APY.Finance Liquidity Mining Launch
Summary
Today, we are launching the APY.Finance liquidity mining rewards program. Early supporters will be able to deposit stablecoins (DAI, USDC, USDT) into the deployed APY.Finance liquidity contract and begin vesting the APY governance token.
APY.Finance’s governance token, APY, has not been released yet at this time and will not be released until TGE.
Read more on the utility of the APY token.
APY.Finance Liquidity Contract
Users can deposit into the APY.Finance liquidity contract via https://apy.finance on October 1, 2020 at 8:00pm EST with public liquidity mining rewards enabled. Rewards accrued will begin vesting shortly after TGE.
This liquidity contract is the first step towards our vision of pooled yield aggregation. In the initial phases, the incentivized liquidity contract will help bootstrap upfront TVL (total value locked). Front-loaded liquidity will then help the APY.Finance system achieve economies of scale savings when yield farming strategies are enabled on alpha launch.
You can deposit stablecoins (DAI, USDC, USDT) into the contract and receive APT tokens in return. The APT token will act as an IOU for the pool, similar to Curve’s LP tokens or Balancer’s BPT tokens. You may redeem your deposit by burning the APT tokens.
By holding APT tokens, you automatically mine the APY.finance governance token, APY. Read below for more details on the mining reward logistics.
On alpha launch later this year, the assets in the liquidity contract will then concurrently yield farm and mine APY. In the first iteration, our engineering team will design and manage the farming strategies. However, the APY.Finance engineering team has designed the liquidity contract and the farming contracts with a generalized architecture in mind. Once the system is more battle-tested, governance will be enabled. Our community will then be able to use the APY token to propose and deploy strategies entirely on-chain without the need of a Solidity engineer to intervene.
Read more about our roadmap.
Mining Details
Platform:
https://apy.finance
APT Token Address:
To be updated when deployed
Total Public Liquidity Mining Allocation:
31.2% of Token Supply or 31,200,000 tokens
APY Month 1 Allocation Amount:
900,000
APY Rewards Starting Time:
Thursday, October 1, 2020, 8pm EST (October 2, 12am UTC)
Audits:
Halborn (recently audited Bancor v2 and PowerTrade)
Vesting Schedule:
6 months, vested block-by-block shortly after TGE.
Every week, the team will release a Github blob on Discord/Telegram mapping address to rewards mined.
After TGE, the APY rewards will begin vesting and can be claimed through a contract that combines Synthetix vesting logic with Curve.fi block-by-block vesting calculations.
We hope to distribute APY tokens into the hands of real users who are interested in participating in governance for the long-term.
FAQ
Is the APY token is the same as APT token?
No. The APY token has not been released yet. APT is your stake in the pool; APY is the governance token. This is similar to Balancer’s BPT and BAL tokens, respectively.
Does depositing in the APY.Finance liquidity pool to mine APY risk impermanent loss?
No, there is no impermanent loss. Stablecoin deposits are 1:1 backed by their respective pools. There is no shifting of proportion in notional value.
Has the code been audited?
Yes, the code was audited by Halborn, a security firm that recently audited PowerTrade and Bancor v2.
How long will the liquidity mining program last?
We plan to continue our public liquidity mining rewards program for the long-run, although each month’s incentivization details will vary. We look towards SNX as pioneers in incentive design and hope to experiment with incentives to find the most attractive and sustainable benefits for participants.
How do I know how much APY I have mined?
The amount of APY you mine will be proportional to your ownership percentage of the liquidity pool over time. The team will post exact address and amount mappings weekly leading up to TGE. After TGE, the APY token will be vested block-by-block using the Synthetix vesting contract and Curve.fi continual vesting calculations.
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