Bagels Finance
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Protocol introduction
Bagels Finance's participation programs
documentation
Protocol Users
Additional information about protocol users
Users can participate in Bagels Finance as Yield Farmers, Lenders, Liquidators and Boardroom members.
Lenders
Users who deposit multi-assets into the Bagels vault will receive a pro-rata amount of gTOKEN, a token that can be traded and acts as an interest certificate representing the user's shares in the Bagels pool. Similar to cTokens on the Compound lending platform. These funds are lent to yield farmers who are leveraging to strengthen their positions.
Lenders can benefit from two advantages, namely:
Interest: interest income generated by the loan of funds (auto-compounding)
BAGEL rewards: lenders deposit gTOKEN into the Vault to get BAGEL rewards
Example: If you deposit USDT into Bagel's Lending pool and your USDT will be borrowed by farmers for leveraged farming, then you will initially receive the interest income from the farmers(APR 9.36%). Second, when you deposit USDT, you will receive a certain percentage of the interest-bearing token gUSDT and receive a BAGEL reward (APR18.78%). In this way, your total return APR reaches 28.14%.
The Lending APR is determined on the basis of the independent utilization ratio of each pool. The higher the utilization ratio, the higher the deposit Lending APR. The lender’s interest rate determined by the triple-slope interest model.
Yield Farmers
As a liquidity farmer, you can build 2-10x LP leveraged positions on Bagels with only one crypto asset as collateral for farming. With leveraged farming, you could increase the APR to 2-10x (minus borrowing interest).
Example: If you choose the ETH /USD liquidity pool, you can farm by simply providing ETH (or USED) to borrow USDT (or ETH). Bagels automatically convert these two assets in the best ratio to ensure that users have equal ETH and USDT values to provide the ETH /USDT liquidity on DEX(PANCAKESWAP, MDEX, etc.).
Up to 3x leverage: in the leveraged yield farming pool, users can leverage up to 3x to earn higher transaction fees APY and farming APY.
Position will be liquidated Once the debt ratio is exceed to the "KillFactor" . Therefore, users should closely monitor the value of their positions, and add collateral/ close positions when the debt ratio is close to the "KillFactor".
Add collateral any time: You can add collateral at any time. However, you cannot withdraw assets without closing the current position.
Liquidators
For user positions whose debt ratio is higher than the "KillFactor", the liquidator can liquidate these risky positions and can earn 2% of the position value as return.
Example: A liquidity farmer uses leverage of 2.5x by borrowing 150ETH with an initial 100ETH to farm MDX in the ETH /USDT pool, with a total position of 250 ETH. When the price of ETH increases, the position value of ETH decreases from 250 ETH to 175 ETH, so that his debt ratio is 85% (150ETH/175ETH), which is greater than the "KillFactor" of the ETH /USDT pool. In this case, the liquidator can come in to liquidate.
During the liquidation process, the position value is first used to pay the debt (in this case 150 ETH). Then 2% of the 250ETH(initial position value)is paid to the liquidator. So in this case the liquidator will earn 5ETH.
Boardroom Members
You can become a member of the boardroom by locking up BAGEL in the DAO. You can participate in Bagels DAO governance to decide on the development direction of Bagels and the key operating parameters and indicators of the product through proposals and votes, including platform interest rates, cryptocurrency value ratio, liquidation fees, etc.
The rights and interests of Boardroom members include：
1. DAO voting and proposal rights;
2.Dividends: 50% of the platform's spread income, 50% of the liquidation fee, and 85% of the farming token income will be distributed to boardroom members. Dividends will be distributed every Wednesday at 8pm (UTC-4);
3. Boost on Vault Farming up to 2.5x to earn more BAGEL;
4.Dokodoa cross-chain bridge revenue dividends;
5. Airdrop of cooperative projects.