Blend by StakerDAO (BLND) Sale FAQ

Blend disclaimer: This notice does not constitute an offer of any securities for sale. If you are a U.S. person you may not purchase BLND.

What is the purpose of BLND?

BLND is an ERC-20 token that tracks a governed, fully collateralized basket of PoS tokens. Think of it like an index. In this case, BLND currently tracks Tezos, Cosmos, and Algorand. You will be able to see BLND metrics and the underlying assets of the BLND basket within our dashboard.

You can also learn more about Blend through these videos :

How was the Blend basket constructed?

After community discussion, our Ops team proposed the "Blend Methodology" to decide which assets qualify for the Blend Basket. You can also learn more about The Blend Methodology through this video:

You can learn more about the research done in 2019 by the Ops team on our Medium channel and our updated research pieces (April 2020) here: Algorand Research, Tezos Research, Cosmos Research, Decred Research, Cardano Research.

More information about the Blend Basket and the Blend Methodology, please visit the Blend website, which is available to qualified participants.

Where can I purchase BLND?

The BLND tokens will soon be traded on a verified exchange available only to users who went through the KYC process in the original CoinList sale.

Is BLND sold as an ICO? Is this a private sale?

The BLND sale is not an ICO. BLND was sold and minted on CoinList at the price of the Net Asset Value (NAV). Only purchasers who register through CoinList will be “Blend Registered Holders” and may be able to participate in the StakerDAO buybacks and will be eligible to participate in the verified exchange.

How was the pre-sale structured and what was the initial price of BLND?

During the presale, BLND was sold at $1 (with a minimum of $25,000), and all funds were held until we paused this presale. Once paused, the StakerDAO Ops team used 100% of funds collected in the presale and purchased the underlying assets for BLND (Tezos, Cosmos, Algorand) and then turned that sale back on, from that moment on the price of BLND was tracking the Net Asset Value (NAV) of the underlying assets.

You can track the Net Asset Value of BLND on this dashboard:

To learn more about the BLND dashboard, please watch this walkthrough video:

What is the initial, launch, and max supply of BLND?

The BLND supply at launch (based on the presale) was ~4,515,693.

The current supply cap is 50,000,000 (can change through StakerDAO governance) and the sale is ongoing. StakerDAO Ops will also buyback and burn BLND starting in October from the staking rewards generated from the underlying assets. This anticipated buyback and burn mechanism will affect the circulating supply of BLND.

You can track the current supply of BLND on this dashboard.

When will BLND be listed on exchanges?

BLND is not presently listed on centralized exchanges; we will update the community and all BLND holders once listings are in place.

I purchased BLND, when will I be able to use the buyback application?

Users will be uploaded to the buyback application in the days leading up to the next buyback. Buybacks run monthly, around the first Wednesday of every month. There is no action to take prior to this. We will communicate with users through email and message over Telegram.

Is there a minimum investment amount for BLND?

Yes, the current minimum investment is $2,500.

When will the token sale end?

BLND token sale is ongoing and currently, there is no end date for it.

Is BLND like an index? BLND tracks the underlying assets? How?

BLND tracks the price of XTZ, ATOM, and ALGO similar to an index in the stock market, but fully collateralized (StakerDAO holds the underlying assets of the Blend basket). Therefore, BLND changes as the price of those tokens changes.

What is the price of BLND and what is the NAV? What is the price I am purchasing at?

The price of BLND is determined by the market. Net Asset Value is the value of assets held by StakerDAO per token in circulation. The NAV will fluctuate based on the market price of the underlying assets and the weight of each asset in the basket.

NetAssetValue(NAV)=AssetsUnderManagement/BLNDSupplyNet Asset Value (NAV) = Assets Under Management / BLND Supply

Please see data.stakerdao.com, which is our dashboard to see the current NAV. Specifically, “BLND NAV”.

What if the value of the assets in the basket go down? Will the BLND NAV fall?

BLND tracks the price of XTZ, ATOM, and ALGO similar to an index in the stock market. Therefore, BLND changes as the price of those tokens changes.

Is BLND a security?

Quite simply, BLND is an ERC-20. From a more legal perspective: The BLND token is issued as an offering generally exempt from the registration requirements of the Securities Act pursuant to Regulation S under the Securities Act in "Offshore Transactions" to persons who are not "U.S. Persons" (as such terms are defined under Regulation S).

Will the basket be updated with other PoS tokens?

The Blend basket can be updated through governance. The Ops team performs associated research to review the tokens that may be added to or removed from the Blend basket and can submit this to the Council for voting. You can learn more about The Blend Methodology on this video.

What is the difference if I purchase the PoS assets myself vs. the BLND token?

The way we think about BLND is "effortless proof of stake". So the StakerDAO community performs the associated research regarding the PoS assets to include and their share in the basket, select validators to stake with, and through our governance process, we can include additional tokens like ETH 2.0 or Polkadot in the future.

