We are very excited to announce a change in focus for BOMB Money – one that promises to benefit every aspect of the ecosystem!
One of the main changes will be our externally-facing focus on the BOMB Money mobile and desktop apps. We say externally-facing because our team is still entirely focused on BOMB, PHUB, and all of the PegHub protocols, but driving new customers to one product and providing a targeted user experience for them is the best way to convert new users. As a reminder, inflows from the app are put to use within our various PegHub protocols to generate yields for investors, thereby raising TVL for all of them and bringing the entire ecosystem to a healthy state.
What this means is that our messaging going forward will shift from focusing on our DeFi products to more of a new user/crypto-friendly experience. Putting yourself in the shoes of someone brand new to crypto, listen back to any of our previous AMA’s and Twitter Spaces and you likely would understand very little of what’s being discussed. This did not make for a welcoming atmosphere for new users. Therefore, going forward our weekly touchpoints are going to be focused on education, building trust, and driving people towards our app. We will hold monthly touchpoints with our existing DeFi community on Telegram/Discord via in-app chats, but want to keep our more easily-reached channels (Twitter, YouTube) focused on the app.
From a marketing perspective, although we are awaiting the iOS release before unleashing our full campaign, we are not idly standing by. With the desktop version of the app available soon, we will have another demographic to target immediately! We also continue to take advantage of our incredible relationship with Ankr. Not only do we have a joint press release going out this week to promote the mobile app launch, Ankr is attending the BNB Chain Community Event in Paris, France and they’ll be giving BOMB Money a shoutout!
Plans to grow BOMB Chain and what that means for BOMB
With our external focus shifting towards the BOMB Money mobile & desktop apps to drive customers to our single-staking products, it may seem like BOMB is being left behind. Nothing can be further from the truth!
We are accelerating our plans to get builders and protocols on BOMB Chain. We have meetings set up with a few established protocols this week to discuss expanding their offerings onto BOMB Chain and we continue to pursue more partnerships like these. The optimal target market for initial BOMB Chain expansion are protocols that already have multi-chain offerings, so adding an additional one requires minimal dev work while providing maximum benefits in the form of new userbase, more cross-marketing opportunities, and association with trusted brands like BOMB Money and Ankr for the protocols.
Adding protocols to BOMB Chain offers a number of incredible benefits for our ecosystem and the BOMB token specifically:
- Exposure to new audiences growing on-chain users and transactions
- More demand for BOMB. With BOMB being the native token, all LPs for any new tokens will be paired with BOMB creating more buy pressure the more protocols we have building
- As BOMB Chain TVL continues to grow, the liquidity in all of the pairs also grows meaning less price fluctuation even on large buys and sells.
- Another benefit to the chain growing is that as it grows in popularity, developers will want to build new protocols directly on chain to take advantage of the emerging on-chain economy – again, all of this directly benefits the BOMB token!
As you can see, although not a primary focus we really feel that the long-term success of BOMB is inevitable and with increased demand, BOMB will simply need to peg in order for there to be enough tokens to satisfy demand.
BOMB Bonus unlock update and final details
As we approach the first batch of BOMB lock bonus unlocking this Thursday, it’s clear that we expected the promotion to have more of an effect on both the price of BOMB and bringing the price to peg. Due to a number of circumstances including a continued bear market, negative sentiment in DeFi caused by countless protocols rugging, and unexpected delays with app approvals, this obviously did not happen. The BOMB team also takes full accountability for not achieving our goal to peg the token before the unlock.
As always, our community comes first and we want to give our investors the best outcome possible at all times. So, it’s important to note that everyone will have the option to receive their initial BOMB back immediately, or they can receive both their initial BOMB plus bonus tokens, albeit this will be in more of a phased approach as described below.
As we have mentioned throughout the lock period, if we did not hit peg then the additional BOMB to pay for the bonus would be borrowed from the protocol. In order to achieve this, and to minimize impact on the bridge and protocol, there are two options for those that have taken advantage of the BOMB lock bonus.
Option 1) Receive all of your initially deposited BOMB immediately upon unlock and forfeit your bonus BOMB tokens. You will still receive BOMBSWAP tokens as a reward for your participation in the lock bonus!
Option 2) Receive 50% of your initially deposited BOMB back immediately. The remainder of your BOMB (other 50% of initially deposited + ALL Bonus BOMB) is immediately put into auto vaults where the entire balance earns APR’s during its stake period. These stake positions will be vested over the course of 6 months with small portions being released daily. A few important points on this option. Firstly, this option benefits the BOMB ecosystem as a whole as it helps BOMB asset prices rise as a function of how the LPs work. Secondly, with more and more people selecting option 2, it’s very likely that the price of the assets in these vaults will continue to rise. Finally, zapping all of this BOMB into these specific LPs does not lower the price of BOMB (Aaron goes into detail about how this works in our latest Twitter Spaces if you’re wondering how that works).
Option 2 BOMB will be put to work in the following auto vaults:
- 50% BOMB/PHUB
- 20% BOMB/bitSHARE
- 20% BOMB/CZshare
- 10% BOMB/BOMBSWAP
It’s important to note that as the native token for BOMB Chain, although obviously beneficial, getting BOMB to peg is not vital for the entire health of the ecosystem. What’s more important is for the PegHub protocols to be pegged and continue to generate high yields and PHUB buybacks as that benefits both the PHUB token and the ecosystem as a whole greatly. We still foresee this happening easily with the inflows expected from the BOMB Money mobile and desktop apps.
We truly appreciate your continued support and can’t wait for what’s coming in the next couple of years as we achieve our goal of becoming the safest and largest staking platform in the world by 2025.
We are well on our way to achieving that goal!