State of Unslashed (1): Epoch 5 report and start of Epoch 6
As Epoch 5 is coming to an end on block #12147437, the Unslashed Finance team is excited to announce the 1st State of Unslashed Report.
This report is part of the Carte Blanche Proposal that gives the team 3 months starting from March, 25th, 2021 to push the protocol and product forward while reporting to the Unslashed Finance DAO & community and discussing the important topics as part of the DAO decision making process.
A report will be published every 2 to 4 weeks to summarise the latest developments and put an emphasise on the most important events.
Epoch 5 summary
1. Capital Miners APY
Following the Signalling Vote that took place on March, 14th that put an emphasis on rewarding more long-term focused Capital Miners, we saw a natural outflow of capital from the Spartan Bucket that lead to the stabilisation of the APY between 32% and 44% (up more than 50%).
The stabilisation shows that this mining policy in particular and behaviour-based rewards in general are important factors that can allow Unslashed to attract Capital Miners whose vision and interests are aligned with the project’s and concurrently avoid adversarial mining.
The USF/ETH Uniswap Pool has been growing both in ETH value and in USF value while delivering between 270% and 350% APR. This signals the build-up of a solid base of long-term supporters with a strong interest in accumulating more USF tokens through LP Mining.
The mid-term objective is to find other ways to reward long-term holders and active community members while continuing to align interests. In-depth and comprehensive research is being led by community members regarding the creation of a USF staking pool and giving a utility to the USF Governance Token.
2. Listings
A proposal to list a policy covering Perpetual Finance smart-contracts and to add it to the Spartan Bucket gained a tremendous support and received unanimous vote! Both teams are coordinating on a joint announcement.
We were also glad to find out that DeFiLlama listed Unslashed Finance! We are finally officially ranked #2 in the insurance vertical by TVL.
-Wen #1?
-Soon™
Also kudos to Coingecko for gently updating the circulating supply of USF to reflect a more realistic number.
3. Mining Rewards withdrawals for small miners
A recurring question on Telegram and Discord was related to the gas fees when withdrawing the mining rewards for separate epochs. The team has taken into account the feedback and acknowledged it was a very bad User Experience. Given any changes in the smart-contract would require an audit, we decided to subsidise the gas fees for small holders. The amount starting from which the subsidy would apply will be determined by the team after looking at the rewards for different levels of capital supply. We hope this will help momentarily solve the issue and we will announce more details in the coming weeks.
4. Launch of the Ambassador Program
Although not yet officially launched, Unslashed already has a great community of grassroots DeFi power-users. We invite the ones who are interested, to join our Ambassador Program to help spread the word about Unslashed in other DeFi communities in a consistent and engaging manner.
This is part of the preparation for the official launch and also a great way to continue growing organically!
As all great things in DeFi, join early and you will be rewarded handsomely 😉
Epoch 6
1. Epoch 6 rewards
Epoch 6 starts on Block Number 12147437 and ends on Block Number 12245099.
Following the discussions on the community Discord, there seemed to be a consensus around keeping the rewards structure for Epoch 6 the same as the one for Epoch 5.
The breakdown is therefore the following:
Capital Miners Rewards
- Capital Miners: 75 000 tokens for Epoch 6 miners (joined before start of Epoch 6 and stayed until the end of Epoch 6)
- Bonus for Committed Capital Miners (Epochs 5 & 6): 75 000 tokens (joined before or during epoch 5 and stayed until the end of epoch 6)
- 100 000 tokens go to the “Long Term Thinkers Vault” that will be distributed to Epoch 6 Capital Miners who meet a certain number of criteria to be determined by the Unslashed DAO and applied retroactively.
Uniswap LP Miners Rewards
- LP miners: 200 000 tokens for epoch 6 LP miners (joined at any point during epoch 6 and stayed until the end of epoch 6)
- Bonus for LP miners: 100 000 tokens (joined in epoch 5 and stayed until the end of epoch 6)
2. Working Groups and Community Involvement
Epoch 5 gave birth to a first working group focused on USF token utility and tokenomics. The idea of having multiple working groups is appealing, however a more structured and organised approach will be necessary for the long run. Community members are welcome to join the discussion and provide their input and/or feedback. The USF Utility WG is the first experiment that will help us shape how the following ones would be organised.
As the official launch approaches, we are looking for creatives from the DeFi community: content writers and graphic designers to help us produce top notch content and exquisite graphics to help everyone understand how Unslashed works in a simple and engaging manner. And help DeFi and crypto users protect themselves!
✨ Get in touch on Discord or Telegram if you feel inspired!
LEARN MORE ABOUT UNSLASHED FINANCE
We are Unslashed and we’ve got your back!
Website: https://unslashed.finance
Team: https://unslashed.finance
Capital Mining: https://link.medium.com/buZvUyy9Vcb
Twitter : @UNSLASHEDF
Telegram: @UnslashedFinance
Discord: https://discord.gg/jQFxqTpbYC
Contact : @marouaneh
