Bustad Coin to Implement Generous Reward Program
Bustad will reward the Bustad coin & Eigar token liquidity pool (LP) providers withÂ millions of Eigar tokens by staking the Uniswap LP receipts.
BERGEN, NORWAY, January 12, 2023 /EINPresswire.com/ — Bustad will distribute eight million Eigar tokens among all liquidity providers of the Bustad/USDC and the Eigar/ETH liquidity pools on Uniswap.Â The amount rewarded to the investors accounts for ca. $400k in value based on today’s exchange rate.
The team has started working on the staking reward dApp. The solution is likely to be ready in a short time.Â Rina Andriana, Bustad’s Tech Lead is confident about a rapid start of the reward program already in the coming weeks. The program rewards will increase dynamically in the first part and then slowly decline. The duration is planned to last over a year.
In order to claim the opulent rewards, the liquidity providers will need to stake their Uniswap V3 LP NFT receipts on the Bustad platform. The staking smart contract will distribute the Eigar token rewards daily among all staking addresses.Â TheÂ liquidity providers receive the Uniswap receipts automatically when transferring the assets to the Uniswap V3 LP.Â
Bustad coins can be minted on the Bustad platform or swapped (bought) in the Uniswap dApp. Eigar tokens, the future governance token of the Bustad ecosystem, can either be claimed for free in a 1:1 ratio to the minted Bustad coins or swapped as the Bustad coin.
Bustad’s product, the Bustad coin with its’ property collateral, kills two birds with one stone:
On the housing side, Bustad reduces the cluster risk for homeowners and lowers the investment threshold for this asset class.
On the Web3 side, with its collateralized property fractions, the Bustad coin grants exposure to a conservative real-world asset class, providing reduced risk and an inflation hedge as the coin’s value is determined by its collateral value.
In an earlier statement, Bustad announced having passed a critical technical milestone and being ready to purchase a property fraction during the first quarter of 2023.
Bustad would then be the first Scandinavian real estate tokenization project combining real-world assets with the benefits of Web3.