LFG Launchpad: Bsktfi (BSKT)

  • Intro Questions:

    • Introductory Story:
      Our crypto journey started in 2013 with an initial BTC purchase on MtGox. A time when there was no DeFi, no NFT’s, few meme’s and just a dark corner of the internet where nerds talked about custodial assets. After getting Goxx’d and recovering from the wound, we followed the ecosystem into the ETH ico in late 2015 and were in the trenches when the DAO hack happened the following year, discussing the ETC fork.

      2018 - 2020 was tough from a crypto perspective and we focused on Forex and Tradfi, dipping a toe back into crypto at the beginning of 2020. The covid crash ended up being an incredible opportunity and we moved back into crypto full time pretty soon after it, initially to BTC & ETH related projects to take advantage of DeFi summer as much as we could.
      Signing up to exchanges and FTX being the darling of the ball, we had our first introduction to Solana as they used the network as a default selection option when transferring stable coins.
      This is where our passion for the ecosystem started. Instant, cheap transfers with zero problems present that we were all too use to as users on BTC & ETH. We moved the majority of our trading volume to SOL.

    • Describe your project in 5 sentences.
      Our project will revolutionize asset management within the blockchain ecosystem by offering a user-friendly platform that simplifies the investment process in DeFi projects. Step 1 is a homogenous token that is actually native on each network. We’re currently deployed on 8 blockchains. It leverages advanced algorithms to curate diversified portfolios tailored to efficient risk profiles, enabling users to maximize returns while minimizing risk. Our platform operates on the principles of transparency, security, and community engagement, ensuring users have full control over their investments. By eventually integrating across of of the crypto ecosystems, it offers seamless access to a wide range of assets, enhancing liquidity and investment opportunities. Our goal is to become the go-to platform for both novice and experienced investors seeking to navigate the complexities of the DeFi space with a single token that tracks the market movement, newest launches and assets providing the highest probabilistic potential.

  • Tell us about your team

    • Founders:
      Bsktcase: Forex, community growth & engagement, BTC mining, EVM, SOL asset trading.
      CR: Silent partner focused on research. 25 years tradfi, commodities, forex trading experience.
      Letter: Infrastructure, interoperability, chewing glass, capital deployment, risk management.

    • Social Handles:
      Discord | Twitter | Website | Telegram: Contact @BSKT_FI

    • Background information in the ecosystem - previous projects or web3 experience:
      Having done our first 7 years mostly solo and seeing the narrative changing quicker than ever as crypto evolved, we noticed immediately that we were at a disadvantage having a small connected network. Solana felt like home and we decided to connect across the ecosystem. We were there on SMB Gen 2 mint day. We were there when DAA drove the need for candy machine, we were there for the first wave of all the DeFi projects, we even followed Sino Capital into Mercurial way back when. We haven’t just been traders during this time, we’ve been ecosystem participants. From helping build one of the most well known communities in MonkeDAO, to connecting to the largest NFT & DeFi project leads across the ecosystem to curtail all of the rug pulls, scams and wallet drains. We run validators, have spoken at Solana events, contribute in the Solana tech discord helping other validators troubleshoot, provide content, advice, perspectives, tokenomics considerations and now have very wide connections across the ecosystem to most of your favourite projects. While driving local event meetups to help grow the Solana community. We’ve helped bridge the gap to web 2, working with large SaaS companies to integrate components of the Solana tech stack into their ledger & payment frameworks.

  • Jupiter Ecosystem and you

    • Main pitch on how the product collaborates with the Jupiter & Solana ecosystem
      All assets procured by the basket treasury get added to Meteora LP pools with BSKT.
      As we are either side of each pair, we’re helping aggregators reduce required hops for the most capital efficient route for assets we hold. Improved liquidity helps all participants.
      Narratives are hard to follow for most that are not always plugged in. We’re tracking volume, volatility, mindshare and groundswell of support for new and old assets using sentiment analysis models to make data driven deterministic selection for where we allocate capital.
      As new assets launch and old assets are revived, the Jupiter community and any ecosystem participants get to reap the rewards of our team rotating and diversifying between assets to reduce risk and position for growth.
      Education around risk management and capital allocation, IL is crucial for existing and new participants to understand. With our deep experience, we want to help bridge that gap and help people understand how they can best allocate across crypto and how to get the most out of it.

