HbarSuite Treasury Diversification via $BNQ Stablecoin

HbarSuite Treasury Diversification via $BNQ Stablecoin

October 6, 2023

Hello Future!

We are pleased to announce a significant development aimed at ensuring the sustainability and advancement of the HbarSuite project.

To secure a minimum of 10 additional months of development for our core team and to achieve the milestones outlined in Roadmap v2, we have strategically allocated core development funds into Stablecoin.

Specifically, we have converted ~$244,255.17 worth of HBAR from our treasury into $BNQ (1 BNQ = $1).

This operation was executed a few hours ago via the Smart-Node Launchpad from Banqua Dashboard, which we have completely sold out Round 1 now.

The acquired $BNQ has been subsequently deposited back into our executive multi-signature treasury.

Rationale for the $BNQ Allocation:

  1. Financial Security: The move allows us to distribute 25,000 BNQ each month to the core team redeemable for USDT and/or bank deposit, safeguarded by de-peg insurance, instead of taking a gamble each month hoping that the HBAR price goes up at some point.
  1. Risk Mitigation: This diversification offers a hedge against potential depreciation of HBAR.
  1. Cost Efficiency: The transaction minimizes fees by utilizing our proprietary Smart-Node technology exchange for the swap.
  1. Strategic Planning: The funds enable us to execute a more precise and structured plan, aligning closely with our roadmap.
  1. Optimal Choice: After comprehensive research, we are convinced that $BNQ is the most advantageous proprietary stablecoin available, offering numerous benefits. (Proof of Reserve, De-peg insurace, Staking capabilities)

We appreciate your ongoing support and look forward to sharing further updates.

Stay Tuned for more updates!