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Near-Based DeFi Protocol Bastion To Launch BSTN Token At A $180M Valuation
Bastion, the largest DeFi protocol on the Near blockchain, will be allocating 5 billion BSTN tokens with trading set to begin just before midnight UTC on Thursday.
Uzma D.
2:08 21st Apr, 2022
DeFi

Near’s largest decentralized finance (DeFi) protocol, Bastion, is launching its own token in a sign of the continued rapid development of the Near ecosystem.

The BSTN token will trade on Trisolaris, a decentralized exchange on Near’s EVM-compatible layer Aurora, beginning 23:59 UTC on Thursday, April 21.

Bastion is a lending, borrowing and exchange protocol that first launched in March as a fork of the popular Ethereum-based DeFi protocol Compound.

“We’re able to double the utility of the protocol while using the same amount of liquidity by re-using deposit receipt tokens,” pseudonymous Bastion founder N^2 (“Near Squared”) told CoinDesk in an interview. “No other DeFi protocol has done this.”

Within the span of several weeks, Bastion has grown to about $620 million in total value locked (TVL), according to Bastion founder N^2.

However, data provider DeFi Llama has the protocol at $507 million in TVL, a figure N^2 says omits the $110 million in its exchange protocol.

Regardless, DeFi Llama has Bastion as the largest DeFi protocol on the Near blockchain.

BSTN token:
Bastion will be allocating 5 billion BSTN tokens at a $180 million valuation, according to pitch deck materials shared with CoinDesk. The initial circulating supply will be around 12.6%, or about 630 million tokens.

Bastion’s new token will give holders governance rights, including input into the development of the protocol and the ability to vote on fee models, gauges and staking in a decentralized manner.

Approximately 15% of the 5 billion total tokens will go to investors and 25% will go to team members and advisors. In addition, 30% of the tokens will be set aside for liquidity mining incentives and 30% for the protocol’s treasury.

Eligible users who pre-mined on Bastion or participated in Bastion’s lockdrop IDO will be able to claim their BSTN airdrop on the token’s launch day.

Holders of the BSTN token will be able to earn yield on their tokens by providing liquidity on Aurora’s decentralized exchange Trisolaris and also stake their BSTN tokens in the Bastion app or Aurora Realm, Bastion’s isolated lending market for Aurora ecosystem assets.

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