the survey suggested that those who does not approve auto rebalancing outnumbered those who approved auto rebalancing. Hence, we decided to disable the auto rebalancing on Beyond platform. The update will be made on Oct 21 05:00 UTC. After the update, there will be no automatic staking by the system and users need to additionally stake their unstaked portion to increase the C-Ratio.
2) Transfer of unstaked BYN tokens will be enabled — Since the amount of unstaked BYN has constantly been fluctuating due to the auto rebalancing, it was not possible for the users to withdraw/transfer of unstaked BYN tokens. However, since the Auto rebalancing will be disabled, users will be able to withdraw their unstaked BYN back to their personal wallets anytime they want to. This update will also be completed on Oct 21 05:00 UTC, along with the removal of the auto rebalancing function. In addition, transfer of ETH out from Beyond wallet will also be available with the update.
3) Beyond Mobile App (Native) — It’s important for users to trade their assets anytime anywhere. In times of price volatility, it’s crucial to access their assets and freely trade whenever needed. To make this possible, the mobile app is key and this has been another major request from the survey we’ve conducted. While Beyond mobile app APK is available for download on our website, we have also uploaded our Native App on Google Play Store for better accessibility and easier updates. Once the review process from Google is completed, users will be able to easily trade various synthetic assets from their mobile devices.
Beyond project values and appreciates the voice of the community and our users. If you have any comments or suggestions, feel free to reach out to our team and community managers as we will continue to listen, to improve, to develop and to create the best possible platform for the Beyond community.
About Beyond Finance
Beyond is a decentralized synthetic product trading platform where users can create and trade synthetic financial products, unlocking the full potential of decentralized finance and derivatives without limits. With prominent key partners including Huobi Ventures, and OKex Block Dream Fund, Beyond Finance allows users to trade decentralized products without any restrictions, allowing individuals to reach their fullest to fully realize the value of Decentralized Finance.