Q1/Q2 Roadmap, feature release dates and Developer AMA Recap.
Join us for a look into what Bogged Finance has in store for the next few months, as described in our recent voice AMA, hosted by our co-founders John and Luke.
We held the well-attended AMA on our Twitch, YouTube and Telegram channels, and it gave our community a chance to catch up with work that had been taking place behind the scenes, as well as our plans for the new year and beyond. The biggest talking point was naturally our ambitious cross-chain expansion goals, and John and Luke showed how this process has been carefully thought out on both a development and marketing front, and how these plans were laying the groundwork for Bogged Finance’s future growth.
First of all, we had a quick rundown of Bogged Finance’s massive growth in 2021. If you’d like to catch up on this, feel free to refer to our previous Medium article.
Then we launched straight into the announcements, as summarised below.
Short-term plans and new product releases.
Limit Order Update 21/01/22
An update to our limit order platform on BSC, which will allow compatibility with any DEX on any chain, in advance of our tool cross-chain launch.
Stop-Loss Update 23/01/22
As with the limit order update, we will prepare this tool for full DEX compatibility and cross-chain deployment.
AVAX Launch 27/01/22
Full launch of AVAX (Avalanche) $BOG. This will be the foundation of our tool infrastructure on this chain, allowing for payments and feature unlocks on AVAX. See further down this article for more information about the nature of this deployment.
AVAX Tool Deployment 28/01–30/01
Over this period, we plan to monitor movement of user liquidity on AVAX, and scale our actions based on this adoption. By the end of this period, we hope to have our full suite of tools available on AVAX, including:
- Limit Orders
- Stop-Losses (Standard and Trailing)
Further Cross-Chain Expansion 28/01 onwards (TBA)
With the infrastructure for rapid cross-chain deployment in place, we expect to be able to quickly move on to even more chains. This will be done according to our strategic expansion plans, and ETA’s will be publicly released within the coming weeks.
BogCharts v4.1 January, date TBC
An update to our charting platform, including:
- More detailed token trust info, allowing you to make more informed decisions about tokens.
- Speed and reliability improvements
Token Launch Sniper TBC
Our infamous token launch sniper will begin migrating cross-chain over the coming weeks. Details of this expansion are yet to be confirmed.
Further Q1/Q2 Roadmap Items
With the coming weeks locked in by our team, it was time to reveal what else is being planned for the start of 2022. Our team hopes to have the below completed by the end of Q2 2022.
Affiliate/Referral Program This is a new approach we are adopting in the aim of drastically increasing tool adoption, particularly on new chains that we’re expanding to.
We have noticed that some of our dedicated community has been keen to recommend Bogged Finance to their friends and family, and felt that an affiliate/referral program would be an ideal way to reward these people, as well as increasing the number who do so.
The program would work based on referral URLs, which users can send to people as they please. When a recipient uses this URL to use any of our tools, the sender gets to keep a portion of the $BOG fees.
More chains for BogCharts, including Ethereum This will require some behind the scenes work to ensure that our users get the standard of data delivery that they’ve come to expect from us.
Time Lock Staking LP providers will soon be able to lock their stake for a set period, which will give them a reward multiplier. We also expect to use this to provide priority multipliers for tool usage, meaning locked stakers can avail of a lower barrier of entry(cost) if they wish to use our tools.
LP Aggregator Users will soon be able to add or remove LP from any supported DEX through Bogged Finance, making the process smooth and unified no matter how many DEXes you use. This is part of some future expansion plans that we have.
Farm Aggregator Similar to our planned LP Aggregator, but for DeFi Yield Farms. Not planned to be a yield optimiser as of now, but this may be considered further down the line.
DCA Tool Will allow users to automatically DCA (Dollar Cost Average) in and out of tokens over a set period. This is a popular long-term trading strategy that allows investors to average their entry price over a period of time, cushioning them against short-term fluctuations.
UI, documentation and Usability We endeavour for Bogged Finance to be accessible by anyone, regardless of technical knowledge. As part of this, we are implementing the below:
- More BogAcademy Articles
- UI improvements with a focus on ease of use
- Support System — An inline chat client that will instantly connect users to a Bogged Finance team member if needed.
- Full tool documentation
Other questions of note
As part of the AMA, we took questions from community members, and some interesting ones were raised, as laid out below:
Where will the cross-chain liquidity come from? Will BSC liquidity be removed?
We have an allocated seed liquidity ready to use on our upcoming chains, but we also expect that some current LP providers will move over to avail of early adaptor APR rates. The liquidity levels will naturally stabilise as APR rates react to this movement. We don’t expect the BSC liquidity to take a big hit due to how substantial it is, and the rate we’ll be moving on to new chains.
What will happen to the $BOG circulating supply?
In short, the circulating supply will remain the same, but spread over every new chain. Example: if someone were to bridge BSC BOG to AVAX, then the BSC BOG would be burned and AVAX BOG would be minted. This happens in reverse when bridging AVAX to BSC.
What will the cross-chain fees be?
The fee for bridging $BOG will be between 0.2% and 0.3%, all of which will be distributed to the receiving Liquidity Pool.
Will I be able to seamlessly swap tokens on BSC to tokens on AVAX?
Not at launch, but this functionality is planned for the near future. Fees will be standardised at 0.5%
How do I know that the bridge is secure?
All cross–chain transactions will be verified and signed by multiple validators. A TX will not be submitted on a receiving chain until multiple signatures have been received. This system is comparable to many other large stablecoin bridges. Our cross-chain contracts have been vetted by CERTIK, and the preliminary report has found no issues.
What are these rumours of a large partnership?
January was supposed to be the month where we announced the famous Bogdanoff Twins as partners. We had exciting plans with these crypto icons, but these were tragically cut short when they passed away. Our thoughts are with their close friends and family at this time, and our team will always fondly remember them as enthusiastic, charming and very knowledgeable about Bogged Finance.
Are there any plans for an upcoming governance vote?
We plan to use slightly different tokenomics on AVAX. The numbers aren’t confirmed yet, but the total fee will likely be smaller. After a short while of running this way, we will run a BSC governance vote to see which tokenomics model the community prefers.
Any updates on BogFolio?
BogFolio has been in the works since its announcement, however development was slowed down to focus on BogCharts, which we deem more important when it comes to reaching as large an audience as possible. We will continue to release development updates on this large project over the coming weeks.
What are your thoughts on the long-term sustainability of this project? Do you have a resilience plan in the case of poor market conditions?
Unlike most other crypto projects, we have the benefit of not just relying on the performance of our token to stay afloat. Our tools suite is reporting healthy usage and forecasts show that we have the ability to easily adapt to any market conditions we may encounter. Another benefit that we have over similar crypto projects in a market downturn is that stakers can benefit during this time, as a portion of revenue is distributed to them.
Summary and closing words
As you can see, we have plenty planned for the coming months. We can’t wait for the next stage of our cross-chain takeover, and we’re looking forward to welcoming many more Bogged Finance users on board. We hope 2022 becomes the year Bogged Finance starts to cement its rightful place as the one stop shop for all things DeFi trading.
-The Bogged Finance Team