Collateral Proposal: xBOMB on BSC (High APR BTC peg token)

Hi all!

Our protocol, bomb.money, is a rapidly growing ecosystem based around our primary token BOMB. BOMB is pegged to BTC at at 10,000:1 ratio, and peg is maintained via seigniorage.

xBOMB is the governance token of our protocol, our users can receive it by staking their BOMB.

While over peg, we enter expansion phase, and mint new BOMB. 20% of all minted BOMB is directly sent to the xBOMB contract, which allows it to have a high APR.

Allowing users on BSC to utilize their xBOMB as collateral to borrow MIM would be a game changer on BSC, and bring much new traction to the Abracadabra Money protocol. It has the safety of BTC, combined with high APR.

I have deployed an oracle which uses a combination of a chainlink BTC_USD price feed, and our own protocols time weighted average price oracle of BOMB/BTCB. I have deployed a clone of the same master contract that wBNB is using. As well, for demo purposes, I deployed a copy of the Abracadabra site with a few changes to be wired up to the production ready contracts I’ve deployed. I only deposited a very small amount of MIM for borrowing, but enough is there to test.

For anyone looking to test, BOMB can be bought here and staked here.

Once you have an xBOMB or two, you can test it out: https://abra-demo.bomb.app

I’d love to bring this to governance vote, I am sure it will do amazing things for MIM popularity on BSC.

Please let me know any feedback on what I have mentioned, or questions about the implementation of our oracle/master contract clone.

Aaron Shames
BOMB Money

68 Likes

This is an amazing idea. It should be implemented ASAP to provide more options for the BSC wing of abracadabra. It will provide a lot of exposure for all parties involved and ultimately help to innovate the space significantly.

38 Likes

i would love to see this happening!
looks pretty beneficial for both parties

35 Likes

would be a match made in heaven imo

34 Likes

This is going to be so good for both Bomb.money and Abracadabra. I really would love to use xBOMB as collateral on Abra. Great idea, I would really love to use Abra on BSC, with xBOMB

35 Likes

These two would work out awesomely!

33 Likes

I’ve been waiting for this! I love BOMB, and using xBOMB as collateral on Abra is going to be a very great. It would be beneficial for Abra and BOMB, Win-Win. It will do a great job for Abra on BSC too

33 Likes

Introduced to abracadabra.money through the Bomb community. Would love to see xBOMB on here - seems like a perfect match!

33 Likes

I finally understand the idea now. That’s awesome. Notice me abracadabra.money senpai

31 Likes

Huge, absolute bonkers Combo , Defi to the next level

30 Likes

Aaron from bomb is one of the best crypto Devs out there. Fully doxxed, AMAs all the time etc matching bomb with abracadabra would be a very smart move

31 Likes

It has a relatively high interest for MIM (3%) so Abracadabra can generate good revenue for sSPELL holders, and low 75% max borrow for MIM safety. I deposited 700 MIM so people can test the contract


35 Likes

Great idea and nice project! :slight_smile:

34 Likes

A game changer and a win-win for Bomb and Abra.

32 Likes

Wow this is an awesome idea!

What a perfect match!

30 Likes

This is huge man, can’t wait to use it!!

30 Likes

This would be amazing and provide so much value to both protocols. Great idea, I’d love to see it.

29 Likes

This will be massive! Make it happen!

30 Likes

Yessss I have been waiting for this! It will be amazing!

29 Likes

This is game changer. You can’t be earlier than this. BOMB is the FUTURE !!!

30 Likes