What is BroFi?

in LeoFinance3 years ago

image.png

BroFi is a new project launched by the ManCave (AKA BroFund) lead by @raymondspeaks and developed by @taskmanager.

You can find the official announcement here.

There are two components to BroFi, pools and curation.

A pool represents one Hive Engine tribe token where users can delegate the appropriate tribe token to earn an incentive (BRO token) as a reward. Each pool earns different amount of rewards based on it's ranking based on BRO backed votes. For example, the current rankings are as follows:



As you can see, the higher the pool ranks the more BRO rewards available to it. LEO is the highest ranking pool and has a pool of 7.8 BRO tokens/day available to all users who delegate LEO to @brofi. Hive is the second highest ranked pool with a total of 3.9 BRO tokens daily available for distribution.

The amount of BRO each user can earn is based on the available BRO tokens in the pool(s) they delegate to and their percentage of the delegated tokens. If you were to delegate 50% of the total delegation for the LEO pool, you would earn 50% of the tokens (~7.8 BRO/day). Currently a BRO token is valued at 6.25 Hive to 9 Hive on Hive Engine.

At any time you can change your vote for pools by sending 0.00000001 BRO to @brofi with your three pool choices with a memo like this MEMO: "pool LEO HIVE STEM". This will update your votes for the current pools. Your vote will have the weight of your current BRO holdings. The more BRO you hold, the stronger your vote.

You can always join the ManCave Discord to query the BroFi bot if you want updated data.

The 2nd part of the BroFi project is choosing curators. You are able to vote on three curators that the BroFi initiative will follow. The votes work in a similar fashion of pools, the more BRO you hold the more strength your vote has.

Right now you can see the current weights for curators.



These can change at any time based on the BRO backed votes. Any user on Hive can be voted as a curator and their vote will be trailed based on their ranking in the curator list.

Tokens earned by the BroFi initiative will be used to buy BRO on the market.

There are roughly 1600 BRO tokens in the incentive pool and each day 1% of that is paid out to BroFi pools based on rank with the largest portion going to the top three pools. BroFi is a unique twist on the DeFi formula.


Cover Image Source


Securely chat with me on Keybase

Why you should vote me as witness

Posted Using LeoFinance Beta

Sort:  

I should get more BRO in the next few days.

Hey Marty.

Some of these shit coins dish out more shit coins for staking. If I delegate, do I lose those staking rewards?

Yes but you get bro.

Posted Using LeoFinance Beta

You mean I finally get to have a friend to drink the beers with!?!?!?!

Hmmm. In all seriousness though. Isn't this like cutting one end of a rope off, tying it to the other end, then expecting the rope to be longer?

You are trading one set of rewards for another, it depends on which reward you find more valuable and which has a better return based on the effort you are willing to put in.

Posted Using LeoFinance Beta

Okay I'm with you so far. Now my next concern is the health of those tribes/communities. Back when people delegated stake to paid vote service pools, that led to converting thousands of potential curators/consumers into only a few, and because of that, people left due to lack of interest. There simply weren't enough votes to go around and barely any eyes looking at posts since it was more profitable to look away. Will this vote trailing and curation placed in the hands of a few contribute towards stagnation again or will it go the other way this time?

This is mostly mitigated by using official curators that are voting purely. Along with voting for pools, you can vote for Curators to manage those votes. Right now I was voted as the #1 curator, and I give very healthy votes ($5+) to over 160 unique authors on a regular basis. I don't vote the minimum amount (few cents) to maximize curation. The curators chosen can be voted in or out as see fit.

So in theory, this should result in better voting and distribution overall, but it is early.

Posted Using LeoFinance Beta

I vote manually and decided against creating alt accounts to handle the other community tokens. It's somewhat of a consumer's nightmare attempting to micromanage and get the absolute most out of all this, manually. That headache is actually what prevents me from diving in and grabbing more tokens since they'd just sit and there's no way for me to get around to everyone and all communities in a day. Needless to say, I am somewhat interested in this Bro-Fi approach, since there's no way I can keep up.

But the part about people getting paid all while potentially less traffic visits the sites seems kind of weird to me. Counterintuitive.

Anyway. Clearly I suck at being a cheerleader. Thanks for taking the time to deal with my shit.

What is @brofi? It's ROI for your ROI where your ROI used to be.

I'm very satisfied with what I'm seeing so far.

Posted Using LeoFinance Beta

This makes BROFI a little bit more clear to the earlier (and by you, referenced) post by the BRO team. This morning, I spend a bit of time to get things set up and organised. Thanks for the 'push' and informative post. Now I'm not only subscribed myself to the Mancave Discord but also got some delegations out to BROFI. Not voting yet for curators, but will do it sometime later. Not that my contribution has that much value compared to the BRO rich list, but trying to crawl up higher; Am hoping for someone picking up my BRO buy order :)

Thank you very much, very informative!

I delegated ccc, pal and neoxag. I just read about STEM too, I delegate everything now 😉

Posted Using LeoFinance Beta

I have a question marky, I delegated 3,000 neoxian power. How will I know that I'm getting tokens of BRO?

Posted Using LeoFinance Beta

Sent some delegations yesterday and watching my BRO grow. :-) Very interesting take on "defi". I'll be very curious to know what my different wallets will look like in a month.

BROFI > The coolest shiz ever is what it is. I can take all of my tokens from other communities and dump them here that I don't use ;)

Brofi.png

Go Full Circle!

Posted Using LeoFinance Beta

Interesting service. It is necessary to understand. Thank you.

Posted Using LeoFinance Beta

Poor explanation. I suggest you stop writing poor quality post. Otherwise, you just show us the Low Ability Mark, again and again!