DOS Network Tokenomics Update: Liquidity Rewards and Token Burning Events
Since the listing of DOS on Uniswap V2, the most popular Ethereum-based decentralized exchange (DEX), on July 25, the trading volume of the DOS/ETH pair has absolutely skyrocketed, reaching US$8 million in less than a week. The DOS Network team is honored and humbled by the level of support from the faithful DOS community. The need for DOS tokens to be listed on DEXs is evident.
The DOS Network team is working tirelessly to maintain the growth and stability of the DOS liquidity pool and to ensure the overall health and sustainability of the DOS Network ecosystem. In order to do that, it is important for us to reduce slippage and encourage liquidity providers (LPs) to supply sufficient liquidity for every DOS enthusiast.
That is why, today, the DOS Network team is pleased to announce two massively important improvements to the project to reward the DOS community.
First of all, a liquidity incentive program will be rolled out, starting 8:00AM UTC on August 18, 2020. The DOS Network team will provide 100,000 DOS tokens every 7 days from the foundation reserve as liquidity rewards, of which 25,000 DOS will be rewarded to the DOS/ETH pool on Uniswap V2 and 25,000 DOS to the DOS/USDC pool on Balancer.
Liquidity providers (LPs) on Uniswap V2 and Balancer will receive UNI-V2 and BPT tokens respectively. Please note that UNI-V2 and BPT are liquidity pool tokens specific to the Uniswap V2 and Balancer platforms respectively.
The details for this incentive program are as follows:
- The participant needs to provide liquidity for the DOS/ETH liquidity pool on Uniswap V2 or DOS/USDC pool on Balancer
- The participant then stakes the liquidity pool tokens onto the DOS Network liquidity token staking platform (https://lp.dos.network)
- The participant gets rewarded with DOS tokens proportional to the amount of liquidity tokens staked; staked tokens can be withdrawn at any time
A comprehensive tutorial on how to do all of this can be found at the end of this article. Happy staking!
Secondly, the DOS Network team will be implementing token burning. There will be two regular token burning events.
- 100,000 DOS tokens from the foundation reserve will be burnt every 7 days. This is done to control the number DOS tokens in circulation for deflationary purposes
- Staking interests incurred by foundational nodes (namely Gaia, Zeus, Hera, Ares, Athena, Apollo, Muses, Hades, Poseidon, Odin, Thor, Loki, and The Oracle of Delphi) will be burnt every 14 days and will not enter circulation. Since our mainnet launch, there have already been two token burnings, where 700,000 DOS tokens were burnt. The token burning transactions are accessible via the Etherscan links below:
- July 24, 2020: https://etherscan.io/tx/0xec5d07d700bfda7c61f9d5b7ff87289d586753d108172d023d49234dc107a56b
- August 10, 2020: https://etherscan.io/tx/0xed755d464e6e58cbc09b80823e37774c54a6dfea595968ef42aa79ba76d341e9
The DOS Network team firmly believes that these improvements will prove vital to the sustainable development of the project and serve the community well.
We are working on more partnerships and innovations behind the scenes and will be looking to announce them very soon. Please stay tuned and thank you for your support!
How to Participate in Liquidity Mining
First, add liquidity on either Uniswap V2 or Balancer.
- You can add liquidity to the DOS/ETH pool by depositing your tokens on Uniswap V2 (https://app.uniswap.org/#/add/ETH/0x0A913beaD80F321E7Ac35285Ee10d9d922659cB7). You will receive UNI-V2 tokens proportional to the amount of liquidity you added to Uniswap, as shown below
- You can add liquidity to the DOS/USDC pool by depositing your tokens on Balancer (https://pools.balancer.exchange/#/pool/0x7d014a7464c91f20da99a3e6f77bc5506ddf3c5e/). Click on the “Add Liquidity” button
- Please note that the DOS/USDC pool proportion is 40/60 (i.e. the pool is set up with 60% USDC and 40% DOS), as opposed to 50/50 on Uniswap V2. You will receive BPT tokens proportional to the amount of liquidity you added to Balancer
- You will also receive BAL tokens from Balancer, which are distributed by the Balancer team to each liquidity provider, based on the amount of liquidity they provided
Second, Go to the liquidity provider staking website at https://lp.dos.network. Choose the type of liquidity pool tokens you wish to stake (either Uniswap V2 LP or Balancer LP):
Then, input the amount of liquidity pool tokens you wish to stake
Confirm staking. You are done!
If you wish to unstake these tokens, you can unstake them at any time without any restrictions by clicking on the “Unstake Tokens” button. As for staking rewards, you can claim them at any time by clicking the “Claim Rewards” button.
Become part of our community to always be in the loop!
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Want to stake your DOS token? Check out the DOS dashboard here: https://dashboard.dos.network/explorer
The staking tutorial is here: https://medium.com/dos-network/dos-network-mainnet-staking-function-officially-launched-4bf59ec1c532