Near-Based DeFi Protocol Bastion to Launch BSTN Token at a $180M Valuation

Bastion, the largest DeFi protocol on the Near blockchain, will be allocating 5 billion BSTN tokens with trading set to begin just before midnight UTC on Thursday.

Near’s largest decentralized finance (DeFi) protocol, Bastion, is launching its own token in a sign of the continued rapid development of the Near ecosystem.

The BSTN token will trade on Trisolaris, a decentralized exchange on Near’s EVM-compatible layer Aurora, beginning 23:59 UTC on Thursday, April 21.

Bastion is a lending, borrowing and exchange protocol that first launched in March as a fork of the popular Ethereum-based DeFi protocol Compound.

“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 founder N^2 (“Near Squared”) told CoinDesk in an interview. “No other DeFi protocol has done this.”

Within the span of several weeks, Bastion has grown to about $620 million in total value locked (TVL), according to Bastion founder N^2.

However, data provider DeFi Llama has the protocol at $507 million in TVL, a figure N^2 says omits the $110 million in its exchange protocol.

Regardless, DeFi Llama has Bastion as the largest DeFi protocol on the Near blockchain.

BSTN token

Bastion will be allocating 5 billion BSTN tokens at a $180 million valuation, according to pitch deck materials shared with CoinDesk. The initial circulating supply will be around 12.6%, or about 630 million tokens.

Bastion’s new token will give holders governance rights, including input into the development of the protocol and the ability to vote on fee models, gauges and staking in a decentralized manner.

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