Aave Bribe Pool Launch Plan
The highly anticipated launch of the Bribe app and Aave Bribe pool is taking place tomorrow, January 27th at 12:00pm EST. In advance of this, we want to give our community a bit more insight on how exactly this will work. The launch of staking and bidding will take place in two phases:
- Phase 1: Collecting AAVE through Bribe
- Phase 2: Bribes on the Aave pool
Phase 1: Staking Period
The Aave pool on Bribe as well as staking of AAVE, stkAAVE, and BRIBE will go live at launch tomorrow. Initially, staking will be the only feature live on the Bribe app. Users can stake their tokens in the live Aave Bribe pool and can unstake at any time. Bribing will not be live during Phase 1.
Bribe will be utilizing the AAVE staked in the Aave Bribe pool in order to submit our proposal to add MIM as collateral on Aave and lock in our voting power.
Stakers need to follow three simple steps:
- Stake — Depositors stake their governance tokens in the Bribe pool, a valuable coalition strong enough to influence elections
- Wait — Bidders borrow the entire Bribe pool to support or reject governance proposals. This will be taking place in phase 2.
- Earn — USDC (from the winning) bid and BRIBE tokens are distributed through the Bribe pool as income. Once the voting period is over and the proposal has expired, there will be a short period of time before rewards are distributed to stakers of AAVE, stkAAVE, and BRIBE.
Once there is a sufficient amount of AAVE staked in Bribe, the Bribe team will submit the proposal and phase 2 will go live for vote directing.
Phase 2: Bribing Period
Bribing will go live in phase 2 once the proposal to add MIM has gone live on Aave. Users will be able to place bids on the Aave Bribe pool to borrow the collective voting power and direct a specific outcome. The winning bid will direct the pool of submitted Aave votes to support or reject the proposal.
Once phase 2 is live, bidders can participate by following these steps:
- Enter — Enter the Bribe Aave pool on bribe.xyz
- Bid — Choose what amount you would like to bid and place your bribe to support or reject the proposal
- Vote — Voting power will be directed on behalf of the highest bidder
Resolution
Once AAVE and stkAAVE have been staked in phase 1, the proposal will be submitted to Aave. Bribing will go live in phase 2 following the submission. This is where users will bribe the pool in order to vote in favor of or against the proposal.
Stakers of AAVE, stkAAVE, and BRIBE will receive their rewards once the voting period is over and the proposal has expired. There will be a short period of time before stakers can claim these rewards. AAVE and stkAAVE stakers will recieve rewards in both USDC and BRIBE. Those who stake BRIBE in the pool will earn 10% of the winning bid.
We’re looking forward to launching tomorrow and for users to start staking through the Bribe app! Stay tuned for more updates on our proposal on Aave and when bidding will be going live.
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