Community Update — The Months Ahead

Community Update — The Months Ahead

Benchmark Community,

Development around the first few major updates is reaching the final stages before main net deployment. Notably, the MARK Rebase Algorithm, BEND token and Marketplace have all been performance tested and we are happy with the results. We are humbled by the research, testing, and development involved in making a new DeFi primitive that will stand the test of time and function appropriately under a decentralized governance model which will be the final and most critical step for the Benchmark Protocol Ecosystem. This roundup is a reminder for the community who we would like to sincerely thank for their support and contributions with feedback.

MARK Token Rebase Algorithm

The new high-frequency rebase mechanism that utilizes public rebases and the Chainlink Keeper network is practically ready. At this stage, we are currently waiting for Chainlink to adapt our price feed on the test net for final testing.

We are considering eliminating the VXX component to advance the rebase in a fluent and efficient way, not previously seen by the market. By removing the VXX, we will be able to pave the way to make the rebase function public and callable by anyone.

BEND Token

BEND distribution is prepared and will take control over important parameters of the rebase function shortly after its release.

To recap, BEND is a governance token that will be giving holders voting rights to determine the frequency of releases, voting rights to govern rebase stretch periods, and voting rights to regulate additional parameters of the rebase functionality. We will be ensuring that the launch of and distribution of BEND will be fair and widespread.

We again appreciate your support and encouragement as we finalize and deploy all of these new products that will revitalize the Benchmark Protocol Ecosystem and create new opportunities for DeFi at large.

The Benchmark Protocol P2P Marketplace

The backend is fully developed and we are working solely on the UI right now.

Finalizing the UI is easier said than done and will require additional time before the Marketplace is deployed. In full transparency, we expect this to be complete and deployed in the coming months as long as there are no unforeseen challenges. We apologize for the additional (but final) delay, however, it is necessary. Shigeru Miyamoto famously said “A delayed game is eventually good, but a bad game is bad forever.” The UI must be future-proofed with composability for the upgrades that are planned for Ethereum, Polygon, etc and it must also accommodate ERC-721 (NFTs). The user experience must have the least amount of gas costs and require minimal interaction with outside platforms so that the Marketplace can scale. As previously mentioned, we have discovered all-new use-cases that we expect DeFi users will leverage the Marketplace for beyond simply lending/borrowing. The Marketplace will be a strong driver for adoption into the MARK token and the best use case for non-collateralized collateral. The MARK token has the second-longest track record for successful daily rebasements and sustaining its peg after Ampleforth. This is a feat we are proud of and makes us confident that MARK will be the go-to currency of choice for denominating value in the Marketplace. Loans will be incentivized with no fee structure if MARK is utilized on one side of the loan. Fees generated from such a scenario can be utilized for token buybacks, burns, and as a reserve for future expansionary efforts.

About Benchmark Protocol

Benchmark Protocol mitigates liquidation events and hedges risk with the MARK token; a supply elastic, stablecoin-alternative that connects traditional capital markets to DeFi. The protocol operates as a rules-based utility that dynamically adjusts supply based on the CBOE volatility index (VXX) and deviations from the target metric — equal to 1 Special Drawing Rights (SDR) unit. Employing the SDR creates a larger use case rather than exposure to just one currency; the application of this creates a larger user base and delineated exposure to markets around the world. The DeFi space needs a collateral utility that retains its efficacy and increases inherent, baseline liquidity during periods of high volatility. Benchmark is built on the Ethereum blockchain. The MARK token is the native asset in the Benchmark network and provides only the utility value available to it through the Benchmark network.

Learn more by visiting the project website

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Community Update — The Months Ahead was originally published in BenchmarkProtocol on Medium, where people are continuing the conversation by highlighting and responding to this story.

View full article at Benchmark Protocol

Background Photo by Alexey Alabuzhin on Unsplash

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