Dev Protocol Liquidity Program: Round 2
The first phase of Dev Protocol’s liquidity program was a huge success. From December 3, 2020 to February 3, 2021 the Dev ecosystem saw liquidity rise 7-fold. The DEV token’s liquidity allowed for Open source creators and their patrons to easily use the marketplace to monetize Open source. Since we expect that 2021 will bring tremendous adoption for Dev Protocol we decided to extend Geyser for another round.
The Dev Protocol Geyser distributes DEV tokens to those who provide liquidity on Uniswap V2. The more liquidity you provide, and for longer, the greater share of the DEV rewards pool you receive. Dev Protocol is subsidizing Geyser with 50,000 DEV tokens distributed to liquidity providers for a five (5) month period. The program begins on February 3, 2021, and ends on July 3, 2021.
The current Geyser deposit address will remain the same. Remaining LPs from Geyser round 1 can leave their staked UNI-V2 LP tokens deposited. If you haven’t withdrawn then you’re bonus will continue onto round 2.
User Flow
- Deposit
ETHandDEVinto Uniswap V2 - Receive
UNI-V2 LPTokens - Stake those
UNI-V2 LPTokens in the Geyser
Once you’ve deposited staking tokens, you can check your current stake and reward amounts using the Geyser. You can add more staked liquidity whenever you want and there is no minimum lockup period. You receive your share of the Geyser pool when you unstake.
Reward Calculation
The more you stake and the longer you stake them for relative to others, the greater share of the unlock pool you receive.
Ownership share of the unlock pool is equal to: User_staking_token_time / Global_staking_token_time
Imagine there are two users in the system, Karen and Chad. Karen has staked 10 tokens for 1 day, Chad has staked 5 tokens for 3 days.
Karen_token_time = 10 tokens * 1 days = 10Chad_token_time = 5 * tokens * 3 days = 15Global_staking_token_time = (Karen_token_time) + (Chad_token_time) = 25 token_daysKaren owns (10 / 25) = 40%Chad owns (15 / 25) = 60%The ownership percentage is over the unlocked pool. As soon as you withdraw your staked tokens, you get your share of the currently unlocked tokens, irrespective of the locked tokens still waiting to unlock.
Ownership percentages and token unlocks are continuous, meaning they’re calculated block-by-block.
- These percentages assume the maximum bonus from the bonus period has been met.
Bonus Period
The Geyser is meant to incentivize long-term liquidity providers. Geyser encourages users to keep your LP tokens staked for longer.
When you begin staking, you begin at a 1X bonus multiplier on your reward earnings. This multiplier increases throughout the trial period, to a maximum of 5X after one month. An easy way to think about it is: each additional day you hold, you receive ‘an extra X’ on your multiplier, up to a maximum of 5X. For example, holding for 15 days gives you a 2.5X multiplier, and holding for 30 days, a 5X multiplier.
Each individual stake amount starts its own period. So if you stake two times then withdraw, the first stake and the second stake may have different bonus amounts. Withdrawn stakes always start with the newest staked tokens.
If this sounds complicated, there are really just two things to keep in mind:
1. Try to keep stakes for at least 30 days.
2. The Geyser interface always shows your current stake amount and reward balance.
Reward Allocation
50,000 DEV will be supplied for the program. As the number of liquidity providers increases, the APY will progressively decrease. The claimable reward amount is alwaysownership percentage * the number of unlocked tokens.
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