July 4 BOMB Shell — BOMB’s Evolution: bitBOMB, PHUB Automation & More

BOMB Shell — BOMB’s Evolution: bitBOMB, PHUB Automation
BOMB Shell — BOMB’s Evolution: bitBOMB, PHUB Automation

BOMBERS:

First of all, happy 4th of July to our American Bombers and we hope our Canadian friends had a great Canada Day weekend!

What an exciting past week with an even more exciting week to come! There is a lot being covered in todays BOMB Shell, here is a summary of what you will find:

  • We’re proposing a relaunch of Bomb, introducing new features to help maintain peg. Make sure to vote on the proposal here.
  • bitBOMB, our new protocol will be multi-peg giving our investors more choice, helping our share token maintain value even if not all tokens are above peg.
  • We’ve automated PHUB revenue allocation, meaning buy backs and rewards are delivered safely & efficiently.
  • We’re finalizing some exciting senior hires to drive our growth.

bitBOMB

Overview

At BOMB, we like to move quickly when we discover new ways to bring value to our loyal community and investors. With the release of CZpegs, there was huge demand to add some of the features of CZ to the BOMB.money protocol. The biggest request was taxing any sells while under peg.

I was hesitant to do this at first, as we would need to relaunch the BOMB token itself to make these changes. After much thought, and watching BOMB continue to struggle to reach peg, despite numerous strong attempts such as the PHUB presale and launching Nodes, a relaunch is the best solution moving forward.

A lengthy article was written about the BOMB relaunch which I suggest reading in order to learn more about the thought process and what the transition will look like. The article can be found here: https://bombbshare.medium.com/bitbomb-the-evolution-of-bomb-af6c1f09ee83

Progress & Timelines

A governance vote is in progress at vote.bomb.money. I’m happy to see that thus far the entirety of our community seems to be in agreement with the proposed relaunch as we currently have 100% of voters voting YES to launch bitBOMB as the evolution of BOMB at the time of this writing. Make sure to go cast your vote ASAP as the vote will be closed in less than 21 hours!

If you have questions, concerns, or comments about this major move for the BOMB protocol, we have discussions ongoing at talk.bomb.app. Please let us know what you think about the relaunch, and any suggestions/recommendations to improve it!

I have previously stated that five days after the governance vote concludes would be an approximate launch date for bitBOMB. I can reaffirm that we will have the initial token swap ability ready within five days, with the other aspects of the launch following immediately after. This includes potential genesis pools, which depend on how many of the tokens are acquired in the swaps. For more information on this, refer to the medium article.

PEG Token Choices

One of the new features of bitBOMB is it being a multi-peg protocol as opposed to BOMB, which has the single peg to Bitcoin. This is advantageous in numerous ways, such as giving our users the ability to select which tokens they have exposure to, and allowing our share token to maintain value even if not all tokens are over peg.

Our governance proposal outlines the following PEG token choices:

  • Bitcoin: bitBTC will be our Bitcoin peg at 10,000:1 just like BOMB. This will essentially be BOMB V2.
  • Polkadot (DOT): bitDOT pegged 1:1 with wrapped DOT on BSC
  • Cosmos (ATOM): bitATOM pegged 1:1 with wrapped ATOM on BSC
  • Beefy Finance (BIFI): bitBIFI pegged 1:1 with BIFI, which is natively on BSC

These tokens were chosen as desirable assets to have exposure to. DOT and ATOM are both native tokens on their own chain, with a large presence on BSC in wrapped form. They are much more speculative than BTC, but are very large and have big potential for the future. By market cap, DOT is rank 11 and ATOM 26 at the time of writing.

BIFI is token that isn’t nearly as large as the other 3 by market cap, but it is a token native to BSC with massive upside. It is a limited supply token, that has daily buy backs from Beefy Finance with revenue from all chains they operate on.

With these four peg token choices, along with CZpeg’s ETH, BNB, and BUSD, our investors now have exposure to almost all top cryptocurrencies all within our protocol, and all with the ability to automatically compound your investments. Why invest anywhere else?

There is still the potential to change the PEG tokens if it becomes obvious that we should make adjustments. Please drop your comments or concerns about the PEG tokens chosen at https://talk.bomb.app.

PHUB Automation

I spent a good portion of my weekend getting the full revenue automation for PHUB completed. Let’s go over how it works and what has been created to facilitate the automation.

The way our existing share tokens work (CZshares, BSHARES) is that they issue dev and protocol allocations to two addresses which are stored on the smart contract of the share token itself. These dev and protocol allocations can be claimed anytime. The amount of shares which are available based on the vesting period will be distributed to the dev and protocol addresses stored on the contract.

