Testnet is here

Well folks, it was a busy January to say the least, but all of that hard work and patience is soon coming to fruition, because BuoyV2 is coming to testnet!

What will it look like?

There are four main contracts:
Buoy
xBuoy
the Governance Proxy
and the Liquidity Mine

xBuoy, our new ERC721 NFT, is designed to make staking a dynamic experience. It allows for not only the trading of staked positions, you can also vote using tokens which are locked in the liquidity mine, meaning you always have a say in the future of the platform.

What sort of voting power will we have?

The Buoy community will decide everything about how the ecosystem looks, including:

What tokens are in the pool
How those tokens are weighted
How high the pool swap fees are
Should swapping be halted
How many new tokens should be up for grabs via staking
How much Buoy can be staked at once
Turn on/off staking all together
How much Buoy is needed to delegate to new voting proposals
And more...

Buoy holders will have a say on virtually everything about about the platform: the way voting takes place, the way liquidity mining NFTs are minted, the rate ERC-20 tokens are minted, the way the Balancer pool is set up, even the future of the platform itself, because the entire ecosystem is designed to be 100% upgradedable. We can move pools, or move the old pool to a new and upgraded contract (via community vote of course).

Now moving to testnet isn't the same thing as being finished. There are still a couple of functions which haven't been fully implemented, and chances are there will be more than a few bugs to find. Just last night for instance I found a bug in NFT minting, which is the only reason the testnet version isn't already deployed! But this is a huge step forward for the projects recovery. We are back in business!

What to look for in the coming days:

Initial testnet launch - When the testnet is deployed and the community can begin testing and exploring the Buoy ecosystem.

Documentation - Basic outlines for how voting proposals are crafted, how liquidity mining works, how voting works, ect.

Brainstorming - Getting the communities feedback on the platform, how it can be improved, should we add or remove any features, ect.