HOW TO AGAVE 1: STAKING
A lending protocol created in a decentralized manner by 1hive
📈 Origin
1Hive has solidified its position as one of the most open and inclusive DAOs in the crypto world. Along with that, the way in which 1Hive is organized is aiming to set a golden standard for conviction voting DAO, one that many projects interested in creating and sustaining open communities will come to derive its mechanics from.
AGAVE is a lending protocol, built entirely by the 1Hive community and deployed on the xDai chain. The reasoning here is that on xDai the fees are next to zero. $AGVE, or AGAVE is a decentralized non-custodial money market protocol in which users can borrow or lend money through the application. The platform will evolve and build on top of the system that Aave developed with the idea of making Agave even more integrated than Aave. This will be accomplished with further integrations of other 1Hive projects such as Celeste, Gardens, the Honeyswap exchange and other products developed by 1Hive such as games and NFT projects
Agave will always be owned by the AGAVE DAO members and holding $AGVE tokens gives you voting power to choose the future direction of the AGAVE DAO!
🔐 Staking 101
Staking is live from the 10th of May. Here you can access the app.
The main idea when staking AGAVE is that you are actively securing the AGAVE protocol from a shortfall event while you earn rewards for this. Learn what a shortfall event is by clicking here.
Basically the staking mechanism in AGAVE works like a “safety module” ensuring the stability of the protocol while earning you rewards.
There is no required minimum amount when staking you precious AGAVE tokens. As a user you are rewarded based on the amount of $AGVE staked.
Now that you understood staking you can try staking yourself, it’s easy!
You just have to connect your Metamask Wallet, with the xDai chain selected as the main network. You don’t have xDai configured in Metamask? No problem! Learn how to add xDai to Metamask here. Now you can connect your wallet.
After connecting your wallet you just need some $AGVE and it’s staking season! No $AGVE? No problem! You can get some on Honeyswap.
Now that you have some $AGVE in your wallet you can begin staking. At the time of writing there are 6249.2 $AGVE staked in the Safety Module.
After you stake you can see the AGAVE staked and next to it the Claimable AGAVE(your rewards generated by staking).
The Cooldown period is how long you have to wait to withdraw your stake. Since this is a “safety module” the idea is that you can’t immediately withdraw your staked tokens, since you are staking to protect the DAO from a shortfall event.
After staking instead of $AGVE you will have $stkAGVE in your wallet. You can see this on the Blockscout explorer(the Etherscan of xDai).
Don’t forget AGAVE is a DAO, that means you can use your $AGVE in order to vote for changes in the protocol. In the future it is possible that we could also use $stkAGVE for voting (if the community votes for this change).
When you want to withdraw your AGAVE tokens you must click Activate cooldown and wait 10 days before unstaking your tokens. After the 10 days pass, you’ll have a 2 days claim window to withdraw your sweet $AGVE to your wallet.
What happens if you don’t withdraw during the claim window? Basically, nothing! If you don’t withdraw within the 2 days, the window closes and you have to reactivate the cooldown period.
The cool part is that you will still receive staking rewards until you’ve effectively unstaked and withdrawn your tokens.
We know people love videos and tutorials that’s why we also prepared a cool video about AGAVE. Check this awesome video tutorial for a step to step guide : Agave Lending — Staking Tutorial
👨👩👧👦Token Distribution
Being developed by 1hive, AGAVE is a fair DAO and has the same ethos as 1hive does. Due to this at the launch of AGAVE a portion of $AGVE was airdropped to active 1hive members.
You can see the whole distribution below.
Total supply — 100,000 AGVE
- Agave treasury — 72% (72,000 AGVE)
- Circulating supply — 28% (28,000 AGVE)
- 10% — staked to WETH-AGVE pair liquidity pool on Honeyswap
- 8.4% — distributed in a fair launch to qualified 1Hive DAO community members and other members who contributed to the product launch
- 5% — staked to Agave platform by 1Hive DAO in order to provide network security and liquidity
- 4.6% — distributed to Agave seed members — (1-year/365 day vesting period)
🕵Audit
On the 1st of May we received successful feedback from Chainsulting, the company running the audit of Agave’s contracts. If you are curious you can see more details about the audit here.
Now you know your funds are SAFU!
💬 Join Us!
- Join discussion in our Discord at https://discord.gg/qHVdwB5p
- Join us also on Telegram by clicking here or at https://t.me/Agave1Hive
- Don’t miss any update by following our Twitter : https://twitter.com/Agave_lending
- Our Twitter for our spanish speaking friends : https://twitter.com/Agave_token
