BlockSwap Network, an automated stake liquidity protocol for PoS chains will soon provide exclusive access to BSN beta products. These are stable savings products that promise to benefit users with steady long-term income and preserve their capital. According to the official blog, the CommunityNet will incentivize the test users for over 5 months and will distribute approximately 250,000,000 tokens. This is a critical component prior to the BSN main-net as it will bridge any gaps between the users and products’ functional utility.
During the 5-month long period, the users will gain access to all the BlockSwap products by using the BSN CommunityNet token. Effectively, the users can carry out activities like staking for an LP share, governance-related incentives, and more. While doing that, they will earn more tokens. Furthermore, these tokens distributed during the CommunityNet tokens can be redeemed on the mainnet in a 1:1 ratio.
Recently, BlockSwap unveiled its revolutionary product, Stakehouse. The product uses a drastically different approach to overcome almost every issue faced by an ETH2 staker.
What is BlockSwap trying to achieve?
BlockSwap is on a mission to support the redistribution of wealth in a fair and open manner. The incentivized testnet will allow the project to use staking as a layer to establish the below:
- Remove token distribution parity
- Early community members can discover the utility of the product without any monetary loss.
- The CommunityNet feedback will give the BlockSwap project team an opportunity to converge the functionality of products towards user’s needs.
More about BlockSwap
BlockSwap is providing a financial fallback for everyday users. The existing Nations Savings systems across the globe are broken. The coming generations need more structured products that offer fixed income. That is what BlockSwap Network is aiming to provide such a saving system by bringing universal basic savings to Proof of Stake Networks.
In February 2021, BlockSwap was selected for the Algorand Europe Accelerator program out of 200 product applications. The program will run till April 2021 and BlockSwap along with 10 other projects will receive $18,100 in seed funding from blockchain fund Borderless Capital.
(6/11) Startup spotlight: @Blockswap_team (https://t.co/OpaxIbsKLD) is bringing Universal Basic Savings to Proof of Stake networks, providing a financial fallback for everyday users. #buildingonAlgorand pic.twitter.com/X8a8J4G9dA
— Algorand Europe Accelerator (@algorandeurope) February 8, 2021
Products
Perpetual Stable Savings Account – Saver
Saver is a fully on-chain savings account that promises 7% APY. Additionally, it is a non-custodial account that supports both Fiat and Crypto.
Stakehouse – One-click ETH2 Staking Liquidity Platform
ETH2 staking is yet to establish itself as a realistic playground for the average Defi user. That’s because the liquidity needs to be locked, fees on rewards are high, centralized, minimum ETH requirement, no staking community, and DeFi product support. Stakehouse promises to simplify the ETH2 staking process and make it more realistic.
All in all, BlockSwap Network will bring in structured fixed-income products to the everyday user where they can earn healthy assured interest continuously.
