Ramping up for MINT Staking and Governance
As we ramp up our efforts towards EARN, we are launching the first MINT Rewards Program on the Public Mint blockchain. This article outlines what happens next, and what it means for the current Liquidity Rewards Program.
Starting on August 16th, MINT holders will have the choice to move their MINT tokens to the Public Mint blockchain — and into their Public Mint wallets — using the upcoming Ethereum-Public Mint bridge.
Migrated MINT tokens will then accrue compounding daily rewards, until the bridge (which will start as a one-way path from Ethereum to Public Mint) becomes a two-way system — as per our rollout plan outlined further down in the article.
The new program will ensure early adopters and investors continue to be rewarded for playing a role in the evolution of EARN, and at the same time does away with the risk of impermanent loss from staking MINT alongside another asset.
Perhaps as importantly, the program will drive incentives towards building MINT liquidity on the Public Mint blockchain, so that Governance can begin and the MINT token can fulfil its promise of offering consistent fiat-based returns to those who participate in the Governance process.
Here’s a broad outline of what we’re planning to do*:
Stage 1: Closure of the Liquidity Staking Rewards Program
On August 8th, the existing Liquidity Staking Rewards Program will stop accruing new rewards.
🚨WARNING: READ BEFORE UNSTAKING LPs🚨
Please remember to harvest your MINT rewards BEFORE unstaking your LPs from stake.publicmint.com!!! DO NOT remove your liquidity before harvesting your rewards!
Stage 2: MINT Rewards on Public Mint blockchain
On August 16th, MINT tokens can be sent from the Ethereum network to the Public Mint blockchain, effectively reducing the circulating supply on Ethereum. To incentivize early participation, the reward rate will start at its highest level, gradually decreasing as the program unfolds according to the schedule below:
- From August 16th: 20% APY
- From October 11th: 15% APY
- From December 6th, 10% APY
Rewards compound automatically and will be paid daily, based on each holder’s MINT balance on the first block after 00:00 UTC every day.
Stage 3: Enabling of two-way Public Mint-to-Ethereum functionality
On January 17th, 2022, the bridge will become two-way. MINT tokens on the Public Blockchain will be able to freely move back and forth between the Public Mint blockchain and the Ethereum Network, and the Rewards program will then be reassessed in order to incentivize Governance staking.
We’d like to stress that these dates correspond to the MINT Rewards Program only. We’ll be announcing a detailed rollout plan for EARN by the end of the month.
What does this mean for the current Liquidity Rewards Program?
The new rewards program is the first step towards bringing MINT into the Public Mint ecosystem and closer to its original purpose — that is, to enable the governance of EARN.
As we make the transition into the new program, we have decided not to renew the Liquidity Rewards Program after the current phase expires on August 8th, 2021, at 9am UTC.
This is a necessary step to incentivize the new rewards program, and to ultimately accelerate the activation of the EARN governance mechanism.
The new MINT-only Rewards program will remain in place at least until the two-way bridge becomes active — when it will be reassessed to incentivize Governance on EARN.
Why close the Liquidity Rewards Program?
The Uniswap Liquidity Rewards program has played an important role in creating a liquid market for MINT and offering incentives for holding the token. Now it’s time to take the next step.
The purpose of MINT is to enable governance on EARN, and to ensure we have a healthy amount of tokens in the platform, we need to start the migration now.
Having two rewards programs running at the same time would not only harm MINT holders — as the token supply would be diluted faster — but also misalign the incentives with the platform’s ultimate purpose.
Discontinuing the current Liquidity Rewards Program enables us to implement the new MINT Rewards Program and incentivize the intended use of MINT within the EARN platform.
Do I have to unstake my LP tokens from the Public Mint LP Staking platform?
In short, yes. But don’t worry — the LP staking contract will remain live, so there’s no hurry.
However, any Uniswap ETH/MINT LP tokens left in the staking contract (accessible via our staking interface) will stop accruing rewards on August 8th, 2021, at 9am UTC.
We recommend that you withdraw your LPs after that date and whenever Ethereum network fees are more favorable to you.
Do I need to remove my ETH/MINT liquidity from Uniswap? What happens to the Uniswap Liquidity Pool?
All MINT holders are free to continue to provide liquidity at the Uniswap V2 pool for the foreseeable future. Liquidity left in the ETH/MINT pool will continue to earn Uniswap transaction fees, like at any other Uniswap pool.
That said, the gradual moving of MINT tokens from the Uniswap pool into the Public Mint blockchain will also, in due time, make it possible for us to migrate the existing Uniswap V2 liquidity into a Uniswap V3 liquidity pool, potentially reducing fees and optimizing the trading of MINT.
But this is a decision we’d like to make together with our community. In the next few weeks we intend to run a poll so our community members can have a say on the future of Uniswap liquidity.
How can I migrate my MINT tokens?
We’ll release a comprehensive guide on how to migrate MINT tokens when the bridge mechanism is ready in a couple of weeks.
*: Please note that all dates presented in our plan represent our very best estimates and intentions in good faith, and we’ll do our utmost to follow them. We reserve the right to make changes to this plan at our sole discretion in the case of unforeseen circumstances or events beyond our control.
About Public Mint
Public Mint is an open and complete blockchain platform for fiat money, where funds are fully collateralized and held on deposit with regulated, FDIC-insured institutions. Public Mint offers an open, fiat-native blockchain and APIs, ready for anyone to build fiat-based applications and accept credit cards, ACH, wire transfers, stablecoins and more. On top of that, the Public Mint EARN platform offers users automated and diversified returns on USD assets, leveraging the power of blockchain and DeFi.
Lite paper: http://bit.ly/3tEYmqv
Telegram Group: https://t.me/PublicMint
Telegram ANN: https://t.me/PublicMintANN