Note: This document was updated on 23 Jan 2023 to reflect a change to the rewards calculation.
Current Flywheel recap
BattleFly DAO’s Flywheel is a competitive gameified governance protocol allowing builders, partners and individuals within the Treasure ecosystem to stake MAGIC to access maximised yield without the intensive effort and substantial resources that are usually required.
Flywheel was originally conceived to allow builders within the ecosystem to focus on building their projects while Flywheel handled the complications of generating Bridgeworld emissions. The first iteration of Flywheel opened staking to builders integrating MAGIC into their games and to individuals that held certain ecosystem NFTs such as BattleFly Founders NFTs, Smols, Smol Pets, Swols, Swol Pets and Smolove Rings.
With the introduction of Harvesters the landscape changed dramatically with both a sharp increase in the yield available to users and an increase in the costs associated with administering a successful Harvester strategy. BattleFly DAO decided to temporarily operate at a near loss, taking only a 10% fee to barely cover the operating costs of a large Harvester outfit.
Introducing Flywheel 2.0
Flywheel initially provided the aggregate yield of Atlas Mine and Harvester emissions to all users, however, due to the high costs of operating Harvesters this model is unsustainable and has to change.
Flywheel is now removing its requirements to access the service and will allow all users within the Treasure ecosystem to benefit from its best in class yield. BattleFly DAO’s upcoming governance token (gFLY) will play a pivotal role in this new iteration of Flywheel allowing access to all.
Default Yield
With the launch of Flywheel 2.0, all Flywheel users will default to receiving Atlas Mine emissions only. These users still receive the maximum APR possible from the Atlas Mine (via our 1/1 Legion and T1 Treasures), but will not have access to the additional yield from Harvesters. To receive these boosted MAGIC emissions, users must stake more than just MAGIC.
Introducing Competitive Locking
To receive a yield higher than what BattleFly DAO generates from just the Atlas Mine, a user must stake one or more of the following:
- BattleFly Founders NFTs (v1, v2)
- gFLY tokens
- gFLY:MAGIC LP tokens (acquired by providing liquidity on MagicSwap)
Locking gFLY or LP tokens will unlock more MAGIC emissions for a Flywheel user. These additional MAGIC emissions come from a daily pool of MAGIC. The following variables impact the share of the daily MAGIC pool that the Flywheel user will receive:
- The amount of gFLY or LP tokens staked
- The duration the tokens are locked for
- The number of Founder’s NFTs staked
BattleFly Founders NFTs alone have no impact on a user’s emission share but when coupled with gFLY or LP tokens they act as a multiplier, boosting the user’s share of the pool even further.
Calculating Share of Rewards
The competitive locking of gFLY and LP tokens will work in a similar fashion to the Mining Power mechanic used by Harvesters. There is a daily pool of MAGIC, and each user who has locked some amount of gFLY and or LP tokens will have a “Mining Power”, which determines their share of the daily MAGIC pool of emissions. The formulas are as follows:
Where Mining Power is determined by the formula:
These boosts are defined as:
Where:
- Lm = a user’s staked MAGIC
- Lg = a user’s staked gFLY
- Tg = the days until unlock of gFLY
- Lp = a user’s staked LP tokens
- Tp = the days until unlock of LP tokens
- F1 = a user’s staked v1 Founders NFTs
- Fm1 = 0.25 = the v1 Founders NFT multiplier
- F2 = a user’s staked v2 Founders NFTs
- Fm2 = 0.15 = the v2 Founders NFT multiplier
- Mp= 0.55 = LP multiplier
- Mm= 0.01 = MAGIC divisor
Both gFLY and LP tokens can be locked for a maximum of 365 days, with lock periods able to be continuously extended out to refresh the maximum lock period. I.e. 10 days into a 365 day lock, a user can extend the lock back out an additional 10 days from the current unlock date. This allows users to maintain the maximum lock multiplier within the Flywheel Mining Power calculation.
Thresholds
The daily pool of MAGIC rewards will be activated based on the percentage of total circulating gFLY that is staked at any given time. This will work as per the table below.
Launch
Flywheel 2.0 will launch on November 21 alongside our governance token, gFLY. gFLY will be available for purchase on MagicSwap and can be staked immediately to compete for boosted MAGIC yield.
