Which Algorithmic BSC Project to select? BDollar Vs Midas Vs Monster Vs Bolt!

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Written by

Crypto Enthusiast

3 years ago

In community: Crypto Mindset(9c1c)

Topics: Passive income, Rewards, Blockchain Technology, Crypto currency, Binance Smart Chain

After I posted an article about how BDollar platform functions through an algorithmic stablecoin a lot of people contacted me asking about how does it compare to the other platforms that have come up built upon the same mechanism.

Through this post I want to share an objective analysis of which platforms I personally am bullish on and which platforms I have decided to avoid for now. I will also present what rationale I have used based on the information available about these projects.

Before you go any further I would like to clarify that you should not take this as financial advice and do your own research before making any decision.

The parameters I use for making any long term picks are stability of the platform, payout rate of rewards and consistency in income, security of the projects against potential hacks and long term sustainability for being competitive against similar projects.

I found four projects which are currently running on algorithmic stablecoins over the Binance Smart Chain, these are BDollar, MidasDollar, MonsterSLayer and BoltDollar.

Through this article I will compare them over the criteria I mentioned to evaluate which of these I feel have more potential to perform during the coming months.

1. BDollar Finance

BDollar was the first project launched on BSC using the algorithmic stablecoin and has a much higher Total Value Locked compared to it’s peers. The TVL currently stands at over $320 million. This project can be accessed at http://bdollar.fi/

The stablecoin is called BDO and the share token which generates rewards in BDO is called sBDO. If you are interested to learn more details about how this platform operates you can refer my previous post at - https://www.publish0x.com/crypto-projects-sams-reviews/bdollar-promising-gem-on-binance-smart-chain-xxwnkyn

How this platform fares on the criteria I consider important is as summarized below:

a. Stability- What differentiates this project from it’s competitors is it’s stable growth since it’s launch at end of December 2020. The project has been growing at a steady pace and the sBDO price has been growing at good linear rate over the last 2 months. What makes it more reliable is the backing by BEarn Finance group which is already running several other large crypto projects like BVaults through it’s native token BFI. It has been minting BDOs at the pre-determined emission rate linked to total BDO supply circulating.

b. Payout- BDollar has been very consistent in it’s reward payout rate and people who have invested in this project for a few weeks now would have already recovered their initial capital through the gains. The BDO emission rate is currently 1% which gives you more than 100 BDO for each sBDO you hold. The APR currently stands at around 700% which is really high for a project which is already in it’s 3rd month of operation. Some people were expecting the sBDO price to fall after the emission rate reduced from 1.25% to 1.00% but on the contrary the price jumped from $6,000 range to $8,000 range. I think this is due to the growing credibility of the project across the investors. I am also using their BDO-BUSD liquidity pair which pays out at 350% which is really decent for a stablecoin pair and helps you accumulate more sBDO to invest.

c. Security- This is another aspect where BDollar scores above it’s competitors as currently it is the only algorithmic project which has been audited by Certik. I verified this by visiting the official site of Certik and checked their audit report on BDollar. This gives investors the confidence that there is minimal risk of the funds being held by BDollar getting stolen by a hacker.

d. Sustainability- I think BDollar has a clear roadmap about how they will progress over the coming year and so far they are performing without any hiccups. In this regard my only recommendation for them would be to think of some new innovative features like NFTs or games to include once their emission rate drops down to 0.25% as if they have a well performing competitor down the line it may cause a shift of investors to more lucrative options.

2. Midas Finance

This is the second biggest player in this area with close to $50 Million locked in the project. You can access the platform at https://midasdollar.fi/.

Their stablecoin is called MDO and you can use MDS to earn MDO rewards.

