Intro

From its inception, Beta Finance’s mission has been to innovate the money market paradigm, and now we are excited to once again push the limits with the announcement of our new vision map.

From its inception, Beta Finance’s mission has been to innovate the money market paradigm, and we are excited to once again push the limits with the announcement of our new vision map. Over the past year, we have seen an evolution in on-chain activity with new users, new user demands, and new technological capabilities. With these changes, we believe that there is once again a strong unmet need for new money market mechanisms on-chain. The importance of decentralized protocols and blockchain technology has never been greater, underscored by repeated problems of centralized entities from banks to exchanges to hedge funds recently. We remain committed to the mission of decentralized technologies.

What’s New?

Codename OMNI. OMNI is the next iteration for Beta Finance and comes with a number of improvements to the protocol.*

• Collateralization with NFTs and ERC-20 tokens + Safe Collateral 🔷

  • Chainlink supported NFT collections (BAYC, MAYC, Pudgy Penguins, Azuki, CryptoPunk, + more)

  • LP Positions (Uniswap V3, Uniswap V2, Curve, + more)

  • ERC-20 major tokens (WETH, stETH, stablecoins, + more)

  • Collateral that you want to isolate and keep safe will not be loaned out

• Flash leverage borrows on collateral tokens ⚡

  • One click for one transaction to max recursive borrow ETH-stETH

• Peer-to-Peer Loan Network 🤝

  • Oracle-free lending and borrowing with duration limits

  • Support of Artblocks collections (Fidenza, Chromie Squiggles, + more) as borrowing collateral

• Soft Liquidations 🍦

  • Capital efficient liquidations focused on health factor instead of the 50% Compound/Aave use

• Exotic long tail asset collateral 🔥

  • Be able to use tokens like $BLUR, $APE, $GMX, and more as collateral

• OmnIM - Interest Rate Model 🧮

  • Capital efficient interest rate model for fair rates for all lenders and borrowers

  • Inspired by Euler’s PID model and research from BendDAO

• OmniO - Oracle 👁️

  • Novel oracle design to support diverse and complex tokens, e.g. the one’s above

  • OmniO style trait boosting, inspired by JPEG’d, for NFT collateral

• TOP_SECRET 🤫

  • ███████████

We are extremely excited to deliver these improvements to the community, and will keep the community posted on the progress of development—with a few sneak peaks along the way 😉.

What about $BETA?

With the launch of OMNI, this will be the v2 of the Beta Finance protocol. And as such, $BETA will continue to be the governance utility token of the upgraded protocol as well. There will be no new token. Coinciding with the upgrade launch we will be unlocking new utilities for the $BETA token.*

• Governance voting for all changes and initiatives of the upgraded protocol 🗳️

  • As the community has matured, we believe that $BETA is now ready to enter a full DAO structure fully on-chain

• Vault gauges for liquidity mining incentives 🏦

  • $BETA will be used to vote in gauges on the allocation of liquidity mining between pools

• Soft(er) Liquidations 🍦🍦

  • Improved health factor requirements for through $BETA

• REDACTED 🤐

  • ████████████

These represent significant changes and a step forward to achieving our mission. We will continue to keep the community informed of important developments.

Wen Launch?

We, of course, want to launch as soon as possible and bring this technology to the community. We will launch when we are confident in the security and execution of Codename OMNI, and will be engaging with the top auditors in the ecosystem.

Our previous auditors were Peckshield, OpenZeppelin, and Trail of Bits, and the Beta Finance protocol has remained secure and never suffered an exploit. We will continue to deliver our high standard of security excellence with our upcoming developments.

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* DISCLAIMER: The information provided in this document is for informational purposes only and should not be construed as legal, financial, or professional advice. The content herein is not intended to serve as a guarantee or promise of any kind, nor should it be relied upon for decision-making purposes. The author(s) and publisher(s) of this document disclaim any and all liability arising from the use, interpretation, or application of the information contained herein. Always consult with a qualified professional before taking any action based on the information presented in this document.