Beta Finance announced last Wednesday, August 11, through its Twitter account, that it will begin the launch of its phase 2 on August 18. According to the company, for Phase 1, users will be able to lend, borrow and sell tokens from their Beta Verified Markets, and retroactive BETA rewards will be distributed to early users.
“We are pleased to announce that Beta Finance, the first Alpha Launchpad project, will launch on Ethereum on August 18! For those joining now, Beta Finance is a no-permission money market protocol to lend, borrow, and short sell crypto assets. Our mission is to offset the volatility of cryptocurrencies by allowing DeFi users to hedge risks through short circuits in the chain and facilitate greater stability in DeFi. With our launch, DeFi users will be able to get an additional high return on their assets, borrow crypto assets and have access to a seamless and integrated short sale experience”, he said through an article published on the Medium platform.
The company explained that the launch will be divided into two phases, with Phase 1 starting on August 18. In Phase 1, they will allow users to lend, borrow and sell assets in verified beta markets only. These Beta Verified Markets are protocol tokens that have been evaluated to be safe for our users to interact with, and users who interact with special Verified Markets will receive additional BETA rewards.
According to the company, for the launch, all verified markets will use Chainlink’s band protocol and pricing oracles via Alpha Oracle Aggregator. In Phase 2, they will allow users to create money markets for tokens without permission and automatically, and will immediately be able to lend, borrow and sell assets in all markets.
“Our native BETA token will not launch with Phase 1 and will be announced later. Fear not, there will be a sizeable retroactive BETA rewards distribution for early Beta Finance users who begin lending, borrowing and short selling at our launch on August 18”, he added.
How to use Beta Finance at launch?
The company indicated that early users of the protocol (lenders, borrowers and short sellers) will be entitled to BETA rewards through a retroactive reward distribution. To interact with the Beta Finance protocol, users will need a MetaMask wallet that is connected to the Ethereum Mainnet.