Bonzo Bytes Newsletter - #10 🐵🗞️

Bonzo Finance is thrilled to kick off the highly-anticipated Bonzo Points Program with a Pre-Season token-weighted airdrop!

Holders of Hedera ecosystem assets supported by Bonzo Finance will get a head start on points earnings before the official mainnet launch.

$HBARX $USDC $SAUCE $XSAUCE $PACK $KARATE $DOVU $HST $STEAM

Points incentive programs for protocols and networks are ubiquitous across Web3 — from LayerZero, to Kamino and Marginfi on Solana, points programs have been employed across the industry to incentivize protocol growth, liquidity, and adoption, rewarding users for these activities.

The Bonzo Points program is designed to reward active community members who supply liquidity to and borrow liquidity from the Bonzo Finance protocol. By participating, you can earn points based on the dollar values supplied and borrowed, which are distributed on a 24-hour basis. These points can be converted to claimable $BONZO at the end of every points season, each lasting six months, with three seasons in total.

Get in the Pre-Season game and start earning points early just by holding qualifying Hedera assets. This is your chance to get ahead before Season 1 kicks off at mainnet launch!

The Pre-Season snapshot will take place TODAY — September 13th, at 4:00 PM ET

This snapshot will capture holders of supported assets, and Bonzo Points will start rolling in!

The first distribution of Bonzo Points begins on Monday, September 16th, starting with $HBARX, and continues every Monday, Wednesday, and Friday through October 2.

Make sure your assets are in your wallet by snapshot time to qualify!

Pre-season Bonzo Points airdrops will be made on these dates:

Looking for an edge on the leaderboard? Bonzo NFTs automatically give your points a multiplier during pre-season airdrops! Holding an NFT will automatically boost your points, helping you rise faster.

The points multiplier is determined by the single highest-tier NFT held in the account receiving points.

Make sure your Bonzo NFTs are in your wallet during snapshot periods to lock in these rewards!

The Bonzo Points Leaderboard is where the real fun begins! Go to app.bonzo.finance/points, connect your HashPack wallet, and see how your points stack up against the rest of the community.

Let the competition begin!

We’ve got some important updates on our progress, the Supra oracles delay, and what’s coming next.

Check out this 𝕏 article for the first status update on the Bonzo Finance mainnet launch delay — https://x.com/bonzo_finance/status/1824810970650137005 

As of September 8th, the Supra team confirmed they’ve reached technical readiness to push everything live!

However, they’re still waiting on a grant from the HBAR Foundation before launching. It was initially thought that this was resolved, but it turns out the funds haven’t been delivered yet.

On Sept 9, the HBAR Foundation stated the grant should be finalized within the next week. Once Supra goes live, Bonzo Finance will need about one more week for integration and testing.

Since the protocol relies on accurate price feeds, launching without an oracle provider is not an option. Using only SaucerSwap's data API for price feeds is too risky, so Bonzo will hold off until Supra oracles are live.

Bonzo Finance is still in the “technical due diligence” stage of the grant process.

On Sept 10, the Bonzo team got word that the HBAR Foundation is refactoring their strategy to grants, with a more comprehensive grant that covers many things outside of just liquidity incentives (this is a positive). Rather than only providing liquidity incentives, they plan to work directly with Market Makers to seed initial liquidity.

This reduces risk, but we’re still waiting on final confirmation.

Receiving these liquidity incentives and seed liquidity is not required for Bonzo Finance to launch. The protocol just needs written confirmation from the HBAR Foundation that the grant is approved in order to proceed.

The timeline & amounts are TBD.

We know the delays have been frustrating. We feel the same — many of these challenges are beyond our control. The Bonzo team is working hard behind the scenes to navigate everything and ensure the strongest possible launch.