We are thrilled to announce the official release of Oceanpoint v0.4, a groundbreaking update that expands the possibilities for tokenized real estate assets across our growing ecosystem. With this latest version, we are introducing new features that will allow users to earn BST with tokenized real estate assets and actively contribute to the DAO’s growth.
Let’s dive into the exciting details of Oceanpoint v0.4, and recap the journey of Blocksquare and the growth of the BST token.
Oceanpoint’s evolution —from v0.1 to v0.3
Since its inception, Oceanpoint has gone through a series of iterations, each introducing innovative features that have helped the BST token grow and establish itself as a key player in the world of tokenized real estate.
OP v0.1 (launched on 22.2.2022)
The first version introduced the Governance pool, allowing users to earn staking rewards by depositing BST and receiving sBST, the governance token used for voting on Oceanpoint-related decisions.
OP v0.2 (launched in Q2 2022)
Oceanpoint introduced the first Asset pool for real estate owners, enabling them to stake their tokenized properties and earn passive income, creating an innovative incentive for value of high quality real estate assets to be migrated on-chain through Blocksquare’s tokenization protocol.
OP v0.3 (launched in Q1 2023)
The platform added Liquidity pools, which are deployed on other DeFi protocols and connected with the Oceanpoint UI. This feature allows users to provide liquidity and passively increase their BST holdings.
Throughout these iterations, the Blocksquare Token (BST) has served as the core economic engine driving Oceanpoint’s growth and community expansion.
The introduction of Oceanpoint v0.4 marks another significant milestone in Blocksquare’s journey, offering even more opportunities for real estate owners and the web3 community to benefit from migrating real estate value on-chain through tokenization.
To define how much of an individual property’s capital stack can be tokenized, our team requires property owners to disclose financial information about the property and run it through Blocksquare’s Risk Assessment Framework — a comprehensive analysis tool that helps us understand the financial qualities of the underlying real estate asset.
Asset Pools — Staking BSPT Tokens
Oceanpoint v0.4 enables anyone to start earning BST by staking Blocksquare Property Tokens (BSPTs) through the process of staking. This opportunity is available exclusively for real estate properties tokenized using Blocksquare’s tokenization protocol.
Once a property is tokenized, eligible BSPTs can be staked on Oceanpoint by their holder. Depositing BSPT for staking involves a smart contract that awards the user sBSPT tokens, based on the asset’s valuation and current projected APY. This defines the user’s share in the respective asset pool, with the BSPT tokens locked into the Asset pool for a defined period of time.
Current lockup periods for respective pools:
- Issuer BSPT pool — 6 months lock-up period + rewards vesting
- Community BSPT pool — 1 month lock-up period (coming with v0.4)
Asset Pool — Issuer BSPT pool (v0.2)
In the Issuer BSPT pool, real estate owners can tokenize their properties and stake their assets to earn crypto. Oceanpoint incentivizes real estate owners to tokenize their properties through staking, creating a new passive income stream. After tokenizing their real estate asset via Blocksquare’s tokenization system, tokens are minted to the owner’s wallet, allowing them to start staking on Oceanpoint.
The more real estate value one tokenizes and stakes, the larger the share in the Asset pool, and the larger the amount of BST one might earn from the rewards treasury. By tokenizing and staking BSPT, the asset owner commits to a 6-month lock-up period, during which tokens and earned rewards can’t be withdrawn. Earned rewards are vested for 24 months after withdrawal.
After six months, issuers have full control over their next steps, which include continuing to stake BSPT tokens, selling BSPT tokens to Oceanpoint, selling BSPT tokens through the Oceanpoint marketplace, or reversing the tokenization process.
Asset Pool — Community BSPT pool (v0.4)
The Community asset pool introduces a new incentive mechanism for the web3 community to buy tokenized real estate properties and earn crypto through staking.
Staking BSPT is not mandatory to earn revenues; however, staking enables users to redirect regular rental revenues paid out in DAI stablecoin towards the DAO’s treasury and receive compensation in BST.