    • Describe partners, supporters, or collaborative efforts
      We actually launched 4 weeks ago. (more on this shortly) Earlier than expected due to a copycat project that has since vanished. We’ve partnered with 40 early contributors from across the Solana ecosystem for the initial liquidity. We’re using Helius RPC’s, Latitude servers, Matrica for discord verification, Jupiter verified, meteora DLMM’s, Farms & Dynamic Pools, Coingecko for rapid page updates as we expand across chains with wormholes assistance, switchboard for pricing oracles, Orca & Raydium for additional farms, SPDRswap for staking options, streamflow for token locks and vesting, kamino for vaults, an array of DAO’s, projects and builders for our grants program. We’re keen on composability and are connected to the Foundation and Labs teams at various levels for support. Working with Birdeye and Uniswap to aggregate liquidity across chains too. We may also have a moderator role in the Solana tech discord, due to staking pool work over the last few years.

    • Approximate date for TGE
      Already passed (January 14th), however airdrop still needs to go out, liquidity curve needs some help, marketing and expansion of token awareness haven’t really started yet. We’d like to be considered as part of the program, even though we have already launched, we believe the ecosystem would benefit much more from us taking part in the program.

  • Vision Category:

    • If your project were to succeed, how would it fundamentally change the web3 space?
      Deep liquidity available on all portfolio assets, removing fractured nature of liquidity across chains & assets. Easy to move to/from any blockchain, improved risk management among holders, better balanced lifestyle not having to be constantly plugged in to developing narratives as BSKT rotates through emerging narratives on your behalf. Better education of the ecosystem of how risk management and sharpe ratios work. An ultimate stretch goal (3-5 years) of the project would be to pair with tens of thousands of assets. Bridging the gap between tradfi and web 3 to become the denominator that every other asset is priced against. A tool for delta neutral strategies for experienced traders.

    • What would you say is your biggest challenges or obstacles as a project?
      Adoption, understanding of why BSKT is intrinsically and extrinsically valuable (it’s not just about the underlying treasury assets), critical feedback, focus on specific area’s for development (there’s so many exciting area’s of potential development), lofty goals (thousands of asset pairs). Pace of development, the more we do, the slower we get.

    • What advice would you give to another team launching a token in web3?
      Learn first, launch second. One of the greatest assets to us has been the network of backers we have. This was only possible due to never having launched our own project before, instead focusing on helping others build their projects and finding our tribe over the last 3 years. We were able to build the relationships first. Having been around the ecosystem as it’s been built, we’ve been there for the pitfalls, rugs, drains, network outages & bad actors. Knowing this history, having others that can vouch for your legitimacy has been invaluable.

    • What is something most tokens get wrong, and what steps are you taking to ensure that you won’t experience these pitfalls?
      Tokenomics, no PMF, focus on quick wins and hype/shilling, over reliance on “influencers”, zero differentiation from similar tokens, no actual need, use or benefit for the token other than it being used for governance. Ponzinomics where you lock to get more or some other reward (Saber, Sunny) poor liquidity, zero vision for growth, zero plan for the eventual bear market.

  • Appendix/About
    Discord | Twitter | Website | Telegram: Contact @BSKT_FI | Whitepaper

43 Likes

Fascinating take on one of the challenges I perceive with DeFi… DeFi products are more often than not quite advanced financial products that perhaps is not suitable for everyone as one usually has to spend at least tens of hours to learn the details of a DeFi protocol and financial terms and so on… The idea of being able to capture potential upsides of DeFi, or at least get involved, without having to invest hours upon hours of educating is quite interesting.

8 Likes

So is this akin to something like a fund manager for web3?

Invest some money in and you guys do some magic and investments beat the market(presumably)?

4 Likes

In a way yes and no. That’s a small component to it :sweat_smile: We’re not looking to just take a tradfi concept and strictly apply it to web3. We’re looking to connect fractured liquidity across chains, show what proper risk management can do for consistent portfolio growth, give access to entire ecosystem top performers with 1 token, concentrated returns on specific baskets of assets if users chose to do it, while providing liquidity and burn/swap mechanisms for redemption of assets from the treasury.
We’re also trying to quantify how people value their time. As the bull market progresses and people start to get tired of the changing focus needed for portfolio growth, what is the probability that they tire or start getting pressure put on them from a SO to be more present.
But absolutely the TLDR; for one of the benefits is that we hope to beat the returns seen holding a non risk adjusted set of assets :slight_smile:

8 Likes

After reading, I headed straight to their site and looked more. I liked what I saw and threw some money into it. This project can definitely turn into something more. Very good project :+1:

6 Likes

Solana index fund hodl

6 Likes

Hy there,

Native Token on 8 chains. Pretty nice omnichain approach.

