Update on Phase 4 (III)
Hey, just giving an update on where we are at with the Phase 4 (III) pools. Read on for details of the pools and the current status below👇.
The Float Protocol DAO engaged in fantastic discussion on the Forum and on the Discord and eventually voted on the following distribution of BANK to continue Phase 4. The plan being, 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:
- 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)
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 an unlock/lock period.
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 30 days 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 new pools with multipliers on staked deposits are an additional experimental feature to the standard reward pools.**
Following on from that, the multiplier contracts are essentially a blend of Ampleforth’s token geyser v2, Alchemist crucible and Float Protocol’s original staking contracts. It is one thing to pinch code but, it is important to test it. To be on the safe side, the dev team are testing the new contracts with additional test cases, the contracts need to pass these tests before letting them out into the wild. Additionally, the multiplier feature is fairly new and it is important that it is reflected correctly in the UI to BANKsters and FLOATers alike so they are completely aware in a clear manner of the juicy rewards that they are getting. As we all know, UI/UX isn’t great on average across DeFi, and for these pools we feel it is very important that it is gotten right the first time.
One of the most awaited pools include the FLOAT-USDC (Uniswap v3 + Gelato) pool. This isn’t your typical LP, but in fact it is a wrapped G-UNI token — linked here. We met up with our friends at Gelato and thought an integration with them would be perfect for this pool. Now the Protocol can incentivise a specific range making it a decent one to 🦍. into. It is a little bit of a complicated process, but we have high hopes for this pool and look forward to on-boarding new people into the FLOAT ecosystem, while providing an additional arbitrage opportunity at the same time.
The dev team are working hard on the reward pools and plan to implement them as swiftly and safely as possible given the timeline as discussed already on the Discord. In the meantime for those of you keeping an eye on the FLOAT-multisig wallets, the treasury diversification has been well underway this weekend. This is great news as it will enable the core team and Community to keep building for the long term and get FLOAT into a DeFi wallet near you — #DeFiMoney. It appears BANK gained some additional popularity this week — potentially benefiting from the lack of rewards in the week just past as we have prepared for Phase 4 (III). Later this week we have a call lined up with the Ohmies and Rari about a potential collaboration on their Fuse Pool Party.
Keep floating
