Unslashed Private Launch, Epochs 1–2–3: Looking Back, Looking Ahead
Looking back on the first 3 Epochs
The past few weeks have been intense and a tremendous success for Unslashed.
After 2 testing phases on both testnets and mainnet, we started our Capital Mining Program on Block #11659127 (Jan-15–2021 10:26:41 AM GMT) along with a private launch of the platform. We are thrilled to announce that within the span of a few weeks, 45 000 ETH of capital were supplied and more than 216 000 ETH worth of coverage were sold.
“The first 3 epochs of our private launch attracted over 45,000 ETH into the Spartan Bucket”
The first listed policies were sold out in a matter of hours (who said there was no demand for insurance?!)
The new capital inflow lowered the APR coming from the premiums paid by cover buyers on the 4 initial policies…
…then it started to grow…
… and it grew further as more policies were listed and more coverage sold!
“The APR from the premiums earned grew from around 1% at end of Epoch 1 to 4.8% at end of Epoch 3, with a total of 7 policies listed”
We also made history with our friends at Lido.fi by doing the first DAO to DAO insurance transaction…
…casually sold a 1,000 ETH insurance to ParaSwap…
… and partnered with Techemy.capital to provide them with Institutional Grade Insurance
And finally we have shown an example of the possibilities the Bucket opens up in terms of product structuring:
Today we stand along with 3655 Unslashed Capital Suppliers and Cover Buyers who share the same ideals, values and vision of making crypto more secure and helping sustain its mainstream growth. What started as a couple dozen testers in a telegram group became a 3655 strong army!
And this is just the beginning.
Looking ahead: USF token distribution, Unslashed Finance DAO and Epochs 4–5–6
USF Token Distribution and Unslashed DAO
Epoch 3 is coming to an end at block number 11952113, the issuance and distribution will happen in the coming days, as follows:
1) The USF tokens will be issued, the Team, Foundation and Investor Tokens will be put aside to be sent to their respective vesting contracts. The 2.1m USF mined over the different epochs and periods + a provision of 600k tokens for epoch 4 mining will be set aside and sent to various smart contracts allowing them to be withdrawn.
The tokens to be controlled by the DAO minus the 2.7m USF mined will be sent to the DAO contract.
IMPORTANT: neither the team nor early investors will have access to their tokens or be able to supply liquidity to any DEX or AMM. Team and early investors tokens will be locked for one year starting from the token issuance date. Capital Miners will be the only token holders.
2) A few hours after Epoch 3 ends, we will publish the final breakdown per wallet of the mined tokens taking into account the deposit period, Epochs 1, 2, 3 and the Bonus reward for committed miners who stayed till the end of Epoch 3.
A period of 48 hours will be given for everyone to check their numbers and for us to answer any questions.
The distribution will start for Capital Miners only. Cover Mining, multiplier for the Most Valuable Inviters and Phase 1 and 2 of testing will come later in epochs 4 and 5.
A total of 500 000 USF tokens will be available for immediate withdrawal and the remaining would be vested linearly over 15 days.
We will also publish a guide to explain in details of the USF tokens issuance and withdrawal.
3) The UI of the Unslashed Finance DAO will go live.
Epochs 4,5,6: Capital Mining and Cover Mining continue + Uniswap Pool LP Mining (new 🔥)
“ The Capital and Cover mining programs will be extended for the next three epochs, starting from epoch 4 on March 1st”
Block number 11952113 marks the end of our Epoch 3, Epoch 4 will begin right after followed by Epochs 5 and 6. Each epoch will extend for 15 days.
Instead of committing to a single distribution strategy for the long term, we decided to opt for regular revisions where the Unslashed Finance DAO will be involved and the revisions voted on.
Epoch 4 Capital Mining Program
The Capital Mining Program was introduced to reward Capital Suppliers and allow them to get USF tokens on top of the premium APR they are earning for underwriting insurance policies. At the same time, this allows us to cement our long-term commitment to transform insurance, an antiquated slow-moving industry. In order to earn USF Capital Mining Rewards, you need to supply capital to the Spartan Bucket and the Spartan Bucket only. By depositing Capital (ETH), you will accumulate BOTH Premiums (paid by policyholders, in ETH) and USF Governance Tokens.
The token distribution is based on how much capital you supplied vs total supplied. 125 000 tokens will be distributed to participants of epoch 4. You need to stay over the full epoch to earn the epoch rewards.
Bonus Rewards for committed miners: A bonus of 125 000 tokens will be distributed amongst those who deposited for at least 2 epochs in a row; those who joined before or during epoch 3 and remained until the end of epoch 4.
For example, if you deposited capital during epoch 3, you would need to stay until the completion of the next epoch (Epoch 4 in this case) to earn your share of the bonus. This bonus is calculated pro-rata temporis while taking into account the total supplied capital.
Epoch 4 Cover Mining Program
Our Cover Mining Program was introduced to incentivise cover buyers on Unslashed. When you purchase coverage through Unslashed Finance, not only will you insure your assets, but you will also earn $USF Tokens (Unslashed Finance’s governance token).
“The cover mining program is extended to epoch 4. 30 000 USF will be distributed to cover buyers”
Cover Mining rewards are calculated on a prorata temporis basis and based on the amount of premiums paid.
For more details about cover mining, please read our initial cover mining announcement.
Uniswap LP Mining (new 🔥)
Once the USF tokens are issued, we will incentivise Uniswap LPs by distributing a total of 200 000 USF tokens. The pools will feature a USF/ETH pair initially, and later on, a USF/Stablecoin pair might also be incentivised. We are also thinking of incentivising a Spartan Bucket Token/USF pair.
The 200 000 USF Tokens will be calculated block per block and on a prorata temporis basis, then distributed linearly after the end of Epoch 4 over 15 days. In order to qualify, the LP needs to hold his LP tokens in his wallet until the end of Epoch 4.
Bonus Rewards for committed LPs: A bonus of 100 000 tokens will be distributed amongst those who provided liquidity as an LP for one of the incentivised pools for at least 2 epochs in a row; for example those who joined before or during epoch 4 and remained until the end of epoch 5.
Beyond mining and rewards
After putting together the different Governance related pieces, our objectives for Epoch 4 are:
- List 7 new low-risk policies in the Spartan Bucket
- Grow the Premium APR to 8–10%
- Launch the insurance claims UI(is being tested on testnet over the last 2 weeks)
- Official launch and opening the platform at the end of Epoch 4
- Some surprises 😉
Having the Unslashed Finance DAO and the USF Token opens the doors for more community involvement: grants, community funds, ambassador programs, etc. and more decentralisation!
We want you to take the power back and we would love to hear from you either on Discord or Telegram, let us know about your ideas and proposals!
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
