Vesper Incentivized Beta Launch — Dec. 22

We’re proud to announce that the Vesper incentivized beta begins December 22, 2020 at noon U.S. Eastern Time at https://vesper.finance/. Read below to find out everything about how the beta works and what you need to do to participate.

Overview

If this is your first time learning about Vesper, here are some resources:

• Launch post — This is the post that launched Vesper at CoinDesk:Invest this past October, which provides a good summary.
• The Vesper Core Principles — These are the principles that drove Vesper’s creation and will support its evolution.
• The Vesper GitBook — Also in beta, this is the overall user-manual for Vesper, discussing the concepts and mechanics that drive it.
• Our explainer articles — The piece about the Vesper revenue model gives the best high-level overview of how our pools and the VSP token work. You can also read about what we mean by “conservative” and “aggressive” strategies — a unique aspect of Vesper.

What is the incentivized beta?

Prior to the Vesper production launch, the initial Holding Pools for ETH, WBTC, and USDC (reflecting conservative strategies) will be open for deposits during beta. All Vesper contracts were rigorously tested and audited, but the beta period enables a final “battle testing.” The Vesper pools are designated by a “v” in front of the ticker symbol (e.g., “vETH,” “vWBTC,” etc.).

How do I participate?

If you’re reading this, you probably already know what technologies you need (e.g., MetaMask). At beta launch, you can head over to the Vesper website, select your pool of choice, and deposit your corresponding asset to the vETH, vWBTC, or vUSDC pools. No other action is required.

What do I get for participating?

We have allocated 300,000 VSP as a reward for beta participants, distributed evenly across the three initial Holding Pools. These can be claimed at the end of the beta period.

How do I earn and claim VSP?

You earn VSP based on your pro rata share of your holdings in a particular pool. When Vesper moves from beta to production, you will be able to claim your beta VSP rewards in full.

How are VSP rewards calculated?

Each pool participant’s average balance for the entire duration of beta is recorded, and the VSP rewards for each user is proportionate to their average balance in the pool against all average balances. Each pool’s deposits are calculated separately, 100,000 VSP allocated across each of the three pools for a total of 300,000 VSP in beta rewards.

How long does the incentivized beta last?

After Vesper has undergone sufficient testing, the beta will end and live launch will commence. In other words, it’s ready when it’s ready but we’ll be sure to tell our community in advance.

What happens to my deposited assets?

Vesper Holding Pools deploy deposit assets to yield-earning strategies within the confines of the pool’s risk framework. For the beta, vETH, vWBTC, and vUSDC pools all adhere to conservative strategies. The current strategy for the vUSDC pool deposits assets directly to Aave to generate interest. The current strategy for vETH deposit assets to Maker as collateral for DAI, which is similarly sent to Aave. The vWBTC pool alternates between both strategies depending on which has a higher yield. You earn interest in your deposited asset.

What happens to the yield on my assets?

Yield generated by pools are compounded using the same strategy. When you are ready to withdraw, your stake in the pool will reflect your principle deposit plus the yield generated by those assets.

What are the risks?

The cryptocurrency and DeFi categories are inherently risky and beta users engage with the Vesper beta program at their own risk. However, Vesper has taken great measures to ensure the platform is as safe as it can be. This includes many rounds of testing across local networks, forked mainnet, public testnet, and finally pre-beta public mainnet. Additionally, all Vesper contracts have gone through two rounds of independent audits.

Are there any fees?

There is a 1.5% withdrawal fee on your underlying asset. Additionally, there is a 15% platform fee on yield generated.

What are fees used for?

Fees are collected in pool shares and delivered to the Vesper Treasury Box. Upon live launch, the treasury will convert pool shares to VSP tokens via open market buybacks on Uniswap. 95% of bought-back VSP is distributed among stakers, with the other 5% retained as a founders fee. More in our post on the Vesper revenue model.

What do I have to do after beta?

Aside from claiming your VSP tokens earned through beta participation, you’re good! Deposits will remain unchanged (and yield-accruing) once the beta transitions to live launch. You will begin earning VSP immediately.

So get ready for December 22! Stay up-to-date through Twitter, Medium, Telegram, and our brand-new Discord.

[2020–12–21–1830ET — Edited to more accurately reflect the most up-to-date composition of the initial pool strategies.]