The SIREN Liquidity Provider Program

Few land dwellers are aware of the vast reefs in their world’s hidden ocean. Far beneath the surface in the great ocean trenches, where the light is blue and dim, merfolk tend Solidity contracts that power the SIREN markets. Today we present the SIREN Liquidity Provider Program (LPP).

“Let the land dwellers know the coast is no longer the border between our realms. A new age of empire has begun.” — Master of the Pearl Trident

The SIREN LPP rewards participants in the SIREN Project. Participants in the LPP will receive SIREN governance tokens in exchange for providing early liquidity as we bootstrap the network. Governance tokens will be the mechanism by which the SIREN DAO votes on the future of the network, including which options market series are generated and the fee amounts from each options market that accrue back to governance token holders.

The LPP will have six rounds of increasing size to allow SIREN to gradually increase the Total Value Locked (TVL) in the liquidity pools. The only exception to this will be the last round, which will be for a lesser amount, to allow for broader access. Initially we are launching with two assets, USDC and WBTC. Liquidity providers may choose which of the two assets they would like to contribute to the program. The first options markets will be wBTC / USDC call and put options.

To participate in the SIREN Liquidity Provider Program, be sure you understand the role of a liquidity provider, as well as the risks t̶h̶e̶n̶ ̶p̶̶̶l̶̶̶e̶̶̶a̶̶̶s̶̶̶e̶̶̶ ̶̶̶c̶̶̶o̶̶̶m̶̶̶p̶̶̶l̶̶̶e̶̶̶t̶̶̶e̶̶̶ ̶̶̶t̶̶̶h̶̶̶e̶̶̶ ̶̶̶p̶̶̶r̶̶̶o̶̶̶c̶̶̶e̶̶̶s̶̶̶s̶̶̶ ̶̶̶a̶̶̶t̶̶̶ ̶̶̶r̶̶̶e̶̶̶g̶̶̶i̶̶̶s̶̶̶t̶̶̶e̶̶̶r̶̶̶.̶̶̶s̶̶̶i̶̶̶r̶̶̶e̶̶̶n̶̶̶m̶̶̶a̶̶̶r̶̶̶k̶̶̶e̶̶̶t̶̶̶s̶̶̶.̶̶̶c̶̶̶o̶̶̶m̶̶̶.̶̶̶ ̶̶̶W̶̶̶e̶̶̶ ̶̶̶w̶̶̶i̶̶̶l̶̶̶l̶̶̶ ̶̶̶s̶̶̶e̶̶̶l̶̶̶e̶̶̶c̶̶̶t̶̶̶ ̶̶̶b̶̶̶a̶̶̶t̶̶̶c̶̶̶h̶̶̶e̶̶̶s̶̶̶ ̶̶̶f̶̶̶r̶̶̶o̶̶̶m̶̶̶ ̶̶̶t̶̶̶h̶̶̶e̶̶̶ ̶̶̶a̶̶̶p̶̶̶p̶̶̶l̶̶̶i̶̶̶c̶̶̶a̶̶̶n̶̶̶t̶̶̶ ̶̶̶p̶̶̶o̶̶̶o̶̶̶l̶̶̶ ̶̶̶t̶̶̶o̶̶̶ ̶̶̶b̶̶̶e̶̶̶ ̶̶̶w̶̶̶h̶̶̶i̶̶̶t̶̶̶e̶̶̶l̶̶̶i̶̶̶s̶̶̶t̶̶̶e̶̶̶d̶̶̶ ̶̶̶f̶̶̶o̶̶̶r̶̶̶ ̶̶̶e̶̶̶a̶̶̶c̶̶̶h̶̶̶ ̶̶̶r̶̶̶o̶̶̶u̶̶̶n̶̶̶d̶ (read: Expanding the SIREN LPP).

“Of all the things that can be stolen, opportunity is the most valuable.”
— Cursecatcher

Payouts of tokens to LPP participants will occur weekly based on the amount of time the LP has held liquidity in the pool. Participants will receive a payment at the end of each week, with the expectation that LPs keep their money in the pool for three months. At the end of the three month period participants may choose to keep their money in the pool to continue earning LP tokens; however, they will not receive additional governance tokens. Governance tokens distributed to LPs in the LPP will have a three month lockup applied from the final payout date for their round.

A new age has begun, the fusion of land and sea. The SIREN markets have been developed in the harshest of environments, designed to handle the highest of TVL and the highest of volume. Together we embark on a journey: to govern the SIREN markets.

A distributed protocol for creating, trading, and redeeming fully-collateralized options contracts for any ERC-20 token on Ethereum.