[Announcement]MCHC Staking Reward Round 1–2
May 6, 2021 added
Regarding the MCHC Staking Reward, we would like to inform you about the v3 release in Uniswap.
It is technically and ruling difficult to distribute incentive rewards fairly based on the current v3 data.
For the time being, liquidity provision to v3 will not be eligible for rewards.It is our policy to support the provision of v3, and we will make an announcement as soon as it becomes possible to do so.
We would like to announce the staking reward of up to 5 million MCHC (MCH Coins), which we have been telling you about since the announcement of MCHC.
Staking rewards will be granted CI mainly to users who provide MCHC with liquidity.
We will divide the rewards into several rounds.
This time, we will announce Rounds 1 and 2.
From now on, rounds will be held irregularly until the 5 million MCHC has been granted.
The details of the future rounds will be announced later.
In this case, it will be a past-reference type (see below), but the implementation of incentives through LP token staking is also being considered.
What is past-referenced incentive compensation?
Round 1 covers the period from November 2020 to the end of March 2021.
Round 2 will cover the period from April 2021 to the end of June 2021.
Based on the total amount of CIs (crypto ingots: off-chain values tied to the right to issue MCHC) issued in each month, a certain percentage will be given to liquidity providers as staking rewards for each month.
Round 1: 5%
Round 2: 50%
The liquidity provision will be referenced by day starting at 0:00 a.m. UTC from historical data.
The share ratio of MCHC-ETH pool liquidity provision on Uniswap at 0:00am UTC every day since the release date of MCHC on November 9 is aggregated for each wallet address.
The daily total will be used as the share rate for the month, and the staking reward for each month will be distributed.
In November, the initial grant would be 5% of 3.43 million ingots, or about 170,000 CI, which is the total amount of the monthly reward.
For example, a liquidity provider with 10% of the monthly total will be granted 17,000 CI.
The detailed tally is yet to come, but at the bottom of the table you can see the approximate revenue estimates.
For the month of November
Assuming that the average number of MCHC pools for the month is 40,000, a liquidity provider of 3000 MCHC (and its equivalent amount of ETH) will be granted about 12,000 CI.
For December to March
Due to the low number of issues in Cryptid Wars, the incentive is also low.
For April
A change in the formula for calculating CI issuance is passed by the governance and applied.
As a result, at least about 230,000 is expected to be issued to users through rank rewards alone, and 300,000 is tentatively assumed to be issued including consumption.
The table shows the total amount issued, so the total amount issued is 675,000, which is the sum of the operation and development costs and the marketing portion.
We estimate that 50% of this, or about 340,000 CI, will be set as the total staking reward for April.
Assuming that the total pool volume will be expanded based on this announcement, with approximately 900,000 MCHC participating in the voting as one guideline, 1125 CI will be the CI reward for one month for those who pool 3000 MCHC.
The above incentives will be granted to those who do not have a MCH account, but are linked to the ETH address that is providing liquidity.
Timing of Reward Granting
Rewards for Round 1 will be given by early May.
Round 2 will be awarded in July.
There is a possibility that the content in the article will be changed.
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