Introducing Maverick v2 New Feature: Arbitrary Token Matching

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Maverick Protocol

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Maverick Protocol is excited to announce an upgrade to the v2 reward contracts that will enable any token to be eligible for matching emissions from Maverick’s veFlywheel. This upgrade opens the door for projects to incentivize Maverick Boosted Positions with their own protocol tokens or token grants received from chains, and then apply to receive matching MAV emissions for those token incentives from the veFlywheel.

This new feature is a result of feedback from the Maverick ecosystem after the first epochs of Maverick v2. It promises to make it easier to onboard token projects into Maverick’s veFlywheel, and should result in new streams of token rewards for LPs in Maverick Boosted Positions.

Read on to learn more about how this feature works, and what you need to be aware of with the contract upgrade.

Arbitrary Token Matching

When Maverick v2 launched, it introduced the veFlywheel: a new model for incentivizing liquidity with matching token emissions. Although MAV and veMAV were the flagship tokens for this model, the Maverick veFactory also offers a turnkey solution for any project to deploy a similar flywheel for their own token.

Under the original design, the Maverick veFlywheel could match any incentives sent to Boosted Positions in the form of the veFlywheel’s base token. So for the MAV veFlywheel, only incentives sent as MAV tokens would receive matching emissions. This meant that other projects wanting to bootstrap liquidity using the MAV veFlywheel would first need to source MAV tokens to use as incentives.

Arbitrary Tokens

With this upgrade, the address providing matching emissions budgets to a veFlywheel can now select arbitrary tokens to be eligible to receive a match in the base token.

For example, a user supplying a matching emissions budget of MAV to the MAV veFlywheel could select USDC as eligible for a match, and USDC incentives sent to participating Boosted Positions would be eligible for a match from the MAV budget they provided.

Multiplier

The matcher address can also set a multiplier for each arbitrary token which establishes the relative value of that token to the base token.

For example, if the matcher selected USDC with a 5x multiplier the matching contract would treat each USDC incentive as worth 5 MAV tokens.

Both the arbitrary token selection and the multiplier can be set once per epoch. So if the matcher wished to continue matching USDC every epoch, they would have to re-select the arbitrary token and set a new multiplier in each epoch.

For the primary MAV veFlywheel, the Maverick Liquidity Committee will be selecting arbitrary tokens for matching and setting multipliers on a per-epoch basis.

If you are a token project interested in receiving matching for your non-MAV token, please fill out this form in the first 3 days of the epoch you want to join.
If a token has already been selected as an arbitrary token within the Maverick veFlywheel, you can find out your Raw Incentive Multiplier from the Maverick Liquidity Committee at the end of day 7 of each epoch.

Navigating the Upgrade

The upgrade to the reward contracts means that previous reward contracts are now deprecated. Boosted Positions with deprecated reward contracts will still be visible in the UI, and some of them will still have live incentives from previous epochs (including matching MAV emissions from epoch 2). These Boosted Positions are denoted with an asterisk in the UI.

LPs can still join Boosted Positions with deprecated reward contracts if they want to receive any remaining emissions, and these Boosted Positions will still appear on the Portfolio page so users can remove their liquidity at any time.

Starting with epoch 3, Boosted Positions with deprecated reward contracts will not be able to receive new incentives and will not be eligible for matches from the veFlywheel. In order to receive matching emissions in epoch 3, a Boosted Position will require a new reward contract.

As a project, when you try to add incentives to an existing Boosted Position, the UI will prompt you to deploy a new reward contract first. You can just choose the same parameters as before, or even add a new token if you want to request it be selected as an arbitrary token for matching with MAV. If you are creating a new Boosted Position, it will automatically require a new reward contract and so will be eligible for future matching emissions.

As an LP, keep an eye on the incentives and APRs visible in the UI. Be aware that any Boosted Positions with an asterisk have a deprecated rewards contract, and their rewards should come to an end in the next couple of weeks. Boosted Positions without an asterisk have new rewards contracts and so are eligible for continuing emissions from the veFlywheel.

About Maverick

Maverick Protocol is DeFi’s Liquidity Operating System, offering one-stop liquidity solutions for token projects, liquidity providers, and blockchain ecosystems to bootstrap efficient markets with optimized liquidity and reduced budget spending.

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