As the protocol grows with tokenized real estate properties, some of these properties will be made available for purchase via Oceanpoint’s marketplace by members of the community who create an account and pass KYC verification (some countries might not be supported). Buyers of BSPT tokens will be able to hold them on their registered wallet(s) and earn revenues in DAI stablecoin, or choose to stake their BSPT tokens in the Community asset pool.
The more real estate tokens one stakes, the larger the share in the Community asset pool and the larger the amount of BST one might earn from the rewards treasury.
By staking BSPT, the community member commits to a 1-month lock-up period, during which tokens and earned rewards can’t be withdrawn. No vesting on earned rewards is applied after withdrawal.
BST token buybacks
With the introduction of the Community asset pool in Oceanpoint v0.4, community members now have the opportunity to stake BSPT tokens. This innovative feature allows them to redirect DAI revenues towards the DAO's treasury while receiving compensation in the form of BST rewards.
By staking, holders will direct property revenues towards the DAO’s treasury, while receiving compensation rewards in BST.
Initially, the DAO's Governance board will use the accumulated revenues to execute BST token purchases on the open market. The acquired BST tokens will then be burned, effectively decreasing the token supply. It's important to note that BST is a traditional ERC-20 token, deployed in 2018, and the only mechanism to "burn" tokens is to send them to the Ethereum "dead" address:
Sending tokens to this address does not directly reflect on the circulating supply value; however, it effectively locks that amount from circulation, as the address has no known corresponding private key.
This burn mechanism ensures a continuous decrease in available token supply, adding value to the remaining tokens held by the community members and promoting a sustainable token economy.
As our dev team gears up for the highly anticipated launch of Oceanpoint v0.4, we would like to outline a tentative timeline to ensure a seamless deployment in sync with our community.
Phase 1 — Monday, May 15th, 2023
- Ethereum mainnet deployment of the Community asset pool smart contract.
- Add contract address commit and merge front-end changes to development branch.
- Conduct internal mainnet testing to ensure the smooth functioning.
Phase 2 — Tuesday, May 16th, 2023
- Open up access to our loyal community through a whitelisting channel on Discord.
- Testing will only be possible for holders of BSPT tokens of Blocksquare’s first tokenized real estate asset (learn more).
- Our team will be on stand-by to address any possible issues and required hot-fixes.
Phase 3 — Wednesday, May 17th, 2023
- Scheduled developer meeting to discuss any feedback and necessary fixes, as well as conduct a retrospective of the launch process.
- If no major bugs have surfaced and the launch has been smooth, Oceanpoint v0.4 will be publicly made available for everyone.
- If any bugs are found, we will remain in stealth mode until the issues are resolved, with an alternative public launch date set for the following Monday May 22nd, 2023.
Technical Note Due to an unusual increase in gas costs on the Goerli testnet, which started around May 3rd, 2023, our team is experiencing issues that are making it harder to efficiently test the new v0.4 version before going into production on Ethereum mainnet.
We believe this issue won’t affect our ability to >launch as per our scheduled timeline. Should there be any delays, we will promptly communicate it with our community via Discord and Telegram.
We believe Oceanpoint v0.4 is a game-changer for tokenized real estate, introducing new opportunities for real estate owners and the web3 community alike. With innovative asset pools and passive income opportunities, Oceanpoint is revolutionizing the world of tokenized real estate assets. Don’t miss out on the chance to be a part of this exciting journey as Oceanpoint continues to evolve and expand its ecosystem.
By participating in Oceanpoint v0.4, you can harness the power of tokenized real estate to generate passive income, diversify your investment portfolio, and contribute to the growth of a vibrant web3 community. With the continued development and implementation of new features, Oceanpoint aims to stay at the forefront of the tokenized real estate industry, empowering users and strengthening the position of the BST token.
As Oceanpoint moves forward, we remain committed to listening to our community’s feedback and adapting our platform to better serve the needs of real estate owners, investors, and web3 enthusiasts alike. Stay tuned for future updates and improvements, and join us in shaping the future of tokenized real estate investments.
We appreciate all your support as we work towards a successful launch.
Stay tuned for further updates!