Three Exciting Announcements from the Bridges Team
Amazon may own Prime Day, but here at Bridges, we still have our blog, which is the place for staying up to speed on how we’re making the future of finance work for everyone. Today, we’re pleased to announce a combination of promos and features that will do exactly that.
Dividend fees reduced from 3% to 0.1% for 7 days
One way to improve access to DeFi is to reduce the fees for participation and — for 7 days — we’re doing it. Often, crypto transactions consist of a number of fees. In the case of the Bridges Exchange, those fees are:
- Gas Fees: Paid to transaction validators
- Liquidity Fees: Provided to liquidity providers who make trades possible for everyone else
- Dividend Tax: Paid to all holders of the Bridge$ token
For seven days, running from July 25 to July 31, we’re dropping the dividend tax on the Bridges Exchange from 3% to just 0.1%. Note: There is already no dividend tax on swaps of both the CoinMarketCap Top 10 and stablecoins, and this will remain the case. The reduction in the dividend tax applies to swaps of all other tokens, which is the majority of tokens that the Bridges Exchange supports.
7-days Refund Rewards Program
We’re also pleased to announce our new refund rewards program, which gives four winners per day cash back up to 25 BUSD.
Here’s how it works: If the value of your transaction on the Bridges Exchange is at least $25 USD, you’ll be entered into a drawing to receive a 25 BUSD refund. So, if you swap $25 worth, you could get 25 BUSD back. And yes, multiple entries are allowed!
The refund rewards program will run from July 25 to July 31 just like the dividend fee reduction — which makes next week trading week!
Direct staking now supported
Direct staking is the action of depositing your token in a staking pool directly for rewards instead of needing to stake LP tokens (as you do in farming). Different exchanges have different approaches to direct staking. On Bridges Exchange, we couldn’t follow the traditional direct staking routes, because this would mean that holders wouldn’t receive dividends on their tokens.
Instead, we built a staking platform for Bridge$ tokens that allows you to receive dividends — and to even boost those dividends.
The low down — We’ve deposited 2.5 million Bridge$ into the direct staking contract, which will boost the dividends of the overall staked Bridge$ pool. Instead of the Bridges Team receiving the dividends from those tokens, they’ll be shared proportionally with whoever deposits Bridge$ tokens. Note: Participation requires that you lock your contribution for one month (30 days).
The dividend boost you receive depends on how many tokens are deposited into the direct staking pool. You can calculate the boost percentage by dividing the tokens from Bridges (2.5 million) by the sum of Bridge$ tokens staked by other individuals.
For a quick overview, we’ve calculated the dividend boost for a range of token values in the table below.
And there you have it: tax holidays, cash back, and direct staking.
The future of finance isn’t only about lowering technical barriers to entry; it’s about reducing cost barriers and making it easier for people to participate. Although these promotions won’t last forever, what will last is our commitment to finding more ways to bring more people into DeFi.