Beyond Mainnet FAQ
As we are getting closer to launch, we have gathered some Frequently Asked Questions for you guys to better explore our DEX.
Q. What is Beyond DEX?
Beyond DEX is a decentralized exchange based on synthetic products that allows access to financial markets. Each synthetic product is backed by the Beyond (BYN) token.
Q. How do I create a Beyond Wallet?
Beyond Wallet is automatically created when you connect and log in for the first time. You don’t have to make it yourself. It is made and given to you. Carefully read the security verification process. Please store Beyond Wallet and Key when made.
Q. Can I use my ipad or smartphone to log in?
Please use a Desktop/Laptop while we are working on full mobile support. You must have metamask installed on your browser (chrome extension).
Chrome/Brave browsers recommended.
Q. How do I send BYN to my Beyond Wallet?
You can send your BYN from any ERC20 address. This includes BYN from Ascendex, Gate.io, MEXC and Metamask Wallet. Please note: ONLY DEPOSIT BYN and ETH. No other coins or tokens are supported. NEVER deposit other assets. We do not take responsibility for wrong deposits.
Q. What is Beyond Staking Program?
Beyond Staking is the opening Staking Program available on our mainnet. Beyond Staking offers instant rewards, as part of the structure of our ecosystem. Current Program is for 120 days, locked. Weekly Rewards are given to users who stake and vary week to week. Bonus Rewards Pool will also be available for early users.
Here are the staking guide and video
Q. What is WEEKLY Rewards Pool?
WEEKLY Rewards Pool is the rewards pool which is distributed to users of Beyond. If you have staked your BYN, you are eligible to collect BYN staking rewards. If you have staked your BYN, and traded with USDb, you are eligible to collect trading rewards. Rewards are updated & distributed on a weekly basis. Furthermore, a breakdown of ‘YOUR WEEKLY REWARD” is also shown.
Q.How are weekly rewards calculated?
Weekly reward consists of two parts, “staking reward” and “trading reward”. Staking reward is what users get compensated for staking their BYN on the platform (i.e. not being able to trade anytime, inflationary rewards, exposure of shared debt pool), it varies upon multiple factors such as the number of users staked, total value locked, user activities, inflation etc. But at the initial stage, an extra-high rate of reward will be provided to the early stakers to promote growth of the platform.
Trading reward is a percentage of total trading fees aggregated during the week paid back to stakers.
The weekly reward pool is distributed to all stakers according to their respective percentage of debt pool. Simply put, the more you stake on Beyond platform, the more rewards you are entitled to. Reward Pool consists of staking rewards, trading rewards, bonus rewards and rewards from fees from Beyond DEX.
Please note that rewards are only distributed to stakers with C-Ratio of 300% or above.
Q.What is C-Ratio?
C-Ratio (collateralization ratio), is a ratio of users’ total BYN (both staked + unstaked) over total synthetic asset value.
C-Ratio = (Your total BYN in Beyond Wallet) / (Your total Synthetic Assets)
In order to maintain a stability of collateral value to stay well above the synthetic asset value even in times of price volatility, it is recommended for users to maintain 300% C-Ratio. (If the ratio falls below 150%, Orderly Liquidation Mechanism will take place).
If the ratio falls below 300% at the time of reward distribution, such users will not be eligible to receive weekly rewards. Therefore, try to always maintain above 300% C-Ratio by having some unstaked BYN as buffer, or increase the unstaked portion of BYN in case the ratio falls below 300%. Let’s take a look at the simplified formula of how the C-Ratio is calculated:
C-Ratio = (Your total BYN value) / (Your total Synthetic Assets value)
*Your total BYN value includes staked and unstaked BYN
As you can see from this formula, C-Ratio moves when 1) BYN price changes, and/or 2) Synthetic asset price changes. To better understand the formula, here are two scenarios where the C-Ratio will differentiate in value.
If BYN price largely drops, there’s a risk that the C-Ratio might fall below 300% (decrease in numerator). On the other side, it could also happen if your synthetic asset price surges (increase in denominator). In such a case, you can add more BYN in your Beyond wallet to cover up the ratio back up to 300%+.
