About the FLEX Geyser
The FLEX Geyser distributes FLEX tokens from the FLEX fund to those who provide liquidity on notes.finance. The more liquidity you provide, and for longer, the greater share of the FLEX pool you receive.
The FLEX pool in the Geyser unlocks gradually over time, and stakers receive a share of the unlocked FLEX over time.
User Flow
The basic staking flow is:
1. Deposit Note Tokens,noteUSD,flexUSD or 3poolinto notes.finance
2. Receive LP Tokens
3. Stake those LP Tokens in the Geyser
That’s it! Once you’ve deposited staking tokens, you can check your current stake and reward amounts using the Geyser interface. You can add more staked liquidity whenever you want and there is no minimum lockup period. You receive your share of the Geyser pool when you un-stake.
Motivation
The motivation of the geyser project is two-fold. First, it helps distribute the Ecosystem fund out into the world in a sensible, permission-less, and predictable way. And second, it distributes to those who contribute to the health of the FLEX ecosystem.
Frequently Asked Questions
Q: Who holds the funds?
Crv.finance contracts hold the tokens associated with the LP tokens as they normally do. The geyser contracts hold the staked LP tokens and the FLEX tokens for distribution (in the locked and unlocked pools). All ownership is accounted for on-chain via smart contracts.
Q: How is my pool share calculated?
The more you stake and the longer you stake them for relative to others, the greater share of the unlock pool you receive.
Ownership share of the unlock pool is equal to:User_staking_token_time / Global_staking_token_time
Imagine there are two users in the system, Amy and John. Alice has staked 10 tokens for 1 day, Bob has staked 5 tokens for 3 days.
Amy_token_time = 10 tokens * 1 days = 10
John_token_time = 5 * tokens * 3 days = 15Global_staking_token_time = (Amy_token_time) + (John_token_time) = 25 token_daysAmy owns (10 / 25) = 40%
John owns (15 / 25) = 60%
The ownership percentage is over the unlocked pool. As soon as you withdraw your staked tokens, you get your share of the currently unlocked tokens, irrespective of the locked tokens still waiting to unlock.
Ownership percentages and token unlocks are continuous, meaning they’re calculated block-by-block.
*These percentages assume the maximum bonus from the bonus period has been met.
Q: How does the Bonus Period work?
The Geyser is meant to incentivize long-term liquidity providers. While there are no hard lockups for staking, there is a benefit to keeping your staked position longer.
When you begin staking, you begin at a 1X bonus multiplier on your reward earnings. This multiplier increases throughout the trial period, to a maximum of 3X after two months. An easy way to think about it is: each additional month you hold, you receive ‘an extra X’ on your multiplier, up to a maximum of 3X. For example, holding for an entire month gives you a 2X multiplier, and holding for two months, a 3X multiplier.
If you withdraw half-way through month 2 (after 6 weeks), you would get half-way between 2X and 3X — it’s a simple linear function.
Each individual stake amount marks the beginning of it’s own period. So if you stake two times then withdraw, the first stake and the second stake may have different bonus amounts. Withdrawn stakes always start with the newest staked tokens.
If this sounds complicated, there are really just two things to keep in mind:
1. Try to keep stakes for at least 8 weeks.
2. The Geyser interface always shows your current stake amount and reward balance.
Q: Do I still receive my notes.finance LP trading fees?
Yes. The profit-and-loss of notes.finance LP tokens are unchanged by the geyser. The geyser contracts simply hold the LP tokens for you as long as they are staked.
Q: Is there an owner key? Can the smart contracts be changed?
The code is non-upgradeable and cannot be paused or halted. There is only one function protected by an owner key: the function that adds new tokens to be distributed. This is a security limitation to ensure we don’t hit any memory or computation limits. Once FLEX have been deposited for distribution, the only way they can be withdrawn is through the staking process.
