Factor Governance Upgrade: Simplified Staking Model, Factor Scale, and Factor Boost
Hey Factorians!
We’re excited to bring you a groundbreaking update that marks a significant leap forward in the Factor ecosystem. Factor is launching a Governance upgrade and with it comes Factor Scale, and Factor Boost, all designed to enhance our governance process, liquidity incentives and 50% revenue share distributed weekly for our committed long term stakers.
Here’s what’s happening.
🗳 Factor Governance Upgrade:
At Factor, we believe in democratising access to open and permissionless financial rails. The FactorDAO governance model is a testament to our commitment and functions as the cornerstone to achieve such ambitious goals.
With our Governance upgrade, we’re introducing a new staking model designed to empower the community’s voice and reward well-deserved long-term stakers.
Key Improvements:
Simplified Staking Model: We’ve redesigned the staking mechanism to be more intuitive and user-friendly, removing complexities for a smoother user experience.
Reduced Staking Duration: Responding to feedback, we’ve cut the maximum staking period from four years to two, giving you more flexibility to manage your governance contributions and rewards.
Enhanced Incentives for Long-term Staking: For committed Factorians, we’re offering enhanced incentives. Opt for the maximum staking period, and enjoy up to a 2.5x multiplier on your emission rewards for amplified returns.
Migration Steps:
With this major upgrade, existing Factorians will need to migrate their staked positions to the new and improved Governance V2 contract. There will be no penalties incurred when moving from V1 to V2.
Here are the steps to unstake your veFCTR tokens and migrate to Governance V2:
▹ Head to the Stake FCTR tab on Factor and connect your wallet. Ensure this is the same wallet previously used for V1 staking.
▹ If you have an existing V1 staked position, you will receive a notification prompting you to initiate your token migration process. Click “Migrate Now”.
▹ Migration to Governance V2 can be completed in 3 steps. Begin by clicking “Migrate Now”.
▹ Click “Unstake” to Unstake your veFCTR from V1. For the purpose of this migration, unstaking penalties have been waived.
▹ Your wallet will be prompted to sign the transaction. Approve the transaction, and once completed, you will be ready to stake in Governance V2. Select your staking quantity, expiration date and click “Stake in V2”. Confirm your transaction and you’re all set!
Navigate to the “Redeem” tab under Governance V2 to view your remaining staking period and your redeemable veFCTR.
*Full details on V2 migration here.
After migrating your veFCTR, what comes next?
With our Governance upgrade, veFCTR holders can take part in our Factor Scale & Factor Boost, our new reward programs designed to incentivise FactorDAO governance participation, and deeper liquidity.
So migrate your stake NOW so you don’t miss out!
⚖️ Factor Scale:
Factor is democratising the distribution of protocol rewards, letting veFCTR holders steer emissions through community voting.
Factor Scale introduces a weighted voting mechanism where veFCTR holders can influence the distribution of gauge rewards to various community-curated vaults.
With Factor Scale, veFCTR holders are empowered to vote on the distribution of weekly gauge rewards to different community curated vaults created on Factor. To incentivise greater user engagement and deeper liquidity, the allocated FCTR tokens are distributed per epoch (i.e weekly) to Strategy Depositors as gauge rewards.
We are allocating up to 100,000 FCTR per epoch, and the scale of rewards is driven by achieved TVL milestones.
*Full details on Factor Scale here.
🚀 Factor Boost:
Factor Boost introduces permissionless distribution of rewards, allowing anyone to allocate any ERC20 token as additional rewards for depositors in a target strategy vault. Be it a protocol or an individual builder with a public strategy, Factor Boost is empowering our Factorians to boost strategy yields through reward token distribution.
Factor Boost rewards are distributed linearly over 7 days, promoting fair and gradual distribution. The system automatically calculates and disburses rewards based on real-time liquidity contributions.
Factor believes in collaborative growth. As proof, Factor will strive to match the value of native tokens provided by partners with FCTR boost rewards, striving for the highest attainable match through community votes.
More news to come on Boost soon!
*Full details on Factor Boost here.
🌐 Empowering DeFi’s Future: Engage, Share, and Shape with Factor!
With an emphasis on Accessibility, Composability, and Efficiency, Factor is committed to building the composable layer of DeFi. Our vision is to empower individuals, foster inclusivity, and build the next generation of DeFi strategies, and these upgrades mark a significant step towards making our vision a reality.
Have questions or want to share your thoughts? Join the conversation on our Discord! Don’t forget, your voice shapes the future of Factor.
Join us in shaping the future of DeFi together!
About Factor
ACE — Accessible, Composable, and Efficient.
Factor is realising a future where building and automating complex DeFi strategies are as simple as a drag-and-drop, no coding required. At Factor, we are democratising access to open and permissionless financial rails by equipping users with powerful but intuitive tools that abstracts the intricacies of getting cross-protocol DeFi strategies to market. Factor promotes a thriving DeFi community by empowering users to create shareable strategies that are open to all.
🌐 Web: https://factor.fi
📚 Notion: https://factorlaunch.notion.site/Factor-DAO
📣 Docs: https://docs.factor.fi/
📝 Medium: https://medium.com/@FactorDAO/
🐦 Twitter: @FactorDAO
📧 Telegram: https://t.me/FactorDAO
👾 Discord: https://discord.gg/factor
