Phase 4 (III) — What you need to know
- New pools, New rules
- Multipliers applied to staked deposits, no 8 day unlock
- Incl. FLOAT-USDC (Uniswap v3 + Gelato, low fee)
- New BANK-only pool
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 the overall market has its turns we thought it best to reflect at the end of Phase 4 (II) and rethink the next batch of rewards going forward. The Float Protocol DAO engaged in fantastic discussion on the Forum and on the Discord which has led to this next batch of reward pools as the 4th Phase of BANK distribution is continued.
The Float Protocol DAO voted for the following distribution of BANK as we continue Phase 4 distribution, starting on the 1st of August 10pm UTC:
- 200 BANK per week to BANK-ETH sLP
- 400 BANK per week to FLOAT-ETH sLP
- 200 BANK per week to FLOAT-USDC LP (Uniswap v3 + Gelato, low fee)
The following multipliers shall be applied to deposits staked for a given amount of time in the pools listed above:
- 1x by default
- 1.25x at 8 days
- 1.5x at 16 days
- 1.75x at 24 days
- 2x at 32 days
- 2.25x at 40 days
- 2.5x at 48 days
- 3x at 60 days
For example: If you were to stake $1.00 worth of FLOAT-USDC LP in the FLOAT-USDC LP reward pool, after 8 days staked it would be treated as $1.25 dollars staked, after 16 days $1.75 dollars staked and so on. You are free to withdraw at any time without a unlock/lock period.
There will also be a BANK-only pool with the following distribution, locks and multipliers applied to staked deposits:
- 40 BANK per week to BANK-only pool
- 30 days minimum lock up on deposit
- 1.3x multiplier for 60 days
- 2x multiplier for 90 days
For example: If you were to stake $1.00 worth of BANK in the BANK-only reward pool you would have to wait for a 30 day unlocking period if you request to withdraw your stake. If you stake for 60 days continuously without requesting to withdraw your $1.00 is treated as $1.30 in the rewards pool, for 90 days it is treated as $2.00 in the rewards pool.
**N.B. These will be new staking pools to the current ones, therefore if you are a member of the current BANK-ETH sLP or FLOAT-ETH sLP pool you will have to unstake and restake to participate in Phase 4 (III). These new pool multipliers are an unaudited additional experimental feature to the standard reward pools; they are heavily based on the audited Ampleforth’s Token Geyser contracts.**
This should allow for the continued incentivisation of liquidity providers and provide a way to onramp new users into the FLOAT ecosystem while maintaining steady and organic growth of Float Protocol.