Resonate Announces Partnership with ByteMasons Flagship Reaper Farm
We’re excited to announce our next partnership with the developers of Reaper Farm and our long-time friends: The Byte Masons!
What do The Byte Masons do?
The Byte Masons are a development collective pursuing open, secure and reliable systems focused on helping users navigate the new web and Decentralized Finance (DeFi).
During their crypto tenure, they have released and continued to maintain systems such as Reaper Farm, Pain Finance and Granary Finance, as well as pursuing Lrn.Fi — a crypto native education initiative.
Reaper Farm is an auto-compounding yield farm which maximizes user’s yields by leveraging the power of compound interest. Most prominently utilized on Fantom, it accumulated over $280m TVL at its peak — and more recently expanded to Optimism.
Throughout their endeavors, security has continued to be a core element of the Byte Masons, to the point that they offer their scrutiny as a service to other protocols through their Ventures program.
Who is behind The Byte Masons?
The Byte Masons are led by Justin Bebis, better known as Bebis — a prominent security engineer and co-host of the Blockbytes podcast. The Byte Masons grew organically from a core team of four, and now almost three years later stand 40 strong.
What are we doing together?
The Byte Masons will be one of the first protocols to create an active pool on Resonate.
They have committed to deploying $200,000 worth of OATH to this Resonate Pool in $50,000 tranches. Each tranche is projected to catalyze an increase of $1,000,000 in TVL. The Byte Masons will be offering a yield of 5% in OATH as upfront bribes to sFTMx holders to lock their tokens until 7.5% is generated in yield. The Byte Masons are our first announced partner to be using our Fixed Return Program!
This means that, in exchange for locking your sFTMx in an FNFT until it generates 7.5% yield, you can take an immediate return of $5 on your $100 worth of FTM, instead of waiting for your capital to generate that yield. You would retain the rights to your sFTMx principal locked within your own unique FNFT, while The Byte Masons would gain ownership of your future yield through the separately generated interest bearing FNFT.
Within these FNFTs, the pending interest can be claimed at any time (assuming there is yield to be claimed), either individually or batched (claim all FNFTs interest accrued at once). It is important to note that both of the FNFT’s remain fully liquid (unlike the underlying locked tokens) and can be sold on most NFT marketplaces.
So, where will the yield come from? Good question, and there’s a simple answer.
Upon committing to the sFTMx pool on Resonate, Resonate will deposit the sFTMx in the Reaper sFTMx Granary Crypt, who will, in turn, farm the sFTMx in Granary (while still earning yield from Stader simultaneously).
By purchasing yield futures on staked FTM through Resonate, The Byte Masons are forecasted to gain about $300,000 worth of sFTMx, from their overall deployment of $200,000 of OATH tokens. That’s a return of 50%!
There are a number of benefits that can be seen from this undertaking. The Byte Masons will be able to diversify their OATH treasury into sFTMx via a “Synthetic Swap” mechanism. Additionally, The Byte Masons will be able to boost the purchasing power of OATH for sFTMx through acquisition of future value of farmed FTM.
We are ecstatic for the Byte Masons to join us on this journey of bringing Yield Futures to DeFi. The news doesn’t stop here, however. There’s much more that we have brewing, and we’re sure that we’re going to win the soul of DeFi for many cycles to come.
About Resonate
Resonate is a Yield Futures Protocol developed by Revest Finance and built on top of Revest’s Financial NFT (FNFT) technology. Using Resonate, we’re able to separate the principal and interest components of a position by issuing two FNFTs; one containing the principal and the other containing the rights to future interest on that principal. Resonate facilitates the commerce of the rights to future interest by matching issuers (who want to sell their interest rights for a one-time upfront payment), and purchasers (who want to buy the rights to future interest for a one-time upfront payment).
About Revest Finance
The Revest Protocol offers a revolutionary new use of NFTs as financial tools through the Financial Non-Fungible Token (FNFT). Individual and enterprise-level users can deposit any ERC-20 or ERC-721 into Revest’s interactive FNFTs and set custom unlocking conditions (time, value, or contract-based). Revest allows the tokenization of all non-fungible financial positions with non-fungible tokens. This simple turn-key solution offers elegant applications ranging from token vesting to cutting-edge implications for derivative and borrowing/lending platforms. Revest’s flagship product, Resonate, is underpinned, fundamentally, by this innovative technology.