In a May 8, 2024 announcement, the Bahamut Foundation said its grants initiative had supported the launch of three DeFi applications on Bahamut: Lolik, Mutuari and SilkSwap. The same release named five approved Bahamut Arena projects, listing each project’s category, announced FTN allocation and delivery period. Those are announcement-era details—not confirmation that the projects remain active or that grants were ultimately delivered.
What are Lolik, Mutuari and SilkSwap?
The Foundation described the three applications as having completed qualification stages and become available on Bahamut. A June 6, 2024 interview with Bahamut Foundation Blockchain Program Lead Pavel Aramyan provided further descriptions. The labels explain the projects’ intended functions; they do not establish current uptime, safety, liquidity or investment performance.
| Project | Reported function | What that means |
|---|---|---|
| Lolik | Liquid staking | Liquid staking protocols generally let users stake assets while receiving a token representing their staked position. The cited announcement and interview do not establish Lolik’s specific mechanics, supported assets, fees or current availability. |
| Mutuari | Decentralized lending and borrowing | Aramyan said users could stake collateral and borrow other assets, commonly USDT and USDC. That description is from the Foundation representative; the cited material does not establish current markets, collateral rules or rates. |
| SilkSwap | DeFi trading platform / decentralized exchange | The May release called it a DeFi trading platform, while Aramyan later referred to it as a decentralized exchange prototype. The prototype wording is relevant context and should not be read as evidence of maturity or present operation. |
Bahamut’s app directory also lists Silkswap as a DEX, Lolik as a liquid staking protocol and Mutuari as a decentralized lending protocol. The directory extract is undated; a listing does not demonstrate that an application is online, secure or liquid.
Who won Bahamut Arena, and what did the projects receive?
The May 2024 announcement named five approved projects. Its FTN allocations and delivery periods are historical program terms, not confirmation of completed delivery or current funding.
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| Project | Announced category | Announced allocation | Delivery period |
|---|---|---|---|
| Gotbit Labs | DEX aggregator | 40,000 FTN | 2 months |
| Lost Legends | NFT marketplace | 40,000 FTN | 4 months |
| Blockstars (Greedy Lottery) | Decentralized game | 13,000 FTN | 1 month |
| Erinaceus RNG Oracle | RNG oracle | 50,000 FTN | 3 months |
| Erinaceus Price Feed Oracle | Price-feed oracle | 50,000 FTN | 3 months |
The allocations and timelines were reported in the announcement; the cited sources do not verify whether each project later delivered its intended product or received the full allocation.
How did the grants program fit into Bahamut?
A February 1, 2024 Foundation press release, carried by Business Wire and republished by VentureBeat, described Bahamut Grants as a 10 million FTN fund with milestone-based support. It said the program prioritized decentralized exchanges, RNG oracles and price-feed oracles. This was the program’s announced design, not evidence of a project’s later outcome.
In a June 2024 interview, Aramyan described Bahamut as a public, permissionless Layer 1 blockchain using Proof of Stake and Activity (PoSA). He said validators with active smart contracts that spend gas could be rewarded, and that activity could improve a validator’s chance of producing a block. This is his explanation of the design, not an independent assessment of network performance or security.
Are the Bahamut DeFi projects live now?
The May 8, 2024 release said the three projects had become available on Bahamut at that time. The June 2024 interview and the directory listing provide further context, but the cited material does not establish whether the apps remain available today. Check current project channels and the app itself before connecting a wallet or moving funds; a directory entry or earlier launch announcement is not a safety check.
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Aramyan also reported close to 15 million FTN staked and characterized that amount as about $30 million “in just a few months of operations.” That was a historical figure he gave in a June 2024 interview, not a current staking balance or an independently audited metric.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What to check before using an application
The announcements identify intended functions, but do not provide enough evidence to evaluate an application as a financial service. Before depositing or borrowing, look for current documentation on supported assets and chains, wallet and custody requirements, fees, collateral and liquidation rules, audits, and active markets. Verify those details through the project’s official channels, and do not treat the Foundation’s grant approval or a listing as a guarantee of security or returns.
Quick Recap
Sources
- Bahamut Foundation announcement, May 8, 2024
- BeInCrypto interview with Pavel Aramyan, June 6, 2024
- Bahamut application directory
- February 1, 2024 Bahamut Grants press release carried by Business Wire and republished by VentureBeat
- BeInCrypto interview reporting Aramyan’s historical staking figure
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