New liquidity mining on Opium Protocol
New SushiSwap liquidity mining + Extension of 1inch farming
We are glad to announce two liquidity mining programs with increased distribution, starting on 1 March 2021 at 14:00 UTC.
Extension of 1inch liquidity mining program
Following the positive community’s governance voting, Opium Team would like to extend the liquidity mining campaign on the 1inch Liquidity Protocol with an increased mining rate. The current campaign proves to be effective for decreasing volatility that ensures smooth integrations and composability in DeFi.
The community is proposing to increase rewards four times to 50k $Opium per week. The team is willing to support this experiment for a 1inch liquidity protocol for long term. We encorage this liquidity protocol because it allocates extra slippage to liquidity providers in the pools, and the pools’ participants has their stakes growing.
To participate in this liquidity mining, you need to provide liquidity over March on 1inch.exchange. If you are already providing liquidity into the ETH-OPIUM pool, you don’t need to do anything. Your reward is shown in real-time on opium.finance on the MINING page, and you will get a DROPIUM at the end of each week.
At the same time, there is a proposal to increase the standard length of DROPIUM to 90 days and charity taxation fee to 50–60%; please support and discuss on Opium governance forum.
New liquidity mining with SushiSwap
To increase the $Opium governance tokens’ stability, the Opium Team is happy to support SushiSwap liquidity mining. SushiSwap is an ecosystem partner of Opium and a fast-growing liquidity protocol that also introduced forum-driven network efforts to the popular AMM model.
The experiment liquidity mining program on SushiSwap will be done directly (without DROPIUM). All you need to do is put your LP tokens into the farming contract at any time. You can check your real-time balance or claim $Opium at opium.finance MINING page in real-time. As an experiment, we want to support 25k $Opium token distribution per week for at least the next 4 weeks. Please vote in the governance forum to include this campaign into the long term liquidity mining.
The team updated the liquidity mining page on Opium.Finance with all ongoing mining campaigns. If you already staked $ Opium in the Sushi Protocol, you can put your LP-tokens in farming on Opium.finance.
1) Stake your $Opium in the OPIUM-ETH pool of SushiSwap
2) Put your LP-token into the mining (farming) on opium.finance
Looking back at liquidity mining
For the last four weeks, Opium had double liquidity mining on 1inch pools and liquidity mining campaigns to providers of USDT protection. Both experiments were successful, and the Team is planning to increase the governance tokens’ distribution rate.
Both active protocol users and liquidity providers received $Opium governance tokens via the DROPIUM mechanism. Initial airdrop in January for all users who ever used Opium Protocol has a one-year long DROPIUM and a 60% charity fee. Liquidity mining programs for USDT and Compound risk ranching (CDO) used DROPIUM with a one-month length and a 30% charity fee.
Our community proposed a standard way of DROPIUM distribution to be 90 days with a 50%-60% charity fee. It is a strong signal of long term interest, and we would like to support this initiative with our votes. The current voting can be found here: https://signal.opium.network/#/opiumprotocol.eth/proposal/QmZ5bwbUeaxbEHEqnUfRMhqCg4zLtvKHc4MTNsBAgA5fqV
Ongoing proposals and community discussions
At the moment, we have several government proposals and voting initiated by the community, for example:
- Proposal: ETH-OPIUM Liquidity Mining Charity Fee should be 60% over 90 days period
- Proposal to extend insurance period
- Building on Opium and more…
At the moment the team is preparing a new version of insurance products and a more effortless user experience as well as additional liquidity mining campaigns. We are also hiring; contact us if you are a talented developer, mathematician or analyst.
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