OM Token Staking Pool Update

We have updated our OM token staking pool to a new version 3 pool

As has been discussed in the community, we are updating our OM token staking rewards strategy and implementing fundamental changes, which we believe will benefit OM holders and the broader Sherpa community in the long-term. This includes deprecating the OM V2 staking pool, launching an OM V3 staking pool, and offering enhanced rewards for ZENTEREST suppliers of OM and other stablecoins, which have a larger impact on the community and DAO itself. In that regard, we have laid out the rewards strategy that we will be implementing immediately.

We have updated our OM token staking pool

First of all, the latest iteration of the OM staking pool (some of you might be familiar with it as V2) has come to an end, and users will no longer earn rewards there. This means that stakers of OM on the V2 staking pool, who have not seen OM rewards for the past 8 days, will be airdropped their entitled OM rewards (we will share more details about this in the days to come). In addition to this, the unstaking time-lock period has been reset from 8 days down to 0. This means users no longer have to wait 8 days to unstake and withdraw their tokens.

Once users unstake their OM, they will have three alternatives for continuing earning OM rewards. Please keep in mind that any action into these three alternatives will require two transactions: one for approving the appropriate pool contract, and a second one for staking/supplying your assets into the pool contract:

1. Supplying OM (and other assets) to ZENTEREST: In order to further incentivize the actions that add the most value to the MANTRA DAO ecosystem, we have increased the amount of OM per block that is earned by OM suppliers on ZENTEREST from 0.175 OM per block to 10 OM per block. This means that APY for OM suppliers on ZENTEREST will be increasing drastically, a great opportunity for long-term OM holders! In addition, we have decreased OM to all other assets to 0.1 OM per block per asset. This change will accommodate the increased rewards directed to OM suppliers but will remain open for adjustments in the weeks to come, as we expand our incentive structure to enhance rewards for stablecoin suppliers
2. Staking OM on the newly launched OM staking pool: As an alternative to OM farming on the zenOM and other ZENTEREST markets, we have launched our third iteration of the OM staking pool. This pool will be distributing stakers 5 OM per block proportional to their stake, and will retain the 8-day unstaking period and a 2% fee for any immediate unstakes. Staking for this pool is now live, and rewards accrual will begin at block #12098914, roughly around March 24th, 3 am UTC.
3. Supplying OM and ETH liquidity to the OM/ETH Uniswap pool, and staking the Uni LP tokens on our platform: You can find more details about this here, and followed up by updates on our news and announcement channel. In short, this will remain unchanged.

What’s on the Horizon?

As mentioned above, we will continue iterating on our OM rewards incentive structure over the coming weeks. As part of this, we will be launching staking pools for zenOM, zenUSDC, zenUSDT, zenDAI and zenUST assets, in order to allocate a greater portion of staking rewards to those pools. The reasoning behind this is that highly liquid stablecoin markets enhance the value proposition of ZENTEREST, and thus it is an activity that we will be looking to incentivize even further. We will be sharing further updates regarding this development in the weeks to come, so please keep your eyes open for further announcements to come from our team!

Closing Thoughts

In sum, we understand this change may come as a surprise to some, but we have been planning on how to migrate users from our ETH-based staking pools to our lending products for some time now, as they generate a lot more value for our ecosystem. Users who are still migrating from OM V1 to V2 will still be able to do so, and we will continue to provide support for those users as their issues arise.

We’re really excited about completing the first version of our roadmap, which we laid out in the initial version of our whitepaper nearly a year ago, and are thrilled to share the upcoming MANTRA V2 roadmap in just a couple of weeks. We’ve learned and grown so much as a community, a team, and a project, and couldn’t be more excited to take all that we’ve developed over the past 9 months to the next level. It really is just the beginning.

Thanks for the continued support as always! Sherpas till the end! OMMMMMMMMM!

The Council 🕉

About MANTRA DAO

MANTRA DAO is a community-governed DeFi platform focusing on Staking, Lending, and Governance. MANTRA DAO leverages the crowd’s wisdom to create a community-governed, transparent, and decentralized ecosystem for web 3.0. Built on Parity Substrate for the Polkadot ecosystem, MANTRA DAO gives financial control back to the people to store and grow wealth together.

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