When I evaluate Midas on the same parameters this is how it fares:

a. Stability- This is one area where Midas seems to be really struggling as their stablecoin pegged to $1 has been fluctuating in a crazy manner between the range of $3 to $5. Recently it fell to $2.5 range but this put a lot of sell pressure on it’s MDS token which corrected sharply. I think this correction was anyways due as the MDS price had got really inflated during last week and had crossed the $20,000 which I feel made it extremely overpriced. This project is backed by Midas group which also run the MidasGold platform which is basically a copy of PancakeSwap and GooseFinance but it has been really struggling over the last week and it has made me doubt the long term stability of MDO and MDS as well.

b. Payout- MDS got a lot of investors initially as $4 MDO meant your APY was over 1,000% but due to the recent correction in MDO price a bit of panic has started among the investors and MDS is facing more selling pressure. What I do not like about the payout is that it is highly inconsistent due to the volatility in MDO and MDS price so you are never sure what payout you will receive in each period.

c. Security- This area is a Red Flag for me as Midas has put a section for Audit in their site but once you go there you see the Audit report of Basis which is now a defunct project. Also when I checked on Certik site it does not show anything for Midas or Basis. I think this is quite unethical by Midas as a newbie who does not realize this and assumes that Midas is audited will be taking up much more risk than he realizes.

d. Sustainability- Midas has a roadmap about what will be emission rate reduction chart but what is doubtful in my opinion is whether they will be able to sustain the payouts considering the serious drawbacks they have compared to the competitors.

3. Monster Slayer

This is the next project in this area with about $50 Million locked in the project. Last week it was much smaller than Midas but I am surprised that it is growing so fast that it’s value locked is now almost the same as Midas and I think will surpass it during the coming week. You can access the platform at https://monsterslayer.finance/.

When I evaluate Monster on the same parameters this is how it fares:

a. Stability- This is one area where Monster fares unexpectedly well. I was initially a bit cautious about this project but I am getting more confident about the more I learn about it. MSC is their stablecoin and you need to hold MSS to earn rewards. MDS price is growing at a good rate and MSC has been holding quite good to $1 peg by moving in the $1.1 to $1.2 range. Unlike BDollar and Midas this appears to be a stand-alone start up but so far they have been performing quite well.

b. Payout- If I compare the payout of MSS it is a bit less than Midas or BDollar but what is a good factor here is that their stablecoin pair of MSC and BUSD offers 700% which is a great way to generate more MSS to invest. Another feature which differentiates Monster is that they are very democratic and transparent and decide the emission rate based on voting on their portal.

c. Security- They are aware how important an audit is to inspire investor confidence so they have applied for Certik audit and I confirmed on Certik site that their audit is being processed. Their report is expected by April and I think it will create more confidence in investors.

d. Sustainability- This is a strong area for Monster. They have a really interesting roadmap with crypto based gaming app and NFTs planned in the near future. How good that game is I think will decide if Monster will be able to give a strong competition to BDollar for the market leader position.

4. BoltDollar

This is the last and smallest project in this area with about $23 Million locked in the project.. You can access the platform at https://boltdollar.finance/.

hen I assess BoltDollar on the same criteria this is how it fares:

a. Stability- This is a grey area for Bolt as it initially started as Bat Share Dollar and really struggled to get started for the first 4-5 weeks with it’s stablecoin slagging way lower than the $1 mark. It’s price has pumped recently but I am not sure if it’s organic or market manipulation.

b. Payout- This is again a problem area for Bolt as it’s competitor reflect actual APRs even when it falls or rises but Bolt does not even show the APR on it’s boardroom. I also noticed that the APR shown for the liquidity pair was very inconsistent with the actual rewards I was getting.

c. Security- This is also a red flag as they don’t mention any details about any plans of getting an audit done.

d. Sustainability- The price of BTC has been pumping recently but I have my doubts if it will be sustainable in the long term considering they have no plans for a audit, do not share any details with investors, do not have an official blog or telegram group and have no roadmap to share.

This is a snapshot of how this analysis looks as of now.

I am planning to slowly increase my stake in BDollar and Monster at the same time I will reduce my investments in Midas and Bolt. I want to make it clear to avoid any FUD that I am not saying there is something obviously scammy about Midas or Bolt but it is just a personal decision as based on my analysis I am not comfortable staying invested in them.

I would do a follow up post in April to see how these perform also if there is an impact linked to the Ethereum upgrade.

I hope this post gave you more clarity about these projects and let me know if you have any additional doubts or questions related to these platforms. Also if you think I missed any important consideration do let me know.

If you want to have a look at how the interface of these sites actually looks like you can refer the video posted below.