One of the key findings in our latest survey was the confusion of unstaked BYN on the platform.
The auto rebalancing function was designed to help and guide users to ensure they are eligible to receive full rewards. Users were emphasizing that the auto rebalancing could be also viewed as the platform arbitrarily staking any available BYN on behalf of the user. As Beyond is in full support of complete decentralization, we understood and implemented a function change in our latest update.
As a result, the auto rebalancing function was removed.
However, after the update, there were numerous enquiries from users & community members on the removal of auto rebalancing function. Many stakers who did not participate in our survey clearly pointed out that the auto rebalancing is useful and were benefiting from this function. The removal went against their strategy of having unstaked BYN on standby, and automatically meet C-Ratio requirements thus always being eligible for maximum weekly rewards. Many pointed out that, compared to other Synthetic based platforms, this function benefited the users rather than the platform.
Unfortunately, due to non-participation, this was not reflected during the survey. So although we provided manual staking as per the function change, where users can stake additional BYN to meet 300% C-Ratio, this process appears to be burdensome for many users.
Ease of use and decentralization are two of the fundamental pillars of Beyond platform, therefore another development update is in process.
We will implement and provide an interface where users may choose to enable/disable the auto rebalancing function.
For Auto Balance Users
Therefore, for users that enable the auto rebalancing option,they do not have to bother with BYN and synthetic asset price fluctuation, as the system automatically calculates and meets the C-Ratio at 300% as long as there is enough buffer for unstaked BYN for the user.
For non-Auto Balance Users
Those users who prefer nothing be done automatically, and prefer all their assets be adjusted manually, can disable the auto rebalancing. By doing so, only the staked portion of their asset is locked and all unstaked portions of their BYN will remain unchanged (despite asset price changes) and able to transfer anytime, as they wish.
Since this interface for auto rebalancing requires some development work, in the meantime, we will keep the auto rebalancing on as in the previous version. This decision was made since many users failed to get this week’s reward due to the update, while manual staking appears to be not an effective way for users to meet the C-Ratio requirement.
How do we compensate?
According to the development schedule, resumption of auto rebalancing will be redeployed mid-next week. Since the manual staking caused confusion to some users and there’s a possibility that number of users may also miss next week’s reward as well, we decided to skip next week’s weekly reward, which is supposed to be distributed on midnight UTC, Nov. 1 Monday.
As several users did not receive this week’s staking reward due to the update, and next week’s reward will be skipped to avoid confusion, we decided to increase weekly reward by three-fold (270,000 BYN) after the resumption of the auto rebalancing to compensate for any losses caused due to the update.
The three-folded weekly reward will be distributed on Nov. 8 Monday, midnight UTC. To be entitled to receive this reward, please keep enough unstaked BYN as buffer and check the C-Ratio stays over 300% before the snapshot time. Auto rebalancing will be activating before the distribution date.
We value your feedback and the team here thank all our users & community members for all their support.
Let’s go Beyond!
About Beyond Finance
Beyond is a decentralized synthetic product trading platform where users can create and trade synthetic financial products, unlocking the full potential of decentralized finance and derivatives without limits. With prominent key partners including Huobi Ventures, and OKex Block Dream Fund, Beyond Finance allows users to trade decentralized products without any restrictions, allowing individuals to reach their fullest to fully realize the value of Decentralized Finance.