White paper: https://docs.backbonelabs.io/
- bLUNA-LUNA pair: Terra Finder 4
- bLUNA-LUNA LP token: Terra Finder 1
- GraveDigger: https://gravedigger.backbonelabs.io/
- BackBone Labs twitter: https://twitter.com/BackBone_Labs
- BackBone Labs discord: Backbone Labs
- Audit: Audit report by SCV
- Due to the similarity to STEAK, parts of the proposal have been applied from ARC-18: Incentivize STEAK-LUNA liquidity 3
boneLUNA is a $LUNA liquid staking protocol similar to $STEAK, $LUNAX, $ampLUNA. Users stake $LUNA to mint $bLUNA token, which represents their ownership of the staked $LUNA and can be used in DeFi applications. As the staked $LUNA continues to generate interest, on the other hand, we provide you a liquid staking derivative (LSD), which is a token that can be reinvested to further increase your investment. In order to realize this, we will implement several DEFI products in the future. $bLUNA is connected with multiple
Orbital Command, NFTSwitch.xyz, Capapult Finance, Gidorah, Hermes Protocol, PFC, Redacted Money, TerraSpace, Skeleton Punks and BackBone Labs. The Alliance was formed to resurrect Bluna as a hyper incentivized community base token that will allocate 70% of fee generated to LP providers.The remaining 30% fees generated will go to the Skeleton PUNK DAO.
Compared to other liquid staking protocols, $bLUNA has the following characteristics:
*** 70% of the fees generated will go to LP pool providers on the Astroport DEX**
*** 30% of the fees generated will go to the Skeleton Punk DAO**
*** 100% goes back to the community BackBone Labs KEEPS NOTHING!**
*** Dual incentives rewards from Gravedigger($Luna) and Astroport ($ASTRO)**
*** Muti-sig wallet - 5 signees**
“A Decentralized economy really does need decentralized money.”
The points made by Larry0x in ARC-18 4 are still applicable to $bLUNA:
“We believe a healthy competition between multiple LUNA liquid staking tokens is crucial for our network’s economic security. Having a big proportion of staked LUNA controlled by only one or two protocols is dangerous, especially if such protocols: 1) are not subject to the governance of Luna holders, and 2) are under heavy influence of VCs and institutions.
Furthermore, $bLUNA will help empower validators who contribute value to our network, instead of many of the institutional validators who do not participate in governance, do not engage with the community, do not contribute to the growth of Terra DeFi, most often pumped to the top of the validator leaderboard through the not-so-transparent election process of certain liquid staking protocol(s).
Therefore, we believe it is highly beneficial for Terra, and hence for Astroport as well, to incentivize $bLUNA liquidity, which increases its utility and adoption in Terra DeFi.”
As multiple apps are set to be released in the next few months, they’re only a few selected LSD pairs currently in Astro. $bLUNA will be an addition to the current limited LSD paired in astro.10% of the interest being generated each time we auto-compound your assets as a performance fee and put it into our protocol treasury. The remaining 90% of the $LUNA interest will be restaked for you and generate additional interest for you from this point of time on. As already said, those performance fees will be given back 70% for LP providers of $bLUNA-$LUNA and 30% to the Skeleton Punk DAO (the Skeleton Punk holders). BackBone Labs doesn’t keep any of it! $bLUNA uses a XYK liquidity pool model, meaning it generates 6x more fees than the stableswap pool. With the same volume, it generates 6x more fees for Astro stakers .
We propose that the Astral Assembly incentivise the $bLUNA-$LUNA LP with an alloc_point value of 6,666 in the Generator contract and reduce incentives from $LUNAx-$LUNA LP and $ampLUNA-$LUNA LP 6,666 to keep both pools with similar alloc_points, thus, ensuring a fair emission for LSDs. Any future changes in the alloc_points can be determined via gauges or further proposals.
Propose Astro Generator Setup
|Pool||alloc_points||Percentage Astro Distribution|
|Total alloc_points assigned||102,050|
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