Bound Finance

Introducing the first LSDfi protocol transaction layer that allows ~12% cashback on any credit/debit card transactions.

[Bound Finance @BoundFinance]

🙌 We are thrilled to announce that the Cashback testnet Beta is now LIVE.

🔗 Visit this link: https://t.co/KKnMHZFmRa

⬇️ Here’s how you can get started:

[Bound Finance @BoundFinance]

@Matthew_8Lin Soon

[Bound Finance @BoundFinance]

How much cashback will Bound Finance users get? 🤔

Every cashback user will have a daily spending limit, which accumulates everyday until it is used. 🤯

This is how it works. 👇

The daily spending limit varies everyday due the variable total yield generated by the yield bearing assets from the crypto app. 📊

To best understand how the spending limit accumulates, let's provide an example:

Satoshi has signed up for the cashback app and has a $50 daily spending limit. Suppose Satoshi doesn't spend $50 on day 1. On day 2 he say can spend $100 because on day 2 he has $50 limit + day 1's spending limit.

Satoshi can also increase his spending limit if deposits and stakes his yield bearing asset, such as eUSD. 📈

Suppose the total TVL on Bound Finance is $200,000 and $4,000 ( is allocated for that particular day for the cashback app. If Satoshi's deposit is $100,000, then he would receive $2,000 cashback, as his deposit is worth half of the total TVL. If the other $100,000 of TVL is equally deposited amongst 10 other users, then each of them will receive $200 in cashback. If the cashback rate is 10%, we can calculate that the 100 users will have a daily spending limit of $2,000 and Satoshi's will be $20,000 per day. 😮

The cashback rewards are distributed in the form of stablecoins such as USDC. So your rewards are always irrespective of the volatility of crypto market. 💵

[Bound Finance @BoundFinance]

@Toinouc80 We'll be announcing soon!

[Bound Finance @BoundFinance]

The reason for this is the contract was not verified, we have just verified now please try one more time and check.

Also if you want to check for yourself you can go onto goerli etherscan and see the contract you’ll be interacting with.

You can see the deposit function called transfers your goerli eth to the contract and sends you eUSD or BCKGOV.

[Bound Finance @BoundFinance]

@everyone

🚨 UPDATE TO CASHBACK APP🚨

So after feedback from the beta testers, specifically in the US

We will be removing the US from the beta testing.

The reason being that OAuth hasn’t been activated yet and as per Bound’s design, because we only want a read only connection, a lot of the debit card / credit card connections will not work.

As a result most of our users are in the EU because the EU have already got as standard the auth0 connections in place.

We only have 11 spaces left in the beta so if you haven’t joined you don’t have much time left.

On mainnet the OAuth issue will be resolved, and the ability to have read only connections with your card will be resolved for USA.

Also for users who don’t want to use plaid, or can’t connect to it due to their country of residence.

In the next coming weeks we will be launching a manual transaction alternative where users can submit their transactions manually to earn Cashback. This option will be available for all users.

[Bound Finance @BoundFinance]

@joseph_eth1 @Mars_DeFi No transactions will appear once your bank transaction is non pending.

Then @Plaid provides that data and we give Cashback on that amount

[Bound Finance @BoundFinance]

@KapiL__TRADES @Mars_DeFi in q1, march time

[Bound Finance @BoundFinance]

@qudus_agbaje04 Gm 👀

[Bound Finance @BoundFinance]

@MohitAr70178851 Soon we will be implementing a manual transaction input system so you can input manually your own transactions yourself.

[Bound Finance @BoundFinance]

🙌 We are thrilled to announce that the Cashback testnet Beta is now LIVE.

🔗 Visit this link: https://t.co/KKnMHZFmRa

⬇️ Here’s how you can get started:

[Bound Finance @BoundFinance]

@sznaro @jalaal_tweets You will be whitelisted for pre-sale and mainnet airdrop

[Bound Finance @BoundFinance]

@sznaro @jalaal_tweets you can still participate in the cryptoside to participate

[Bound Finance @BoundFinance]

@1Crypto_Cyborg you get whitelist to pre-sale and mainnet airdrop :)

[Bound Finance @BoundFinance]

🚨 UPDATE TO CASHBACK APP🚨

So after feedback from the beta testers, and others interested in the beta we have decided on a couple of updates:

1. We have reduced the amount of information you need to provide for KYC, this is because the dev team will be implementing a ZK KYC model instead of trad fi KYC.

Now the only information you need to disclose is:

Email
First name
Country
Wallet address

2. We will be implementing a manual submission page for transactions. This will allow users who aren’t in the eligible countries to still participate in the Cashback side whilst the wait for us to get authorised in your jurisdictions is completed.

[Bound Finance @BoundFinance]

@Pithraa @splinter0n So we will be moving towards a zk kyc method to keep the exposure down as much as possible.

But we unfortunately will need some form of kyc for our app because of the tradfi element.

[Bound Finance @BoundFinance]

@0xFatBatman @splinter0n Kyc is needed to integrate cards, however we will be integrating a web3 zk id system soon

[Bound Finance @BoundFinance]

@0xGGreen @splinter0n Dm us and we can assist :)

[Bound Finance @BoundFinance]

😊 Thank you to everyone for their ongoing support. We are one step closer to our IDO and mainnet launch.

[Bound Finance @BoundFinance]

📈Your spending limit will increase everyday and this will be based upon the amount of interest earned from the eUSD on the crypto side and distributed to the cashback side.