Extending Phase 4 Rewards — What you need to know
In short:
- Same pools, same rules
- No need to unstake or restake to continue participating
- New rewards
Phase 4 has been a great success, we have seen over 50% of BANK locked in the Genesis pool and, almost all the $FLOAT locked up accruing rewards in the FLOAT-ETH sLP pool and the FLOAT-only pool. As these first initial weeks of Phase 4 draw to a close, the core team prepared a proposal for liquidity incentives for the next four to five weeks weeks which was voted in favour by the community.
The rewards are as follows:
For 5 weeks starting 13th of June 2021 10pm UTC, ending 18th of July 2021:
- 320 BANK per week to Genesis BANK-only
- 320 BANK per week to BANK-ETH sLP
For 4 weeks starting 13th of June 2021 10pm UTC, ending 11th of July 2021:
- 960 BANK per week to FLOAT-ETH sLP
- 80 BANK per week to FLOAT-only
As an example, the current APY for the FLOAT-only pool is ~66%. These changes would result in an APY of ~46% for the FLOAT-only pool if the total amount staked remains constant. Similarly, if BANK and the market recovers to the previous 2-month average BANK price ($448), the Genesis BANK-only pool APY could be at ~100%, with the proposed rewards and no change in the amount staked. So far the reward incentives have turned out to be fairly lucrative to stakers. We hope that we can continue to grow at an organic and sustainable pace while still rewarding those who support us along our journey over the long term.
What does this mean for you? The pools aren’t changing, so there is no need to unstake and restake to continue participating in the reward pools. The 8-day lock still applies when requesting to withdraw from any of the pools. One may not enter the Genesis BANK-only pool, as the Genesis Period has passed.
We plan to continue rewarding stakers with BANK and slowly reduce the distribution as we obtain more integrations and diversify our treasury 👀.
Keep $floating.
