Milestone Magic: First Unlock Epoch
Simsalabim — History Made In the Sphere Earnings Pool!
Hey Sphereans!
The Sphere Development Team has been deep in a building phase for a while now, and we’ve reached a critical moment in the process.
Today, we have an announcement to make concerning a key event for you.
Thursday marked a major milestone in the history of the Sphere Earnings Pool, as we experienced our first unlock epoch.
The unlock occurred on Thursday night, and has brought with it some bittersweet news we’d like to break down to give you all the juicy details on exactly what happened and how.
So without further ado, let’s get into it.
Epoch 1: Unlocked
Sphereans who locked their $SPHERE since Epoch 0 have enjoyed a steady stream of $MATIC yield for the past 4 months. After the lockup period, they were given the option to either lock their tokens again or withdraw them.
But DeFi will always give users moments of chaos and unpredictability, and the initial unlock event brought exactly that into play.
As the clock struck midnight, the team and many community members encountered an unexpected UI bug that appeared at the worst possible moment. We immediately raised the alarm for code red, and our Development Team swiftly addressed the issue within minutes of its occurrence.
With incredible speed, the initial bug was identified and quashed, and the issue resolved. During this process, we also identified and patched several other issues, including:
- UI display problems;
- Withdrawal functionality;
- Asset information.
Once we overcame these obstacles at the speed of light, the unlocking and subsequent relocking gained momentum and traction.
Dashboard Creation
Special thanks go out to our lovely community member and friend of the team, Surma, who created an amazingly intricate dashboard. On this dashboard we can now observe a net-positive trend between withdrawals and locks since the $SPHERE unlock!
This real-time data is incredibly useful for any Sphere investor, but also for the team when making marketing and future planning decisions.
The gap between the two is quite noticeable, with the lock rate sitting at approximately 45–50% higher than the withdrawal rate.
This data point was far better than the community and even the most optimistic members of the team had predicted. This showcases that there is a significant majority of $SPHERE holders that, although quiet, are content in reaping the rewards of $ylSPHERE.
We express our most heartfelt gratitude to everyone for continuously trusting our project and ecosystem, and we’re eagerly looking forward to expanding and improving upon it for our community to enjoy and reap the full benefits of everything that DeFi has to offer.
We highly encourage you to view, observe and gather your own investment data from the dashboard here. Let us know any cool observations you make in our community Discord server!
Each event, obstacle or problem that Sphere encounters provides us with an opportunity to enhance what we have already built and refine our systems — this initial unlock event was no exception.
Sphere Earnings Pool: Optimized
One more rehash we’re also extremely excited to introduce, which will take the Sphere Earnings Pool to a whole new level, is a change to the Earnings Pool System — a buyback-and-disperse mechanism.
Yes, that’s right: “Buyback.”
Through this mechanism, you will receive vested $SPHERE and $MATIC tokens.
This is just a brief description; we will provide more detailed information very soon, but in the meantime, here’s the rundown.
The mechanism incorporates a vesting system for claiming $SPHERE, which burns a portion of the tokens if vested for less than the max period of time.
You read that right — burned!
This hybrid mechanism will undoubtedly be a valuable addition to our ecosystem, and particularly for our Sphereans.
Let’s illustrate this with a quick example…
Suppose you’ve earned 100 $vSPHERE from the Earnings Pool, and to claim these tokens, you must vest them up to a certain period of time.
Let’s assume you have selected a vest for 10 weeks.
The calculation would go as follows:
$SPHERE earned = $vSPHERE amount x weeks passed / Max Weeks
Alternatively, you could choose to convert 100% of your $vSPHERE into $ylSPHERE instantly via our zapper and enjoy $ylSPHERE benefits at any time.
Follow our Twitter to make sure you never miss any more exciting updates.
And believe us, there will be plenty.
Once again, we extend our most heartfelt gratitude to each and every one of you for being part of the most exceptional community in the entire DeFi space. We wouldn’t be here without you.
That’s all we have for today — till next time, Sphereans!
