BOMB Shell Monday: BOMB Goes Cross-chain!
HAPPY MONDAY BOMBERS!
Today’s BOMB Shell update is a huge one, grab a drink, and fasten your seatbelt!!
Firstly, if you aren’t aware of our current regain peg + maintain peg campaign, and its associated xBOMB promotion, I suggest you check these three articles out:
1. Operation: Regain PEG & xBOMB Promo
2. Day 2: Regain PEG + xBOMB Status Update
3. Operation Regain PEG: Maintaining PEG Guide
Operation Regain PEG Update
Our community action plan to regain peg started with a real bang and has been going tremendously well overall! We were able to reach peg in just two short days, before experiencing a minor pullback.
Because of the speed that we reached peg; I had decided to extend the xBOMB promotion two additional days after peg was achieved (details in article 2 above). I did fail to take into consideration what should happen to the promotion if we hit peg, and then drop below, as we experienced.
While I do wish to keep the xBOMB promotion running until we are stable above peg, I also need to take into consideration how easy it is for others to manipulate peg with our current reduced liquidity on the pair. One of the two major actionable items in the community plan to regain peg, was to remove liquidity from the BOMB-BTCB pair. This helps us raise peg quicker, when experiencing more buys than sells. It has the unintended side effects of making sells hit harder and making price manipulation easier.
Since we did technically hit peg two days ago, I feel it would be fair game to end the xBOMB promotion now. However, I want to do what is best for the protocol and continue to incentivize xBOMB holders. It will be tricky to do this without having the potential for price manipulation.
While I figure out a solution that is fair for all involved, I will continue to deposit 1% additional BOMB into xBOMB daily as promotion incentive. This will be a small reduction from what was received over the last few days (1.5%). I am only doing this to be able to prolong the promotion (shouldn’t be needed, but just in case), and to reduce incentive to “game the system” to continue these rewards.
Operation Regain PEG Next Steps
Over the next few days I will be posting two articles which will outline the next steps in this campaign as well as general guides for new users:
Operation Regain PEG: Final Steps — This article will outline detailed steps for our users so that we can maintain peg in a healthy and sustainable manner. It will include actionable items to get back to farming, handling boardroom rewards, and more.
BOMB Money Full Strategy Guide — This will be a full revamp of our strategy guide. It will be a very straightforward guide of what to do in the various situations that the BOMB.money protocol can be in. It will be written so that even brand-new protocol users will know exactly the optimal strategy to maximize their earnings, in a safe and sustainable way for the protocol.
Be sure to follow our medium account with e-mail notifications to know as soon as they are posted! We will be sharing on all of our social channels and community groups as well.
BOMB MONEY GOES CROSS-CHAIN!
This is a big one, so I am not sure where to start! Let’s go over the benefits of cross-chain BOMB, and then specifics will follow.
Benefits of Cross-Chain BOMB
Sorry to sound like a broken record, but I will repeat what I have said countless times in the past, utility and demand for the BOMB token are the only things our protocol needs to really thrive.
The marketing team we are working with has deep connections on some other EVM compatible chains. This includes being able to get BOMB incentivized farming pools on other chains and opens the doors to partnerships that were not possible before. This includes:
- Lending/borrowing protocols on other chains can accept BOMB as collateral
- Liquidity mining/farming pools
- Auto-compounding platforms
- Various other protocols which could promote BOMB / partner with BOMB in creative ways
I need to stress that, while all these things are possible on BSC, many can be difficult to get your foot in the door until TVL is a certain size, or other requirements are met. The team we are working with has strong connections with protocols on other chains, they have worked closely together in the past. This allows for a much higher chance of success when partnering, and a few of the deals could already be considered as good as done.
How does Cross-Chain BOMB Work?
First, I will start with what cross-chain BOMB is NOT. The core BOMB.money protocol and smart contracts will remain ONLY on BSC. We will never have more than one printer, as that is a bad idea for numerous reasons.
BOMB will utilize the Synapse cross-chain bridge, to make our primary token (BOMB) available on four additional chains!
$BOMB on BSC will be able to be moved to Fantom, Avalanche, Polygon, and Aurora chains.
You will be able to freely move BOMB between any of the 5 chains utilizing the Synapse bridge.
WEN BRIDGE?
With Synapse, they deploy our cross-chain token on all the alternative chains and take care of the integration themselves. I have been told “It will take a day or so, to iron out all the kinks”. This was said to me today, so I think it’s fair to say, conservatively, that we should be able to transfer BOMB to alternative chains sometime this week.
Price Impact of Cross-Chain BOMB
I can only speculate what cross-chain transfers will do for BOMB in terms of price, but I feel the impact will be big enough that it does warrant some speculation.
BOMB is only minted on BSC, and all BOMB currently lives on the BSC network. Any BOMB that is sent to other chains, makes it unavailable on BSC, reducing supply. Anyone looking to farm on other chains will need to buy on BSC and transfer cross-chain to do so. This is until liquidity is large enough on those other chains for the swaps to be done there without big price swings.
All things considered, quite a bit of BOMB will be moving to other chains, which can only do one thing to the price of BOMB. The supply mechanism will stay the same, but the potential users and use cases for BOMB on four additional chains will create tremendous additional demand.
This is not financial advice; it is simply analyzing what will likely happen once BOMB can be sent to other chains where there is demand due to partnerships/incentives.
Contest Winner
Congratulations to our contest winner, @Fharriagada! You put in the effort to tag some friends and draw more attention to the protocol, and for that you have my thanks!
Stay tuned, as we have some more contests lined up to keep the prize money flowing to our valued investors!
Conclusion
Thanks again to our great community for banding together in our operation to regain peg. We are so close, let’s push up to that 1.1–1.2 level so we can start re-building our liquidity! Specific details will be available in the article published over the next couple days!
There was so much to talk about this BOMB Shell, I am leaving out some other big news about a large partnership we have scheduled for Friday. I’ll drop the BOMB on Wednesday AMA, be sure to tune in!
Fully transparent and based,
Aaron
