Inception Farming Epoch (IFE) reward allocation
Hello Riders!
As promised, the WingRiders Team have been working hard to evaluate the snapshots taken during the Inception Farming Epoch (IFE). We are happy to announce that have calculated your allocation of rewards for each farm!
IFE proved to be an exciting milestone for the WingRiders community — You may have noticed that we got a lot of coverage about the growth of our TVL — here, here, and here! Well in 6 days to 60M ADA, WingRiders launch was definitely a hot topic!
We would like to share with you some statistics for IFE (first 8 days from launch):
- Number of unique liquidity providers: 4687
- Number of liquidity providers with more than 850 ADA: 1963
- Number of quick peek visits: 170k
- Number of unique platform users: 40k
Recap of the rules of Inception Farming Epoch (IFE)
- IFE was a manual reward evaluation period from Tuesday 12th of April 10:40 UTC (from launch) to Wednesday 20th April 2022 at 21:45 UTC.
- During this period, 350,000 WRT was supposed to be allocated to liquidity providers who provided liquidity and kept their Liquidity Pool Tokens (LPT) deposited throughout the whole epoch.
- The Platform has taken multiple snapshots of the deposited LPTs during IFE to create a baseline for a Rider’s eligibility and proportion. Platform Reward allocation was based on the ratio of your average deposited LPTs to the overall average LPTs in a farm per all snapshots.
- Everybody who provides at least 1000 ADA equivalent worth of liquidity to a pool with a farm in average of the snapshots was supposed to be eligible for a not an upfront clarified bonus.
Despite all the warnings in the UI and Discord, many (over 650) of you have entered stable coin farms madUSDC and madUSDT with the hope that the bridge would be opened to the public very fast and despite the suboptimal rates you could balance these via the yield. We have covered the timeline and reasoning of this roller-coaster ride of changes in this blog.
Taking into account the undertaken risks and trust many of you have given on the table with using us from the first hours we have decided to reward your support and enthusiasm for WingRiders to minimize any losses that you potentially could have been subject to! This means that Riders that entered Stablecoin pools will in the end be rewarded as communicated initially, i.e. 40,000 WRT per stable coin farm using the same multi snapshot approach as other pools/ farms.
That’s enough of the “Big Picture” stuff, let’s get down to who gets what!
Example 1 — generic
Example for a calculation of WRT Reward allocation in a farm with reward 40,000 WRT:
IFE lasts 8 days and 6 snapshots of the deposited LPT’s are taken. John provides liquidity worth 100,000 LPTs on day 1 of the IFE and deposits his LPT’s to a farm. He keeps the LPT’ deposited during the first 3 random snapshots taken by the platform. On day 5 John withdraws his LPTs from a farm and moves them to another one. Platform takes a snapshot #4 on this day and records 0 deposited LPT’s. On day 6 John provides additional liquidity worth in total 300,000 LPT’s and deposits his LPT’s to this farm again. He keeps the LPTs deposited until the last day of IFE — platform takes snapshots (snapshots #5 and #6). John’s average deposited LPTs at the end of IFE was 150,000. Total average amount of LPTs in a farm is worth 100,000,000, so the ratio of John’s average deposited LPTs is 1.5%.Farm Rewards for IFE are set at 40,000 WRT, so John’s reward of 1.5% from this allocation is 60 WRT.
Note: In a situation where John withdraws his LPT’s from a farm X and moves them to a farm Y only for 1 day, it can likely happen that he will miss a snapshot time for farm Y. As a result, he will lower his average LPT’s in farm X and at the same time have 0 avg. LPT’s in Farm Y.
Example 2 — specific
ADA/Pavia Pool.
This pool had a total liquidity of $1.5m during the Inception Farming Epoch and 10,000 WRT allocation for farm rewards. In average 2,651,400,000 LPT’s in total were locked across all snapshots taken by the platform for this farm. Therefore, if you had provided a liquidity worth 1200 ADA or equivalent, and deposited your allocation of 2.6 million LPT’s across all snapshots, this would equal 0.0981% of total LPT’s in a farm. As a result you have earned 9.81 WRT farm reward as a proportion of 10,000 WRT (but see as well section below for a Bonus).