Cheers

Perry_Hope

6 Likes

It is incredibly hard to gain exposure to all the ecosystem tokens so having one that makes you feel comfy and is backed by incredible people is the way to go.

Obviously this is an oversimplification of what BSKT is but what more do you really need to know?

5 Likes

I am an early contributor to the BSKT project and a long time contributor to the Solana ecosystem via pre-seed investing, mentoring and educating our communities.

There is a fierce competitive race for liquidity across all blockchains. The innovating and integration strategy of BSKT is not just about creating a user-friendly asset management platform; it’s about fundamentally enhancing the liquidity of the Solana blockchain.

– By focusing on user education around risk management and capital allocation, we can demystify the DeFI space for a broader audience. We speak the language of the web2 older generation proficiently.

– By acting as a bridge, BSKT enables Solana to tap into the liquidity pools of other blockchains which will improve our liquidity

– We’re not just launching a token; we’re revolutionizing asset management!

9 Likes

not sure, your tokenomics are the oppesite of JUP i would say, so does this fit the idea of it

1 Like

LFG BSKT!! I was bullish when I read through the whitepaper last week - I’m even more bullish seeing this LFG app!!

7 Likes

I really like the multi-chain and active nature of these LPs. There is a lot of upside in a team moving as quickly as this one has been. Could you give more feedback on the longevity of this method? How do you scale it as coins will continue rotating forever.

2 Likes

This is such a fresh concept, dope af. Can totally relate to the convenience as I’m time poor already. LFG BSKT

3 Likes

Also an early contributor to the BSKT project and a long time Solana ecosystem participant.

Will expand on the role I’ll be playing in due course. Helping with trade execution, asset selection, education and suggestions for future early stage seed investments.

1 Like

This is where a lot of the infrastructure ground work comes in.
While a lot of the purchases are currently manual. We’re about 2 weeks away from the initial bot deployment that will help balance the position weights, automatically execute on directional bias and watch for specific coins we highlight as important and what levels we’re a buyer/seller at. Social sentiment programs are already running and we’re collecting data, to see where we can gain an edge using our sentiment models.
We’ll plug these signals into the balancing bots to allow automatic trade execution based on defined risk parameters.

While we will focus on crypto, we’ll also look to bring exposure to traditional asset classes also. We’ll look to hedge against downside risk when the bull run cyclically starts coming to a close and are likely to underperform the last 10% of the run as we expect to have started hedging out all of our positions.

This doesn’t mean that we’ll just dump everything, but we’ll move to an overall delta neutral position and eventually net short to protect and grow the AUM during a downtrend that typically lasts for about 2 years.

6 Likes

Appreciate the support, backing and kind words Ravi.
:handshake:

2 Likes

We agree that the tokenomics with EC allocations are not in line with the LFG overview. The initial work for the token started long before the LFG launchpad was announced. So we’re hoping to take part in the program in all aspects other than the actual launch aspect and happy to work through suggestions for how we can make the tokenomics more palpable to ensure the fairest distribution possible.

3 Likes

Native token on 8 chains. Highly organized and professional team with a novel concept not yet seen or executed successfully before on Solana. No brainer in my book.

3 Likes

Definitely a project which should be in your portfolio basket. Imagine not having the time to manage your portfolio, but then there is BSKT who does this even better then me. Perfect fit for me. Thanks for this! Looking forward to the multichain approach, already awesome!

3 Likes

I could be missing something so apologies if I am, but I still don’t really understand what the product is? Is it just $BSKT token itself? So we buy the token and you guys essentially manage the treasury behind it? Or will your DAPP involve us choosing different investment vehicles similar to managed funds, etc?
I dont see anything on your website apart from the actual $BSKT token?

Where does the treasury come from? Is it just from VC’s and the initial launch funds? Is there a way to contribute funds for management without just artificially inflating the token price?

Look forward to some info. Index related investments are a really good idea and I know you guys have some more things coming so keen to hear what the final product is , as i don’t really get the full picture from the explainer

3 Likes