Blastoff Finance Launches: Battle of the Hodlers!!
We are very happy to announce the launch of Battle of the Hodlers our new DeFi product. Battle of the Hodlers is created to prevent people from selling their top crypto too early and earning more of it in the meanwhile.
For Battle of the Hodlers, we will launch multiple hold pools for a variety of crypto assets. Each hold pool has a stake token, lock duration, and a penalty amount for unlocking too early. Each time someone unlocks before his lock duration has ended the penalty is distributed and auto compounded to the other people in the hold pool.
If you stay in the pool until your lock duration has ended you can unlock your assets without a penalty. When you are the last person left in the hodl pool, no penalty is applied for unlocking your assets, regardless of the lock duration.
You can stay as long in the pool as you want, so even if your lock duration has ended you can stay in the pool to collect the penalties from people who leave the pool before their lock duration has ended.
Initially, we will launch BLAST, BLAST-BNB LP tokens, BNB, bUSD, and ETH hodl pools first, but more assets will have hodl pools soon!
When you stake in a hodl pool you’ll receive claim tokens. So if you stake in the BLAST pool for example you’ll receive bhpt-BLAST tokens.
In the weeks/months to come, these claim tokens will be incorporated into other products we launch so your tokens don’t get idle in the hodl pools.
The hodl pools are equipped to charge performance fees for the Blastoff Finance ecosystem. These fees are taken from the penalty amounts when people unlock too early from a hodl pool. Initially, the pools are deployed with a 10% performance fee. These fees are collected within the hodl pool contract itself.
Everyone can call the function to distribute the collected fees and get’s a portion of the distributed fees to cover the gas costs and incentive to call the function. The executed fee is also 10% initially but the performance and executer fees can be changed with community votes.