BONUS
And how about the bonus for providing 1000 ADA liquidity to the pool with a farm?
As we observed, many of you did not realize that by providing exactly 1000 ADA worth of liquidity while the price of one or both assets was fluctuating, you might accidentally get disqualified from being eligible for a bonus. And all this despite the heated discussions and our recommendations in discord. To compensate for this issue we lowered the eligibility amount for a bonus from 1000 ADA to only 850 ADA worth of liquidity. In addition, we decreased the criteria to measure if you provided 850ADA in any of the snapshots instead of making the average of your liquidity across all snapshots (this qualified approx +300Riders). All riders who met the criteria will be rewarded with a special edition FirstRiders NFT in three tier variants — Bronze, Silver and Gold. Tier eligibility is explained in the table for NFT Bonus rewards below. These Tokens are from a precise technical standpoint not NFT but Fungible tokens (FTs) minted in a very limited number so called series. They are not meant as an monetary equivalent incentive. It is recommended not to sell it, as it will have an utility use on the platform to be revealed later. Until then, wear it proudly as a badge of honor of the first WingRiders.
NFT Bonus Rewards table — based on the total liquidity across all pools with a farm in any snapshot:
But wait there is more!
On top of that, we have an additional surprise for all Riders who provided liquidity during IFE. Based on the liquidity provided on average across all snapshots, an additional 44,415 Claimdrop Bonus WRT rewards will be distributed according to the tiers described in the Bonus Rewards table below.
WRT Bonus Rewards table — based on average liquidity across all snapshots in a single pool:
Together with 235,000 WRT that was allocated to the liquidity providers, who deposited their LPTs in designated farms, it makes a total of 279,415 WRT awarded in the IFE.
If you are wondering where is the remaining 70.5k WRT that was allocated for IFE, it will be redistributed to the next Regular Farming Epochs since the 70k WRT were reserved for madWETH and madWBTC farms. These were opened later as expected and that is after the end of IFE due to the Milkomeda bridge being delayed for the public.
How do I see my rewards?
The allocated reward will appear after the end of the IFE epoch in the user interface under the camera icon. It may take one to two days after this blog — please be patient. You may already see some rewards on farms where the first RFE epoch ended. If you click on details a deeper breakdown will guide you. In this picture you see cutout examples from the UI section of the Farm details.
How do I claim these rewards?
NFTs distribution and timing will be announced soon, we want them to be nice and fresh for you out of the mint shop :)
WRT tokens will be locked for the time being and they will be unlocked for a claim shortly after WingRidersTGE (Token Generation Event) and the first-days of market trading. The TGE is currently scheduled for late Q2 2022. Currently, a precise economical model is being worked on to minimize token dump situations during the first days. Part of that is the possibility to have the before the TGE Farmed rewards on a very short vesting schedule (days to a couple of weeks). The aim is to balance out all parties to have a very similar proportion available for immediate trading so no one can benefit too much at the expense of others.
To sum it up…
TLDR thinking as well of those that missed a detail in blogs, announcement or information in UI, we lowered the IFE requirements for eligibility and increased the rewards in four instances to compensate for any complexity in getting to know a new project. These lowered requirements and surprise rewards are:
- NFTs for everyone from 850 ADA and not only from 1000ADA
- NFTs if you have 850ADA+ in any IFE snapshot not as previously communicated only if your average in all snapshots is over 1000ADA
- Stablecoin Farms — despite cancellation exp post awarded to compensate losses on price slippage (40k WRT per Farm x2)
- Additional gains of 44,965 WRT on the proportion of average Liquidity to all who provided liquidity 850ADA+
At WingRiders, we try not to brag, but honestly we are quite happy with how the launch has gone. There’s been a few issues (Stablecoins price slipping), but main perception was driven by a couple of people spreading FUD. We have tried our best to communicate these in a timely and transparent fashion.
BUT
Our Riders are another matter. They want to be #1 so get out there Riders, and tell you friends, hell, tell you kids, tell your mum and dad. Let’s #GoForWingRiders!
We hope this blog helps explain how the IFE rewards worked and is both transparent and equitable. We will be hosting an upcoming AMA about the IFE Rewards, new farms, and other WingRiders related cool stuff.
Peace.
