THIS ARTICLE IS OUTDATED. PLEASE VISIT https://medium.com/@empyrealsdk
As a way to increase our delegated authority, and introduce more ARB investors to the protocol, we have created a single staking contract for Arbitrum. This will exist separately from our main farms, and will provide a unique opportunity to Arbitrum stakers. We want to encourage the maximal number of Arbitrum holders to stake and participate in the protocol, so we have taken a few measures:
- Open sourced, well tested contracts
- Verified on Arbiscan
- No lock up (You can pull out funds at any time)
- Incentivization for keeping your funds in the farm
We have open sourced the contracts and have subjected it to peer review to ensure there is no risk to stakers. We also engineered these contracts in a way where users will be able to pull their funds out at any time. They can deposit more funds, which will balance their multiplier points across epochs. There will be a one epoch warmup where no rewards are earned every time a deposit is made. This is done to discourage short term staking.
The way rewards will work is simple. A user will deposit Arbitrum into the farm and begin earning yield in $FIRM after 12 hours. Over time, the multiplier increases on their yield. The maximum yield multiplier is 2.25x will will be reached after 100 days.
The farms will run for at least 100 days, with a target APR of 5%. This means if a person stakes for 3 months, they will potentially get 12.5% APR. The APR rate is subject to change, depending on the price of Arbitrum.
Yield is given in $FIRM, the governance token for Empyreal. Arbitrum Stakers will be earning governance rights in the protocol. This is in line with our vision, since we want to distribute governance tokens to people that are delegating their funds to the Empyreal DAO, establishing us as a delegate on Arbitrum, and fairly distribute our governance token to our community.
Arbitrum farms will launch on Wednesday April 5 at 10pm UTC. Reach out on discord or telegram if you have any questions!
