bHOME is one of the most popular listings on Proptee at the moment. Its low price and clever design have sparked investor interest.
bHOME: A Stable Coin+ backed by U.S. Homes
The unique ability of bHOME is that it's a stable coin that grows in value as interest earnings are placed back to the price of bHOME. This way, the coin price is steadily growing every year with 2-3% APY.
New proposal: make bHOME a true stable coin
Today, we’re proposing to change bHOME to be fully stable against the US Dollar and to move rewards to a claiming system. This will increase the size of the market interested in bHOME and the Bacon Protocol, make it possible to integrate bHOME with more other protocols, and simplify bHOME to be easier for new users to understand.
The proposal has passed with 100% of wallet holders agreeing to this change.
- Yes. Make it purely stable! ✅
No. I like bHOME the way it is.
See the full proposal here.
How is the protocol changing?
- Pan contract will be changed to always exchange bHOME to USDC and back at exactly 1 bHOME : 1 USDC.
- Always have the amount of outstanding bHOME be equal to the USDC in the Pan plus the sum of outstanding loans.
- Make a new system where bHOME base rewards are claimable.
- The origination and servicing fee to the protocol and servicer will continue to be paid in bHOME. The 1% fee will now be deduced from the loan amount sent to the originator and will effectively be paid by the borrower.
What does it mean for Proptee investors?
As the new price of bHOME will be smaller than the current one, investors will keep their current bHOME coins and their account will be credited with the difference. Before the proposal, the price of bHOME was 0.96 and after the proposal, the price of bHOME must equal 1 USD, which is 0.94 EURO.
If you have 5 bHOME at a price of €0.96 each, then you will get to keep 5 bHOME at a new price of €0.94 and your account will be credited with the difference of 5 * (€0.96-€0.94) = €0.10.
How will the bHOME listing change?
As bHOME is now pegged to USDC, the chart will reflect this in EUR. As the peg cannot be broken, the chart will essentially show a EUR/USD chart.
In addition, we're introducing market orders for bHOME to make it easier to buy and sell.
The change will not affect the staking rewards and we'll continue to pay the interest rewards on a weekly basis.
The change will come into effect on 27.05.2022 and the trading of bHOME will be paused up to that point.