Tentacle Finance Phase 2 Announcement
The Senior Squids are pleased to announce that we have concluded phase 2 development and testing. This article will go into the changes you can expect with the phase 2 launch.
Seed funds update
First, we wanted to include an update around the current unharvested INK held in the seed fund:
This screenshot was taken on December 10, 2021.
As mentioned on social media, we will harvest this for the first time in January and then quarterly after this point. Funds will sit in the DAO (a twine multi-sig contract) until we find a use for them.
Part of our Phase 2 goals were to make a number of functional as well as graphical changes to the TGE Framework frontend. This was designed to provide an easier and smoother experience for our users.
With the release of Tier 2 and Tier 3 farms, the Tentacle Finance team wanted to prioritize the creation of a multi-farm interface, so our users have one single page to harvest across all asset pairings. We have also included a section for ‘Community Farms’ which will include any selected non-Tentacle Finance farms on Ubiq. Currently we have included the GRANS/UBQ farm as the main well established farm running for almost a year.
We have included an APY calculcation for the convinience of our users. This will enable farmers to scan across available farms and quickly identify the best return for providing liquidity to a farm.
A number of LP stats have been added to the dashboard for each farm. This allows a user to understand how much liquidity they have provided, what percentage of the farm their liquidity represents and what the estimated $ LP value is, all without having to remove liquidity and manually calculate.
Unstaked LP tokens
Some users add liquidity and then forget to stake their tokens in return for rewards. This will now be flagged on the main dashboard in RED if any of these tokens exist.
Manage Liquidity Section
Adding and removing liquidity has been moved into the Manage Liquidity section. The main choice for this design layout is to not clutter up the front page with too much information. Users can simply press the ‘manage’ button under each farm if they wish to manage their liquidity position.
Wallet Balances Section
At the top right hand side of the screen you can find the “My Wallet” section by clicking on the wallet / address section. If you click on this you can see all balances of any farm tokens which are held in your wallet, provided they have been harvested.
Tier 2 Farms Selected
GRANS/INK & ESCH/INK Farms
When profiling tokens for our tier 2 farms, we looked at a number of factors:
- Active communities
- Use cases
- Shinobi Liquidity available
- Fairness of distribution
Based on our research, two tokens pulled ahead of the crowd on these criteria: Grans and Escher have been decided upon.
Both of these tier 2 farms will launch at the start of bonus month and continue throughout the year. We will also be launching 4 tier 3 farms, staggered each month starting with the bonus month. More on this later.
Projected Inflation update
Based on us hitting our development milestones I can now confirm the emissions schedule precisely:
Emissions will now follow the red line indicated in the chart above. This is also based on us launching a tier 3 farm in the bonus month.
We have also decided to launch a Tier 3 farm on the bonus month.
Tier 3 is slightly different to the other tiers, in that you do not require INK to stake for rewards. Currently we are working on our first tier 3 farm, but due to still being in development this will not launch the same day as tier 2 farms. As soon as we are ready an announcement will be made with a couple of days to build liquidity, then the farm emissions and end time will brought in line with the pre-existing end date for the bonus month.
This means the complete table of emissions will look like the following:
Phase 2 Launch Details
The following contracts are available for those who wish to participate:
- INK ERC20 Token: 0x7845fCbE28ac19ab7ec1C1D9674E34fdCB4917Db
- UBQ/INK Main Yield Farm: 0x6E142959F49d364b30F0478949EFfDcb58efFe44
- GRANS/INK Tier 2 Yield Farm: 0xC4f628150EaDcA9864641e3BF65F8Ea4Fd75e23B
- ESCH/INK Tier 2 Yield Farm: 0x6E59E5cd333CE71D3AFDEdae09949729dC2fe4B3
Phase 2 launch on 16 December, around 6AM UTC.
Users are welcome to stake their liquidity pairs ahead of the farming launch and need not take any other action if they do not wish.
The farming interface can be found at https://tentacle.finance/
The initial phases of Tentacle Finance are about ensuring fair distribution of the INK token in order to properly decentralize the governance of the project.
Many have asked us about our future plans for phase 3. We want to assure the community that this an ongoing focus area for us and plan to follow up with an article in future which in more detail will lay out the next steps as we progress. The first step is governance for the project, which we will have more on very soon.