Happy Wednesday all!
Week 2 retrospective:
- We successfully filled the $20mn TVL cap on TVL. That was the second TVL cap increase in our guarded launch approach;
- Opened Curve bUSD & sUSD & Y pools to the public after testing. Status: audited by Certik, pending another audit.
- Started testing new pools — Aave bUSD & Aave sUSD pools. Status: unaudited.
- ADEL staking pool went live as well as LM incentives for ADEL pools on DEXes;
- This post will be updated with links to distribution numbers for the period Aug 31-Sep 9
New updates & numbers from us & Delphi dashboard created by Nansen.ai team:
- We’ve got 1,014 new users in a week with a total of 1,663 users — that’s a 256% growth!
- 18% of the TTS is on exchanges, which represents a further reduction from prior 21% — people love staking AKRO.
- First ADEL distribution happened last week — 2.7M tokens, 1,301 token holders from the liquidity provision on Delphi and DEXes.
- 54.8% of ADEL circulating supply is locked in ADEL staking in Delphi.
Week 3 plan:
As ever, please pin & save the link to this public LM Rewards gsheet which is updated every week, with new incentives announced weekly. Key updates are below:
- $49M TVL cap: We decided to increase the global TVL cap from $20mn to $49M as our first audit by Certik is completed. Another audit is ongoing & we are scheduling the third one for updated functionality.
- AKRO & ADEL staking pool TVL caps have been removed: people are free to join them anytime.
- Starting tomorrow, you will be able to see your AKRO&ADEL rewards in the UI itself. Bear in mind that distributions will occur once a day based on the random snapshot made by the contracts (when they are set up)— so rewards are distributed between people who are in the pools when the snapshot is taken.
We have a big update to LM rewards distribution given recent burn of ADEL supply to 30M tokens, as well as analysing pools performance & product itself. Below is our motivation for incentivising specific pools while others see a reduction of rewards:
- LM rewards are designed to bootstrap liquidity and incentivise genuine users vs. speculators.
- Reward amounts and therefore APY% will inevitably reduce as TVL caps increase and token prices fluctuate.
- We treat AKRO and ADEL as valuable assets and therefore it is inevitable that the LM allocations for both (10%TTS and 90%TTS respectively) and are reviewed on a weekly basis taking into account the following factors:
- Price action for AKRO and ADEL;
- Peer group returns for yield-generating altcoins;
- External rewards and interest rates provided by DeFi protocols and their relevance.
For details, see Week 3 LM incentives in the tab “Delphi Sep 9 — Sep 16”.
- We’re launching REN integration this week by adding renBTC Curve pool. Total cap on the pool will be USD$100,000 equivalent. While under initial testing, it will be accessible only to whitelisted DeFi users
- While we are waiting for the Nansen team to complete the work on the Delphi calculator, we prepared a simple calculator to check current APY from AKRO & ADEL rewards. It’s accessible in the same LM gsheet.
- By popular demand: we will be introducing a simplified version of Delphi “Savings” for stablecoin-only staking with daily sales of LM rewards. You won’t need to do anything: just stake a stablecoin of your choice and watch your balance grow! Please note that Delphi “Savings” will be moved to “Advanced View”, where you can control when LM reward tokens are sold.
We continue to work on enhancing & automating our LM model — we’ll be sharing more details for the initial automated structure in the coming weeks.
Stay safe out there!
The Akropolis Team
Information above is provided for illustrative purposes only. This article contains forward looking statements, i.e. statements related to future events, and we cannot guarantee that any such forward looking statements will correlate with the actual future facts or results. You should not construe any information provided above as legal, tax, investment, financial, or other advice. Nothing contained in this article constitutes a solicitation, recommendation, endorsement, or offer to make an investment or to buy or sell any securities or financial instruments in any jurisdiction. We reserve the right to amend or update this article and any information provided above.