Today, we’re excited to announce plsRDNT V2 — a significantly improved version of plsRDNT designed for capital efficiency, simplicity, and maximum rewards. We’ve collaborated with the team at Balancer to create a system that’s scalable and which benefits from the architecture Aura has built around Balancer.
Compared to before, plsRDNT V2 will be a new type of product that increases in value over time compared to the underlying dLP it represents. In this article, we’ve prepared an extensive explanation and concrete user steps you need to take to start reaping the benefits of the brand-new system. plsRDNT V2 will launch next week, and for the first time ever, we are also doing a launch event with compelling incentives to match — but more on that shortly!
Let’s dive in! 👇
Introducing The New and Improved plsRDNT
The plsRDNT V2 token is a considerable improvement to the old version in every way. It gets significantly higher rewards from various sources when LP’d, while automatically compounding rewards without needing action on a user’s end. For the first time ever, we’re also introducing a powerful buyback mechanism, where a portion of the underlying dLP yield is used to buy back and burn plsRDNT V2 from the LP if the ratio is under 1. 🚨
Here are some key terms to help you understand how the new plsRDNT differs from the old version. 👇
- plsRDNT V1 = The old plsRDNT token, which represents one max-locked dLP token
- plsRDNT V2 = The new plsRDNT token to which old plsRDNT holders can convert from plsRDNT V1. New users can convert to it from dLP tokens. Appreciates against dLP over time in an index.
- ‘plsRDNT/8020RDNT-WETH’ Stable LP = plsRDNT V2 token paired against a 80/20 RDNT-WETH LP token. Lives on Balancer.
To receive plsRDNT V2, a user must convert their plsRDNT V1 to plsRDNT V2. As a reminder, one plsRDNT V1 token represents one underlying max-locked dLP token. Users without plsRDNT V1 tokens can convert from dLP directly to plsRDNT V2 or alternatively buy it from the plsRDNT/8020RDNT-WETH LP.
plsRDNT V2 auto-compounds the underlying yield from max-locked dLP into an index, which means that over time, plsRDNT V2 will be higher in value than a plsRDNT V1 token. This index mechanism is similar to plvGLP. However, to maximize plsRDNT V2, a user is encouraged provide liquidity to the plsRDNT/8020RDNT-WETH pool.
LPing In The ‘plsRDNT/8020RDNT-ETH’ Pool
We’ve designed the architecture around plsRDNT V2 so that users are eligible for maximum rewards from various sources. However, to receive these rewards, they are also doing the protocol a favor by providing liquidity for the LP.
By LPing in the pool, users will receive the following benefits:
- Appreciation of the plsRDNT V2 token from max-locked dLP rewards that are auto-compounded. Note: you do not need to LP for your plsRDNT V2 to appreciate!
- Rewards in BAL from bribing through Aura and Balancer using Hidden Hand with a part of the underlying dLP yield
- esPLS rewards from Plutus
- A share of Radiant’s STIP rewards paid in ARB
- A share of Balancer’s STIP rewards
A part of the dLP yield received by plsRDNT V2 is used to bribe on Balancer through Aura and Balancer using Hidden Hand, resulting in a large increase in rewards compared to simply distributing that yield directly. The rewards from these bribes are distributed to those staked in the plsRDNT/8020RDNT-ETH pool.
Required Action Steps From Users After Launch
If you are a current plsRDNT V1 holder…
- Unstake your plsRDNT V1 tokens
- Convert your plsRDNT V1 tokens to plsRDNT V2 tokens
- To receive maximum rewards, LP in the plsRDNT/8020RDNTWETH pool and stake your LP token on Aura.
If you are a new user looking to get your hands on plsRDNT V2…
- Acquire dLP tokens
- Convert dLP into plsRDNT V2 on our ‘Convert’ page OR alternatively look to buy plsRDNT V2 tokens from the LP if the ratio is under 1:1
- To receive maximum rewards, LP in the plsRDNT/8020RDNTWETH pool and stake your LP token on Aura.
What Does This Mean For The Old plsRDNT?
- Minting of the plsRDNT V1 tokens will be disabled as of this announcement.
- The plsRDNT V1 token can be converted to the V2 plsRDNT token at any time.
- Single-staking the plsRDNT V1 token and related rewards will be sunset when the plsRDNT V2 token launches. Rewards begin compounding to plsRDNT V2 a week after launch. Rewards will continue to accrue behind the scenes throughout the week.
- Bribes to the current Chronos pool will cease after next week.
- Stay tuned for more announcements as we prepare to launch next week. If you have any questions, feel free to jump into our Discord! 🙏
