EXCLUSIVE: BastionProtocol, the largest defi project on auroraisnear’s nearprotocol, is launching its new $BSTN token at a $180 million valuation on Thursday. 0x_bae reports
The BSTN token will trade on, a decentralized exchange on Near’s EVM-compatible layer Aurora, beginning 23:59 UTC on Thursday, April 21.
“We’re able to double the utility of the protocol while using the same amount of liquidity by re-using deposit receipt tokens,” pseudonymous Bastion founderWithin the span of several weeks, Bastion has grown to about $620 million in total value locked , according to Bastion founder N^2.in TVL, a figure N^2 says omits the $110 million in its exchange protocol.Bastion will be allocating 5 billion BSTN tokens at a $180 million valuation, according to pitch deck materials shared with CoinDesk.
Approximately 15% of the 5 billion total tokens will go to investors and 25% will go to team members and advisors. In addition, 30% of the tokens will be set aside for liquidity mining incentives and 30% for the protocol’s treasury.will be able to claim their BSTN airdrop on the token’s launch day. Bastion’s rapid growth comes as the core pieces of DeFi infrastructure are being built out on Near. Near, which boasts fewer projects than competing layer 1s such as Ethereum, Avalanche, Solana or Luna, has yet to see a DeFi project hit the $1 billion TVL milestone.
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