Two contracts were developed this weekend — one for handling the safe selling of share tokens and another for peg tokens. Not only are both fully operational, but the share token contract has already been added to our automation to be 100% functional with no human interaction needed.

Also, I should mention that all contracts related to PHUB revenue automation have been deployed in a way which allows them to be upgraded/improved anytime in the future. This will allow for unlimited tuning, optimizing, or changing core functionality, as required! All this will be possible with the contract addresses remaining the same!

Share Token Revenue Automation

A few things have been done to fully automate share token revenue going to PHUB buybacks and PHUB rewards:

  • Adjusted the receiving address on the share tokens so when rewards are claimed they go to the smart contract which can swap for BTCB.
  • Automated the claiming of share tokens to take place once every 18 hours, so now the smart contract will always be replenished with new share tokens to use for swaps.
  • Deployed and tested the share token swapping contracts.

As well, automation on the share token swapping contracts was set up:

  • Numerous times an hour, a script runs which generates a random number off chain. 60% of the time, based on the random number, the script will do nothing. This makes it impossible for people to game the system and anticipate when swaps will happen since nobody, including the devs, knows when swaps will actually occur.
  • When the swaps do happen the other 40% of the time, we again use the random number generator to randomize the swap amounts.
  • Share tokens that have been configured in the swap contract (CZshares and BSHARES currently) have additional parameters such as minimum and maximum amounts to swap. Using some math, we take the random number generated offchain (which is fed into the smart contract swap function), combined with the min and max swap amounts, to determine how many shares will be swapped.
  • All swaps are done to BTCB, and then auto sent to the PHUB reward distribution contract created last week. This causes instant PHUB buys within 1 or 2 blocks of the reward distribution contract receiving BTCB.

As you can see, the continuous swaps and buybacks will provide a significant revenue stream to PHUB token holders, which is why I was so excited about PegHub and why I still think it’s going to be one of the most successful investments in DeFi over the next year. If you haven’t yet, get your PHUB tokens while they’re still cheap!

Example Transactions

For those who like to see these things in action, here are some transactions that occurred through automation:

Here are two transactions from our automation claiming share rewards (this is done in one step, but does two transactions, one per share token):

https://bscscan.com/tx/0x225d6178f4b40ec0f311229ecdbf837d870f358c3fb6800272c98fb13f327556

https://bscscan.com/tx/0x5cc56afbe44c3c059878b45a81234c013d11c0692797b716d19546c78378d9cb

Here is a transaction where share tokens are sold for BTCB and the resulting BTCB is then sent to the PHUB Reward Distribution contract:

https://bscscan.com/tx/0x25ba4ac3555308c1d775fed5e5239ad786ddce9e4e8ce8811876e8479e901cf7

Because the previous transaction sent BTCB to the PHUB Reward Distribution contract, within seconds it bought PHUB and transferred the resulting PHUB to the PHUB Reward contract:

https://bscscan.com/tx/0x54f50a2b5c22ac51b1999c70420be9e676da976883d3fbc382d065ccf62677bc

What about PEG Tokens?

The peg token auto swap contract was more complicated as it needs to check peg levels and determine safe amounts to swap. I did complete the peg token swapper first, and tested it thoroughly on BSC Testnet. It has already been deployed and configured with the CZ peg tokens, and will be configured with bitBOMB peg tokens once those are deployed.

All that needs to be done now is to switch the destination on the protocol’s treasury smart contract to send the dev allocation of peg tokens to this new peg token swap contract.

I have already sent a massive chunk of peg tokens over to the contract that had been collected previously.

BOMB / PegHub Ecosystem Organizational Improvement

This BOMB Shell update has already been beyond bullish in my opinion, but what I am feeling even better about are the recent hires made here at BOMB. Because these hires are so fresh, I will wait until next week’s BOMB Shell to go into the details.

For now, I will say there were many areas in upper management with gaps at BOMB. My skills and forte have always been both on the technology side developing smart contracts and having the vision on how to ensure investors in the BOMB/PegHub Ecosystem are all as successful as possible! With my focus on those two extremely important tasks, I have not had the time to be an excellent team leader nor to be as organized as what is required at the top level of a corporation — both of which have recently been lacking with Bomb/PHUB. Recent hires address these gaps, and beyond that, bring a wealth of experience and skills to BOMB. Our team is now 25 members strong (and growing) with complimentary skillsets that would make any organization run as effectively and efficiently as possible. This will drastically improve our efficiency, our growth, the quality of the services we introduce, and much more.

I can’t wait to go into further detail about this next week, but believe me when I say there is significant work already being done behind the scenes.

The 5B TVL I talked about in the past — I now have no doubt it will be achieved. It may be across numerous protocols, but we will hit that figure and strive for even more.

BOMB ON!

Aaron

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