Bogged Finance to bring DeFi Limit Orders and Stop Losses to Avalanche, and open a BSC-AVAX Bridge.
Starting from Thursday 27th January, Bogged Finance will begin the process of launching all of their advanced DeFi trading tools on Avalanche (AVAX).
Avalanche BogSwap has already processed millions of dollars of trade volume and we look forward to allowing these users to benefit from the rest of our DeFi trading tools.
In this post, we aim to inform you of the specifics behind this expansion, including release dates, fees and more details about the much anticipated bridge.
AVAX Release Schedule
To ensure a smooth launch, we will be adopting a staggered approach, which will allow us to monitor adoption and user behaviour during the early stages..
The timeline is as follows:
AVAX $BOG Launch 2100 UTC 27/01/22
At this time, we will launch the AVAX version of our governance token. This token is the backbone behind our trading tools and upcoming bridge, allowing users to pay for tools usage and making cross-chain swaps possible.
Shortly after the $BOG launch, we will deploy our cross-chain bridge. For more information about the $BOG token and bridge, see further down this post.
DeFi Trading Tools Launch
- Limit Orders and Stop-Losses will go live on 30/01/22
- AVAX Token Launch Sniper will be launched on 02/02/22
AVAX Staking Launch 31/01/22
On this date, we will open the Bogged Finance staking pools, meaning users will be able to stake their $BOG to earn a portion of the platform revenue as well as trading fees. Fees collected between the token launch and the staking launch will be distributed to stakers, providing an initial APR boost. For more information about staking, see the relevant section below.
How will Bogged Finance Trading Tools work on AVAX?
The tools will work the same as they do on BSC. Keep in mind when using our pro tools (that require $BOG holdings or take a fee), you will need to hold the $BOG requirement on the chain you wish to use.
For example, if you wish to use a stop-loss on an AVAX token, you must hold 100 $BOG on AVAX. If these funds are on BSC, you will need to bridge them over before being able to set a stop-loss on AVAX.
Our tool pricing on AVAX will be as competitively priced as on BSC, with slight variations due to differing gas prices on AVAX. Each tool will provide a detailed breakdown of costs before any order is placed.
What AVAX DEXes will the trading tools work on?
Thanks to our recent update to how our platform works, we can rapidly expand to multiple DEXes on any new chains that we move to. This means you can set a stop-loss, limit order or use the sniper on the below AVAX DEXes:
- Trader Joe
- Lydia Finance
How will the bridge work?
Our bridge will initially allow AVAX and BSC users to easily and affordably move their funds between these two chains, with more chains being released throughout Q1 and Q2.
At launch, you will only be able to bridge the $BOG token. When you do so, a fee of 0.25% is taken, which is distributed to the stakers on the receiving chain. You will also incur a network fee, which will cover the gas cost on the receiving chain. The network fee is dependent on factors such as chain congestion, but we expect it to remain between $2-$5 USD.
When you bridge $BOG, the token is burned on the sending chain and minted on the receiving chain, meaning that the circulating supply of $BOG will not change.
How will the AVAX $BOG Token work?
AVAX $BOG will work slightly differently to BSC $BOG. We plan to trial these tokenomics on AVAX, and eventually hold a governance vote to modify BSC tokenomics.
- Purchasing $BOG on an AVAX DEX incurs a 0% fee, and selling it will incur 1%. The sell fee is distributed to stakers, as outlined later in this article.
- The circulating supply will depend on how many tokens are bridged over from BSC — at the time of writing, the token supply is 12.5M
- The team is providing an initial trading liquidity of $200,000 worth of BOG-USDC.e LP
How will Staking work?
Through staking, users of the Bogged Finance platform can be rewarded for holding the $BOG token and providing liquidity, which earns them a share of the platform profits..
Staking rewards come from three sources on AVAX:
- 1% sell fee
- 0.25% bridging fee
- Tool fees (Limit Orders, Stop-Losses, Trailing Stop-Losses
These fees are taken and split between AVAX stakers in the below ratio:
- 25% Project Treasury
- 35% Solo Staking
- 40% LP Staking
All rewards will be paid out in $BOG.
The LP pair on AVAX will be BOG-USDC.e. Users will be able to manage their stakes by accessing the “Staking” tab on app.bogged.finance
We hope you’re looking forward to using Bogged Finance’s powerful trading tools on the AVAX chain. We’d like to take the opportunity to encourage any BSC traders to try out our bridge, and give the AVAX network and ecosystem a go.
We will then be in a position to fully market ourselves to the AVAX ecosystem, and will begin lining up strategic partnerships and promotions which we believe will expand our user base and ecosystem.
As our marketing team works on AVAX exposure, the development team will be busy checking the next few items off our roadmap, including our next cross-chain expansion. To read our upcoming Q1 and Q2 plans, check out our previous Medium post.
To stay tuned to our upcoming news and releases, make sure to follow us here, on Twitter, and on our Telegram Announcement Channel. If you have any questions, our supportive and knowledgeable staff are happy to answer them in our Telegram Group. Remember, our staff will never DM you first.
-The Bogged Finance Team