Biconomy Gasless SDK (EOA)
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  • 🚀Getting Started
  • Introduction
    • 🤘Why Biconomy?
    • 🙂How we simplify transactions
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    • 💸Gasless Transactions
      • Choose An Approach to Enable Gasless
        • Standard EIP 2771 Approach
          • 1. Register Artifacts on the Dashboard
          • 2. Code Changes
            • Using SDK
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          • 1. Register Artifacts on the Dashboard
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        • Smart Contract Wallet Approach
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        • Network Agnostic Transactions
          • EIP-2771 Approach
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      • Conditional Whitelisting
      • Gasless SDK (EOA) 3
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    • ↔️Hyphen - Instant Cross-Chain Transfers
      • SDK
        • DepositManager
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      • Via Dashboard
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  • api
    • 🔧Native Meta Transaction
      • Get Retried Hashes
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      • Whitelist Destination Address
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      • 👨‍🚀Unique User Data
      • 🧑‍🔧Per User Limits Data
      • ⛽Gas Tank Balance Data
  • SDK
    • 📙Gasless SDK (EOA)
      • Configuration
  • Tutorials
    • 🔰Native Meta Transactions
      • How To Build Your First DApp
        • Write Your First Smart Contract
        • Initialize Web3 on Client Side
        • Executing First Blockchain Transaction
      • Enable Native Meta Transactions
        • Smart Contract
          • Describe Your Structs
          • Declare Your Variables
          • Modify Respective Function
        • Client Side
          • Design Your JSON structure
          • Design Your Domain Separator
          • Design Data Types
          • Define Data To Sign
          • Generate Signatures
      • Integrate Biconomy
        • Register On Dashboard
        • Integrate Gasless SDK (EOA)
      • Summary
  • BICO Staking
    • 🪁Safety Module
  • Get in touch
    • 👥Contact Us
  • Misc
    • 🧩Projects on Biconomy
    • 🌐Supported Networks
    • 📫Contract Addresses
    • ✔︎ Smart Contracts Audit
    • ❓FAQs
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On this page
  • User Deposits
  • Shortfall Events
  • Staking BICO/BBPT
  • stkBICO and stkBBPT
  • Deployed Contracts

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  1. BICO Staking

Safety Module

An overview of staking via the safety module

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Last updated 3 years ago

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User safety is one of the key focus areas for Biconomy and keeping in mind the various risks involved in cross-chain transfers, Biconomy is providing coverage through its safety module to protect our users from any future Shortfall event. The safety module gives BICO holders the opportunity to earn a yield on their BICO while contributing to the security of the protocol and providing liquidity.

User Deposits

This safety layer is driven by user deposits into the staking contract. Users who lock BICO/BBPT tokens into a Smart Contract-based staking pool will be incentivized with BICO. It will accept BICO along with the for the 80% BICO / 20% ETH pool.

To withdraw the BICO/BBPT token, a 21 days cooldown period is required. Rewards will still accrue during the cooldown period and the users will get 3 days to claim their staked tokens after the cooldown period is over. In the event that a user is not able to claim the token in the stipulated time, they will have to initiate the cooldown again. The locked BICO/BBPT will be used as a mitigation tool in case of a Shortfall Event within the Biconomy Ecosystem.

Shortfall Events

The main role of the Safety Module is to protect the protocol against unexpected loss of funds from any shortfall events. Apart from the Shortfall Events listed below, further interpretation of a Shortfall Event is subject to Biconomy Governance vote:

  • Chain Re-org Risk: Chain reorgs could pose a risk for the users in case of any cross-chain transfers pertaining to re-org blocks

  • Smart Contract Risk: Any risk arising due to the smart contract layer

  • Validator Network Risk: Any risk arising due to the protocol validator network layer

NOTE: This is not the exhaustive list of shortfall events. As mentioned above, further interpretation of a Shortfall Event is subject to Biconomy Governance vote

In the case of a Shortfall Event, token holder balances can be slashed and used to cover the losses. Slashed tokens may be auctioned in the open market to mitigate the incurred loss.

Staking BICO/BBPT

There are two ways to stake BICO and earn rewards through the staking module:

  • Directly Stake BICO in the Staking UI

stkBICO and stkBBPT

BICO/BBPT holders who deposit their tokens into the staking module will get a tokenized position - stkBICO for BICO and stkBBPT for BBPT - that can be withdrawn or transferred as an ERC20 token. The stkBICO & stkBBPT token has the same proposing and voting rights as BICO on Biconomy governance.

Deployed Contracts

Contracts (Solidity)
Addresses

Add liquidity to the and then stake the BBPT token in the Staking UI

Read more about how to stake through the Staking UI

The staking aspect of the safety module is inspired by . We have improvised on the respective smart contracts to make them work for our use case while also ensuring that we can leverage the safety and security provided by them. Our contracts are also audited by Halborn. Access the security report .

🪁
Balancer Pool ( 80% BICO/20% ETH liquidity pool)
here
Aave’s Safety Module
here
Staked BICO (stkBICO)
0x710841ded0e8af62bb82480a7e21ab1722221ab0
Staked BBPT (stkBBPT)
0xe8231d82bb34b5d95de53de17b8c535ef7cfea4a
Balancer LP token(BBPT)
Cooldown and Unlock Window
Stake BICO to earn rewards
Stake BBPT to earn rewards