One other potential benefit is that, instead of distributing rewards to BLND holders, we use rewards to buy back and burn BLND, which may be advantageous in certain jurisdictions.

What are the Blend Buybacks and how do they work?

Blend offers 2 types of buyback mechanisms:

  1. Burn / Buyback Auction Model - will run monthly Rewards from PoS tokens used to buyback and burn BLND from registered holders through BLND auction buy-backs.

  2. Optional BLND Buybacks at NAV process As designated by the StakerDAO Council registered holders may participate in BLND buybacks.

Only purchasers who register through CoinList will be “Blend Registered Holders” and may be able to participate in the StakerDAO buybacks, which will occur as determined by governance.

How to use the BLND buyback app

The Buyback Auction will run on a monthly basis, these are the main steps to participate:

  1. Please visit blend.stakerdao.com and click on “Forgot your password?”.

  2. Input the email address you used during your registration on CoinList. You will receive a link to create a new password and log in.

  3. Now that you are logged in, first, go to the “Settings” tab and add an Ethereum address where you would want to receive USDC from any BLND you sell in the auction. You may add the same address through which you hold BLND or a different address.

  4. Please proceed to the “Orders” tab and on the left-hand side, connect your wallet that holds your BLND.

  5. Enter an amount you would like to deposit into the app to potentially sell during the buyback. Remember, the Orders page will tell you how much USDC is available to repurchase BLND.

  6. Also, others will add in orders to sell BLND, so none of or not all of your orders might be filled.

  7. On the right-hand side, enter the Quantity of BLND you want to sell and enter the Price in USD that you want to sell each BLND token at. You can enter multiple orders.

  8. In the “USDC Address” section, you will be able to select the address you added under “Settings”.

  9. Proceed with “Add order”. Your order will display under “My orders“ as well as under “All orders“. Orders that will not be filled at the present moment will be greyed out under “All orders“.

  10. If you want to cancel an order before the auction closes, you can click on “x” and the app will remove your order.

  11. The auction will run for 7 days. Once the auction is complete, all approved offers will be bought back (at the specified quantity and price) and burned.

  12. If your tokens were part of the buyback and burn process, you will receive USDC to your selected “USDC Address”.

  13. If you would like to withdraw BLND from your account, please head over to the “Settings” page and under “Refund locked balance”.

Here is a walkthrough video of the buyback process:

How to use the Blend (BLND) Exchange

Please note that the Blend Exchange is only available to CoinList purchasers who are registered with Staker. You must use the same Ethereum address where you received your BLND tokens.

WARNING: If you are executing an order and see that the app is suggesting it will return 0 USDC or 0 BLND back to you, please reach out to us on Discord and do not proceed with the transaction.

Step 1: Proceed to exchange-blnd.stakerdao.com

Step 2: Connect your wallet in the upper right hand corner. Please note that we have not yet enabled Wallet Connect, but we are working on it.

Step 3: You will see three boxes/values: “Total USDC available”, “Total BLND available”, and “Current NAV of BLND”. If you want to sell your BLND, pay attention to ”Total USDC available” to see how much is available to receive. If you want to buy BLND tokens, pay attention to ”Total BLND available”. “Current NAV of BLND” tells you the net asset value of BLND.

Step 4: On the left-hand side, you will decide which asset you would like to sell and click “Exchange”. You will first have to confirm one of two transactions for the approve function.

  1. Note: If you are selling BLND, there is a 2% fee.

  2. There is no restriction on the quantity per transaction except for how much is available.

Step 5: After your first transaction confirms, you will have to confirm a second transaction for the actual exchange.

That should be all! If you have any questions, please find us on Discord.

Why am I only receiving X number of BLND tokens?

You will receive the number of tokens in relation to your investment and the current NAV. The NAV is available on our dashboard. It will be (investment amount / BLND NAV) = number of BLND tokens received.

What is the Blend contract address?

This is the official BLND contract Ethereum address:

0xDc190EA63142c7522Dd56077F9b48B5073E3bd49

This is the ONLY address; please be aware of scammers!

Etherscan Link

Where can I find community created DEX listings?

BLND was officially minted on CoinList - Only purchasers who register through CoinList will be “Blend Registered Holders” and may be able to participate in potential StakerDAO buybacks and in the BLND verified exchange. The community created some trading pairs on DEXs, to confirm you are interacting with the correct token, please confirm this official BLND contract Ethereum address:

0xDc190EA63142c7522Dd56077F9b48B5073E3bd49

This is the ONLY address; please be aware of scammers!

How can I contact the StakerDAO community?

You can always connect with us on the StakerDAO Discord server , or on Twitter.

This notice does not constitute an offer of any securities for sale. BLND is not offered and may not be sold to or for the benefit of any “U.S. person” as that term is defined under U.S. securities law. If you are a U.S. person you may not purchase BLND.