Bogged Finance push to Fantom with the launch of DeFi Orders, Bridge, Staking, and the $BOG Token

Users of our advanced DeFi trading platform can now place DeFi Limit Orders and Stop-Losses, easily move funds between chains, and earn a share of platform revenue, all powered by the $BOG Token.

Today’s launch marks the continuation of Bogged Finance rolling out advanced DeFi trading tools on Fantom.

Our first Fantom offering, BogSwap DEX Aggregator, has seen tremendous adoption by Fantom traders; in the past 30 days they have swapped over $13.7M worth of tokens.

Bogged Finance users from other chains can now move funds onto Fantom thanks to our cross chain bridge, and begin trading the $BOG token, which they can then stake for a share of platform revenue. Read on to find out how it all works…

Bogged Finance Cross-Chain Bridge

Our cross-chain bridge has been moving funds between Avalanche and BNB Chain for over a month now, and we’ve been receiving very positive feedback from users, praising the high speeds and low fees.

From today, traders can now move the $BOG token between Fantom, Avalanche and BNB Chain.

The fee structure is simple, with two deductions been made:

• A network fee, equivalent to $2.50
• 0.25% of the transaction value.

Currently only $BOG can be moved, so if you wish to move other tokens you will have to use BogSwap to convert them to $BOG on the originating chain, then repurchase your tokens on the receiving chain. Eventually, the bridge will support seamless bridging, meaning you’ll be able to move tokens in one single transaction.

Try out the bridge now: https://app.bogged.finance/ftm/bridge

DeFi Limit Orders and Stop-Losses — Empower your DeFi trading

Traders can set limit orders and stop-losses on Fantom DEXes such as SpookySwap and SpiritSwap, using an interface similar to those found on centralised exchanges.

Limit Orders can be paid for in $BOG, our governance token, or the native token of the chain being traded on.

Orders on Fantom cost $1.50 worth of $BOG, or $2.00 worth of native token (BNB, AVAX, FTM etc).

Stop-Losses are paid for by holding $BOG, you will need to hold 100 $BOG on Fantom.

Note that you must hold the $BOG you wish to use for payments on the chain you are paying on. You can easily and affordably move funds across chains using our bridge.

You can try orders out now on: https://app.bogged.finance/ftm/trade

Bogged Finance allows you to place a stop-loss or limit order on the following Fantom DEXes:

• SpookySwap
• SpiritSwap
• SushiSwap
• SoulSwap
• JetSwap
• KnightSwap
• Elk Finance

Fantom $BOG — A true DeFi utility token — Tokenomics & Functionality

The $BOG token is a fundamental part of the Bogged Finance platform, it servers three main functions:

• Facilitates bridging between blockchains.
• Used to pay for tools, or unlock advanced features
• Used as a reward mechanism for stakers and (soon)referrers

The supply of $BOG is fixed across all chains, with 15M tokens minted when the token launched on BNB chain over a year ago. The supply does not increase when we launch on new chains; we burn any tokens sent from existing chains, then mint them on the new one. This is also how our bridge operates.

The mint function is strictly controlled by a smart contract and can only be called by legitimate requests that have been extensively validated on the blockchain. There is currently a temporary burn mechanism in place on BNB chain, which to date has burned over 919k tokens.

You can buy and sell Fantom $BOG on BogSwap, or on SpookySwap if you prefer.

When buying many DeFi tokens, there are typically fees baked into buy/sells, which can have a range of purposes such as funding development of the project. When buying $BOG, there is a 0% fee, and when selling there is a 1% fee, all of which is distributed to stakers. This is to encourage the $BOG Token’s use as a utility and governance token.

The token can be used for payment on the platform in two ways:

• Hold/Stake to unlock. This model is used for features like portfolio and trailing stop-losses. Users simply need to buy the required amount of tokens, then keep the correct amount in their wallet or in our staking vaults for the duration that they need to use the tools for. They are then free to do whatever they wish with the tokens. We strongly recommend users stake (see below) their funds while holding to unlock, as it means they can increase their holdings passively. We also plan to eventually introduce locked staking which will allow users to reach higher tiers by locking their tokens away for a predetermined period of time.
• Pay with token. Users simply pay using the token; revenue is mainly used to reward stakers. The team rarely sells tokens to fund day-to-day operations; we rely on sources such as advertising revenue to keep the servers running.

Staking on Bogged Finance — Earn a cut of tool revenue while supporting the platform.

The fourth feature we’re introducing to Fantom is $BOG Staking. As mentioned above, the primary initiative to stake on Bogged Finance is the returns offered by the fair cut of platform fees.

As staking rewards sourced from transactions and trading on the platform, we do not need to mint any new tokens to reward stakers. This ensures that the $BOG ecosystem remains sustainable in the long run, growing in value the more adoption happens.

The rewards are drawn from the below sources:

• Fantom $BOG Trading Fee
• Bridging Fees
• Tool fees (Limit Orders, Stop-Losses, Trailing Stop-Losses)

The rewards are distributed according to the following ratios:

• 25% Project Treasury
• 35% Solo Staking
• 40% LP Staking

The team is confident in the long-term reward potential of staking $BOG on Fantom, based on the expected demand for our DeFi tools on Fantom, as well as the existing BogSwap user base on this chain.

How does staking work on Bogged Finance?

Holders of our governance token stake it by sending their tokens into staking pools. They can then gain a share of site revenue and trading fees drawn from others buying/selling the token.

Staking offers a variable APR due as the revenue will fluctuate with the user base. You can see the most up-to-date APR, based on data from the past seven days, on the staking interface.

You can visit the staking interface on https://app.bogged.finance/ftm/staking

We have two pools available, solo staking and LP staking.

Solo staking: Simply send your chosen amount of $BOG to our vault, where it will immediately begin accumulating rewards.

LP Staking: Stakers who choose to use this method can avail of a larger split of revenue as they help support the platform.

Providing BOG/USDC LP (Liquidity Pair) Tokens to our staking pool facilitates the buying and selling of $BOG on SpookySwap, where our liquidity is located. LP Stakers make the token more resilient to large price fluctuations, increasing its value as a utility token. Stakers create LP tokens on SpookySwap, and then send them to the pool to accumulate rewards.

Users can stake and unstake any amount of $BOG, at any time. However, there is a 1% early withdrawal penalty (which is distributed to other stakers) if you unstake before 7 days have passed, for both solo and LP staking. This has been increased from the BSC penalty to account for the lower sell fee of $BOG on Fantom

Users may also need to stake their $BOG to gain priority to use certain tools on Fantom. This incentivises users to hold their tokens instead of temporarily buying and selling, and rewards them for doing so.

What’s next for Bogged Finance

We have some exciting updates to our trading platform in the works, with some highly-requested tools and order types being added to BSC, Fantom and Avalanche, more news will be published about these shortly.

In addition to these features, we will also be launching a referral system, which will reward users for helping the platform grow.

For a more detailed overview of our short-term plans, you can see our roadmap here.

To stay tuned to our upcoming news and releases, make sure to follow us here,on Twitter, and on our Telegram Announcement Channel. We’ve also started posting announcements to Publish0x. If you have any questions, our supportive and knowledgeable staff are happy to answer them in our Telegram Group or Discord. Remember, our staff will never DM you first, nor will they ask for private keys.

-The Bogged Finance Team