$120 000 000 USD
DESCRIPTION OF EVENTS
"bDollar is an algorithmic multi-peg stablecoin running on Binance Smart-chain." "bDollar Protocol is designed by the Bearn.fi team as the first algorithmic stablecoin on Binance Smart Chain. It involves an innovative solution that can adjust the stablecoin's supply deterministically to move the price of the stablecoin in the direction of a target price to bring programmability and interoperability to DeFi."
"Inspired by Basis and its predecessors, bDollar is a multi-token protocol that consists of the following tokens: bDollar (BDO), bDollar Shares (sBDO), and bDollar Bonds (bBDO) and multiple Multi-Pegs Tokens."
"Completely decentralized on-chain governance." "Although many wide variety of stablecoin mechanisms exist, bDollar Protocol specifically uses an “algorithmic central bank” approach to manage the supply of tokens according to a predetermined logic. The algorithm is in charge of balancing stablecoin supply to a fluctuating demand, ensuring that the token price remains relatively stable."
"bDollar Shares loosely represent the value of the bDollar Protocol and trust in its systemic ability to maintain BDO to peg. During epoch expansions (when TWAP - time-weighted average price of BDO is above the 1 $BUSD peg), the protocol mints BDO and distributes it proportionally to all sBDO holders who have staked their tokens in the boardroom."
"Additionally, sBDO are used to achieved a completely decentralized on-chain governance where sBDO holders have voting rights and the ability to create proposals to improve the protocol. sBDO has a maximum total supply of 100,000 tokens. 15,000 sBDO are allocated to the team and DAO (7,500 each) and vested linearly over 12 months. The remaining 85,000 sBDO are allocated for incentivizing Liquidity Providers in 2 shares pools."
"During previous contractions, boardroom stakers didn’t get any rewards while (TWAP below 1). But after several updates this has changed to also benefit all the shareholders staked in the boardroom and be rewarded with a very good APR even when in contraction."
"Important Updates: 10% of the BDO from the Bought-Back Fund will be sent to incentivize the boardroom during contractions. 5% of the BDO used to purchase bonds are sent to the Boardroom instead of getting burned right away. The first 15 minutes at the start of each epoch, all boardroom stakers are allowed to use their pending boardroom rewards to purchase bonds with no lockups nor tax applied. 5% tax will be charged (to burn) from the claimed BDO rewards if TWAP is within range (1.00, 1.025) and 10% if TWAP is less than 0.998."
"Total Value Locked of bDollar ATH: $120M+" reported on March 1st, 2021.
"Since the beginning, we have formed an idea about creating a Seigniorage protocol that is able to give out Multi-Rewards for Boardroom stakers, and this is where the state-of-the-art Multi-Pegs concept comes from. We consider this concept ready to be brought forward and implemented, which will mainly help give BDO but also bBDO, sBDO, BFI, (sBFI) some newly added innovative use cases and increase the incentives to those loyal bDollar Community members."
"Building further on the existing Seigniorage concept, [after March 31st, 2021] we will create new Algorithmic assets never seen before on the Binance Smart Chain network and the first we are very excited to introduce is bpDOT — the next Algorithmic token running under bDollar Protocol, which will use sBDO and current Boardroom for its Seigniorage mechanism, effectively making boardroom give out “Multi-Rewards” (Up to 20+ rewards)."
"Due to the recent accelerated growth of the project, we have come to the conclusion that the current BDO smart contract is not flexible enough to support the vision that we wish for it to encompass. Thus in order to open up more possibilities and to have a greater impact on the success of the ecosystem — we have decided to make some significant changes. We are thrilled to introduce to you our new concept for BDO V2.0!"
"In order to bring stability to the value of $BDO, going forward it will become partially collateralized in order to support it as a fully decentralized stablecoin and give it the tools it needs to maintain a peg value of $1."
"In the period of mid march 2021 you can see the protocol had achieved a near perfect peg of 1$ for BDO (this was the time before other multi-pegs were implemented). Unfortunately, due to a combination of various conditions - the majority of the community fell into a spiral of panic selling of the valuable asset sBDO (worth 8-8.5k at the time) when BDO was just under 1$ (0.99998). Since BDO was never under peg for an extended period before this time - many investors panic-sold sBDO because the boardroom was not minting new BDO tokens during this time of contraction. This lead to a cascading dumping of the price that the protocol is at this time still trying to recover from. Unfortunately, the damage to sentiment was significant."
According to CoinGecko and Nomics, the stablecoin had already started to lose it's peg as of March 24th, 2021.
"31 March 2021: Multi-Pegs introduced with bpDOT."
On April 4th, 2021, "bDollar [was] selected as top 5 Most Valuable Builders (MVB) on BSC" and "Certik has been working through the audit process for the bDollar smart contract and comes to the conclusion that all of the functions in the protocol have proper access restriction and parameter sanitization when necessary. The equity was found to be calculated correctly for each of the accounts. Most of the findings are optimizational."
"Fortunately - the innovation and determination of the team is still there. The team has not stopped building and improving their ecosystem, and they are not giving up on their effort to regain market sentiment."
bDollar price [as of November 4th, 2022] is $0.033493051191 with a 24-hour trading volume of $712.51.
bDollar was a purely algorithmic stablecoin, designed to adjust the supply to maintain a price of $1 USD. The total value locked reached an all-time high of $120m on March first, before some controversial changes were introduced to the protocol by the team. By March 24th, 2021, the protocol had lost it's peg. Awards, audits, and even the launch of bDollar V2 failed to restore the peg. Some portion of the amount invested was successfully withdrawn as the price fell.
HOW COULD THIS HAVE BEEN PREVENTED?
The bDollar protocol failed to have any collateral or insurance to protect users in the event of a depeg.
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