DeFi fall, and how BBQ project may bring the end to this Chaos
DeFi’s mining coins faced a dramatic decrease in price today, TUNA’s price is below all expectations, ROSE USDT pool lock million of USDT twithought any chance to withdraw them, and YFII is a complete scam. In the words of the leeks.
Here is the classification of current Defi mining:
- The project runs away;
- The project’s price decrease dramatically;
- The pool’s code vulnerability lockes all of the assets;
- Pure scam
- No liquidity
- Project gets hacked
- Unexpected token’s mint
During such waves, new heroes are born. YFI and YFII will always be the legends of this era. They brought Defi to the top. But a pile of identical projects lowered the whole level of this era. Right now, an average project’s survival time from the launch to an end cannot reach a mark of even 4 days. There are no new ideas, and there is no desire for users to hold mined tokens for a long time.
But recently I saw a new project that is very interesting in my opinion. Its name is BBQ, the token of Barbecue Capital. In my opinion, it may be the trendsetter of the entire Defi ecosystem now.
And it is really simple why. A model of this project is truly connecting values of different projects, supports each other, and effectively extends the life cycle of the project. Let’s take a look at their model.
First of all, they have 3 mutually supporting projects, Tesla (TSLA)\Agate (AGA)\Barbecue (BBQ), which are all Defi projects issued on TRON. Among them, TSLA and AGA are conventional mining projects. Issuance in the form of private placement can be regarded as the management token of the entire ecological alliance.
First of all, TSLA (https://tslafi.network/#/) has basically been in a completely decentralized state since its launch. There are no liquidity pools that are used now to dump the price, and the price is basically determined by users’ free trading behavior. Now it seems that the project is actually doing deliberately well and without harming users and has a great community that was formed really fast.
Agate AGA (https://agate.finance/#/) is a project that has been audited by the Chuangyu Company. This makes this project at least hundred times more trustable than a bunch of other projects out there in the market. Secondly, AGA has no pre-mining at all. When first time noticed the project, it had just been online for an hour or so, and during this time the project was not been able to influence the price, and Agate team managed to control their asset not to get listed on JustSwap and the whole trading of the token was managed in the “over-the-counter trading” group, avoiding the risk of the price to be dumped. To conclude, AGA’s market potential is huge, and the over-the-counter price has now reached 5 US dollars.
Judging from the performance of TSLA and AGA, the project behind it is not eager to cash out, and there is no plan to sell a large number of tokens to dump the price. The project is controlled either by some giant capital or technical geeks.
Finally, let me talk about the most potential project, BBQ. The “Genesis round” (Token Sale) of BBQ supports USDT/TSLA/AGA/JFI, 1BBQ=1USDT, but TSLA and AGA have a higher exchange ratio, and make it is more profitable to use TSLA and AGA during the Token Sale.
The use of funds raised by BBQ’s Genesis round is also an interesting part of the whole project’s part. According to the official announcement, 60% of the Genesis round’s funds will be used for providing liquidity, 10% will be used for BBQ Airdrop to TSLA and AGA holders and 30% will be used to buy back BBQ from the secondary market. If all of these ideas are achieved, then BBQ directly solves the liquidity problem and perfectly combines three tokens together in one ecosystem.
After the Genesis round, there will be an Angel round. The time of the angel round has not yet been determined, but the general plan has been announced. 35% of the total supply will be used for distribution in the angel round. Fundraising tokens include SUN/TRX/BNB/OKB/HT/TSLA/AGA/SUSHI. From this list, we can see that BBQ’s ambitions cover almost all mainstream tokens. What’s more interesting is that all funds will be BURNT by the project.
In addition, because I am very interested in these projects, I made a small research about the follow-up plan for BBQ. The team behind BBQ will develop more products on TRON and will launch them in around January, 2021, and all of the products will support BBQ as the governance token.