What Is Beyond Finance (BYN)?
Beyond finance is a decentralized digital asset platform to trade and create synthetic financial products. This platform is designed to meet the needs of many traders by enabling intricate access to countless assets. Beyondfi aims to create an ideal synthetic protocol for everyone, one that’s free of flaws and capable of gaining users’ trust. Synthetic assets are tokenized derivatives that copy the value of another asset.
As per the whitepaper, Beyondfi aims to unlock the actual value of decentralized finance and provide the users with a full spectrum of exposure to digital assets. Like traditional currency, DeFi has made enormous growth by introducing innovative services and products. DeFi 1.0 started with staking and lending protocols. Later, DeFi 2.0 was introduced, with areas of finance explored, such as synthetic asset trading platforms. DeFi 3.0 plans to introduce a suite of digital asset management services that can make the investment and trading of various financial products easily accessible to every user.
Beyondfi’s initial products started with staking and synthetic asset trading platforms categorized under DeFI 1.0-1.5. Beyond’s steps toward DeFI 3.0 seek to include various products designed to work together to produce a platform that can handle all aspects of digital asset management.
BYN is the core token of the Beyond ecosystem and is used to create all the synthetic assets on the platform. BYN token serves as collateral, governance, and fee payment token within the Beyond Finance ecosystem. Also, to participate in Beyondfi Governance, each stakeholder must have at least 50,000 BYN tokens actively staked within their wallets.
Here’s how Beyondfi works:
Step 1- BYN tokens are staked to mint synthetics and seek to earn daily rewards as an added income. The process of creating or producing cryptocurrency is referred to as minting.
Step 2- Synthetic tokens are utilized to trade in foreign exchange currencies, commodities, derivatives, cryptocurrency, and equities through Beyond Exchange.
Step 3- Trading on Beyond exchange seeks to offer profits, and a portion of the fee aims to be earned as an incentive for Beyond users.
History of Beyond Finance (BYN)
The Beyond Finance platform was founded in the year 2021. The maximum total supply of BYN tokens is 100,000,000 BYN.
