Auction Bonding: Nemesis Network is proud to be the first to introduce Auctioned Bonds on DeFi
Greetings everyone! As you all know, Pro Staking Pool has been set as the next step of Nemesis Pro regarding its roadmap, however, due to some circumstances such as the high demand on Time-Lock Staking, which has rendered many of our users’ tokens unavailable for the Pro Pool. Additionally, already having two staking options for NMSP, made us reconsider our plans. Consequently, we have decided to put the Pro Pool on hold and concentrate on RBS and Auction Bonding as our next feature in line.
Auction Bonding (BETA)
Auction Bonding is not only a unique feature for Nemesis Network but also for the entire DeFi. Apart from being an essential part of the integration process since the feature includes tokens from both projects as well as our cross-platform token NMS LP, another key feature that makes Auction Bonding significant is that it is a vital component of the RBS (Range Bound Stability) system of Nemesis Pro, which will be initiated after full release. Hence, it is crucial for Nemesis Network that this system works flawlessly and smoothly. Although it is ready for release, we have decided that a Beta process is necessary before a full launch to weed out any possible bugs and receive the feedback of users. During this Beta process, we plan to further develop Auction Bonding and in the meantime, perfect it based on our own observations as well as your feedback and preferences.
The beta release will be initiated on Helena and only include one auction type, allowing users to bid with WINGS tokens to earn NMS LP tokens in return. Nemesis Treasury will allocate 100,000 NMS LP for this pool, and each round 1% of the tokens stored in the pool will be auctioned. The round will start with a 120 minutes timer, users then will be allowed to bid on the round. The next bid should always be at least 1 WINGS higher than the previous bid. If there are less than 15 minutes left on the round, each new bid will reset the timer back to 15 minutes. The top-three bidders will win the auction, 1st place receives 55%, 2nd place 30%, and 3rd place 15% of the round reward. Players who dropped from the leaderboard will get 90% of their WINGS bidding back. This should be kept in mind that those who win the round only receive the rounds’ awards and will not receive their bidding back.
In the end, 50% of the collected WINGS will be burned; the other 50% will be converted to HELENA, then to BUSD, and be added to NMS LP Reward Pool.
How does the beta program work?
The Beta test for our Auction Bonding (BETA) on Helena dApp will last through May. During this period, anyone can use and test the feature. If you encounter any bugs, please inform our Discord or Telegram moderators. Your feedback and opinions are valuable to us, and they could play a significant role in improving this feature and Nemesis Network alike.
Discord (Helena): https://discord.com/invite/ht2N3vrdv9
Discord (Nemesis PRO): https://discord.gg/b8CUaukZn6
Telegram (Helena): https://t.me/helenafinancial
Telegram (Nemesis PRO): https://t.me/nemesisdao