Q. What is debt pool?
When users stake their BYN and invest into USDb (these two actions happen simultaneously), the equal value of debt position in USD is created. This debt will be cleared when the user redeems the synthetic asset back to BYN.
“Debt pool” is the aggregated amount of debt by all users on Beyond platform, and your proportion of debt within the debt pool is “Debt rate”, which will be the basis of reward calculation. By sharing the debt, users are rewarded with the structure of weekly rewards. As new users join to stake, and others redeem out from the existing debt pool, the size of debt pool constantly changes. Furthermore, as the prices of synthetic assets fluctuate upon changes of the underlying asset prices, the staker’s debt decouples from the amount of USDb that was issued.
Q. How do I claim my rewards?
All rewards can be seen and claimed by clicking “Go to Reward Section”. Your weekly reward is divided with the entire weekly reward pool. To claim the rewards, you must manually claim the rewards and wait 120 days to withdraw. Rewards that are not claimed, are sent back to the Rewards Pool to be distributed to other users.
Note on Rewards Pool
To promote and sustain growth on our platform, we have set a structure in place that allows users to be incentivized for participating. Whilst they stake, trade and provide transactions/liquidity, the rewards pool rewards them, but offers the rewards to be spread over 12 months. Rewards can be claimed weekly, and users are able to “unlock” rewards anytime (currently after 120 days, which is the current Staking Program period). It works in a way to promote users to continue to actively participate long-term. For example, you would not pay any redemption fees, and will be able to collect 100% of all rewards, if redeemed in 12 months. To promote early participation and continue to onboard users, Beyond is offering exceptionally high rate of rewards to early comers (including our First Week Bonus Rewards of 111,111 BYN) The Annual Percentage Yield for the early stakers will be more compelling than any other competitor on the market today. The high rate APY will gradually be normalized moving forward. So get in FAST!
Moving forward, protection for the token holders should also take place. If the large number of reward tokens flow out to the circulating supply, and/or the staked BYN gets easily withdrawn back to the market, potential risk of inflation may arise, which could hurt all token holders. In order to prevent risk of inflation, mechanisms to prevent early redemption have been put in place until the stabilization of the platform is guaranteed. First is a periodic lock for staked BYN and reward tokens. This is a temporary lock (opening staking program)for 120-days from mainnet platform opening, to help building the initial liquidity of the platform while mitigating the risk of inflation. Second is early redemption fee for reward tokens. Users can unlock and withdraw reward tokens anytime they want to (after the temporary lock is released), but certain percentage of early redemption fee will be charged for those who withdraw the reward token before the maturity. The fee rate linearly declines for and becomes zero after one year from the claimed date.
Q. Do I need to pay fees for Staking?
Yes, you will need ETH to pay for fees. Staking is processed by our roll-up mechanism on the ethereum blockchain. This mechanism allows for minimal fee costs, however would also depend on network congestion.
Q. Now that I’ve staked BYN and invested (minted) USDb, what can I do with it?
Firstly, there is Beyond Exchange, which is a trading platform allowing you to trade your USDb for any of our synthetic assets (Synths). It currently supports a variety of forex currencies (e.g.), cryptocurrencies (e.g. BTCb) and other assets.
Q. What is “Rollup under progress”?
Rollup under progress means that the DEX is processing multiple transactions on the ethereum blockchain. The roll-up is an off-chain aggregation of transactions inside a smart contract. This implementation helps with scalability and allows users to transact with low fees. Users can input and trade off chain and then it will process or “roll up” multiple trades into a single on-chain transaction.
Q. How can I stake BYN and receive staking rewards?
To stake BYN, you must send either BYN or ETH to the BYN Wallet Address. After sending your BYN or ETH, go to “Stake” then “invest” to stake. You now hold “USDb”, meaning you have staked your BYN and are now ready to receive staking rewards. To receive staking rewards, you have to click “Go to Reward Section.”, and click “claim rewards”.
Q. Is staked BYN locked?
The Opening Beyond Staking program locks the BYN for 120 days. You cannot redeem throughout this period. You are however entitled to weekly rewards, claimable every week.
Hope this helps. Stay tuned for more and do not hesitate to reach out through our official channels. We are here to go Beyond together.
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, Spark Digital Capital, 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.
