Including BUSD for Minting SGT

Adding BUSD as the asset for minting SGT at a discount price

Squid God Finance is excited to include an additional stable asset — BUSD for minting SGT, from around UTC 14:00 7th November 2021.

Squid God Finance is a decentralized reserve currency protocol based on the SGT token on Binance Smart Chain. Each SGT token is backed by a basket of assets in the treasury, giving it an intrinsic value that it cannot fall below.

By including BUSD, SGT tokens will be backed by two types of stable assets, USDT and BUSD. And Squidos will be able to mint SGT with either USDT or BUSD, and later, BUSD/SGT LP tokens on Pancakeswap.

How does it work?

Minting (or Bonding) is swapping a certain type of crypto assets to the protocol for SGT, at a discount price. The protocol quotes an amount of SGT and a vesting period for the trade. The minted SGT is released in 5 days.

When you trigger the minting function, you are selling your cryptoassets. The protocol creates more SGT to you than you’d get on the market, which means you are buying SGT at a discount.

By adding BUSD, users are able to mint SGT with BUSD, giving more flexibility to minters. Also, the protocol will be benefited from larger varieties of assets in treasury.

A guide of minting SGT with BUSD?

The Mint page allows users to mint SGT from the protocol at a discount by trading it with cryptoassets, like BUSD or USDT.

1. Go to Mint page and select BUSD to mint SGT.
2. Select the amount that you would like to mint. Make sure you are not trying to mint more than is allowed. The Max You Can Buy field below shows the maximum amount of SGT you can purchase.
3. The Settings menu will show up. At the Recipient Address field, you can specify a different address that will receive the vested SGT. By default, it is filled with your current address.​
4. You can also modify the Slippage field to increase or decrease the likelihood of your order getting through. A higher slippage increases that likelihood, but you may get a more undesirable fill price.
5. Close the Settings menu by clicking the cross icon.
6. Click “Approve” and sign the transaction.
7. After the “Approve” transaction has been processed successfully, click “Mint” and sign the transaction.

Buying or Minting

Have trouble deciding whether to buy or mint SGT? Please check the in-depth explainer here and here.

What next?

The next move of Squid God Finance will be launching the BUSD/SGT LP on Pancakeswap for minting SGT.

Please stay tuned.