BOND, the token of the DeFi project named BarnBridge, which was sold at $ 1.33 during the seed investment phase, saw a value increase of 13,800 percent.
A new DeFi token, dubbed the “tokenized risk protocol” by its creators, was valued 140 times over the ICO price in a 24-hour period.
BOND, the token of this new cryptocurrency project called BarnBridge, was sold at the seed investment stage for $ 1.33 and then rose to $ 185. BOND thus saw a 13800 percent increase in value.
BarnBridge according to the protocol’s whitepaper; aims to replace the variable interest rates currently existing on DeFi platforms with products that provide a fixed rate of return. Since BarnBridge divides interest rates into risk brackets, users will also have the opportunity to choose products for their risk appetite:
“The user will first transfer their funds to the pool and then select the risk slice that suits him. Suppose the interest rate on the entire loan is 10 percent. Big slice tokens will be sold at a fixed interest rate of 5 percent, while small slices will have variable interest rates. Although we assume that the return rate of the entire portfolio for 100 DAIs is 10 percent, we have initially paid 5 percent interest (35 DAI) on investments of 700 DAI, and we have 65 DAI for small tranches. ”
“Be careful” warning from CoinGecko founder
After BOND’s value increased significantly, Bobby Ong, co-founder of the data site CoinGecko, warned users to take their profits:
“I’ve been tracking BarnBridge’s token price since it opened on Monday morning. The price is constantly rising and appears to be 140 times valued at $ 185. I definitely expect the price to go down next week, so be careful. ”
“Above what should be”
Ong also noted that BOND’s weekly revenue generation system creates a useless loophole in procurement. According to Ong; The low selling pressure enabled the token to climb to a high price. Ong also commented that BOND, which currently has a market value of over $ 1 billion, is far more than it should have:
“When the BOND price is $ 160, BarnBridge will have a fully diluted value of $ 1.6 billion. According to me; Although the idea and team seem to be of high quality, this value is too much for a project without a working product. When the second week’s products are ready, users can choose to take profit from the 1st and 2nd pool. “