oMETIS Reward Distribution Plan for artMETIS/METIS LPs
It has been over 2 weeks since the artMETIS/METIS liquidity pool went live on Hercules, and we have already achieved a TVL of $1.96 million. We extend our heartfelt gratitude to everyone for the unwavering support of Artemis! To encourage the liquidity providers, there is a variety of rewards, including oMETIS reward.
The team has been exploring options to distribute the oMETIS reward for the artMETIS/METIS LP on Hercules. However, we haven’t found a satisfactory solution to address the limitations in topping up oMETIS reward. So, the team decided to distribute them directly on Artemis.
oMETIS Reward Eligibility
artMETIS minters play a crucial role in Artemis, serving as the foundational support for the platform’s success. In recognition of their invaluable contributions, they are the primary focus in the oMETIS reward distribution plan. To qualify for oMETIS reward, users must meet all the following eligibility criteria:
- artMETIS Minting Engagement: Users must engage in minting artMETIS. If you purchased artMETIS through Hercules but haven’t minted any artMETIS through Artemis, you can mint any amount of artMETIS to meet this criteria;
- Liquidity Provision: Users must provide liquidity by pairing artMETIS with METIS on Hercules V3 and Vault V3 pools (including Alpha pool and Genesis pool).
oMETIS Reward Amount and Claimable Time
The initial distribution of oMETIS reward will be 500 oMETIS ($50K), followed by 250 oMETIS ($25K) every subsequent week. Any adjustments to this schedule will be communicated in advance.
The oMETIS reward will be claimable every Sunday, calculated based on users’ weekly accumulated Art-Points from providing liquidity in the Hercules artMETIS/METIS pool. The calculation period spans from the previous Sunday at UTC+0 00:00 to the following Sunday at UTC+0 00:00.
The first batch of oMETIS reward, determined by the Hercules Art-Points accumulated from March 25th to April 14th, is scheduled for distribution on April 14th.
oMETIS APR =(the weekly amount of oMETIS * METIS price * 52) / TVL
How to calculate your oMETIS reward based on Hercules Art-Points?
Example: On April 1st, a user minted 5 artMETIS tokens and purchased an additional 5 artMETIS tokens on Hercules. With 10 artMETIS paired with another 10 METIS, this user provided liquidity by adding 10 artMETIS/10 METIS into the Hercules LP pool. Consequently, this user is able to accumulate 20 Hercules Art-Points per day. By April 14th, the user will have accumulated a total of 280 Hercules Art-Points.
If there are a total of 10,000 Hercules Art-Points eligible for oMETIS reward by April 14th, the user will receive 500 * 280 / 10,000 = 14 oMETIS.
In the second week from April 14th to April 21st, the user’s position remained unchanged. Consequently, the user can accumulate another 140 Points. Assuming there are a total of 5000 newly generated Hercules Art-Points by all the LPs in the second week, the user would receive 250 * 140 / 5000 = 7 oMETIS.
Artemis
Artemis Finance is a liquid staking protocol designed exclusively for Metis Decentralised Sequencer Pools. It is also a member protocol of NGAD.
