Lock VIRES to Receive Protocol Revenue: 24 hours till program start
Vires.Finance is a pool-based liquidity protocol facilitating lending and borrowing capabilities at rates defined by the market equilibrium.
In our 2021 Development Update we shared the protocol’s progress on its path to fully decentralised DAO: gVIRES. Today, you can prepare for it: in 24 hours, 21-Jan-2022, 13:00 CET locking VIRES to get gVIRES will be enabled to everyone.
Why lock VIRES?
VIRES locking reflects your commitment to the protocol governance. It grants you the ability to make decisions and directly earn your share of the protocol’s income. This share exists in the form of gVires.
gVires(g is for ‘governance’) is a unit of measure of your commitment to the protocol’s future. The more Vires you lock, the more you are committed; therefore, the more voting power and the larger the share of the protocol’s revenue stream you receive. 50% of the locked amount is released during the first six months. Learn more about gVires math in the documentation.
What is Protocol Revenue?
Vires.finance markets take a cut of the interest that borrowers pay. The corresponding cut for each market is labeled as ‘Protocol share’ on the asset details page. This value can vary for different markets, configurable through governance.
Which part can I receive and how do I do it?
Starting Jan 21, 13:00 CET, lock your VIRES at Governance page. All the revenue will begin distributing across all locked tokens continuously(every block, ~ every minute) and proportionally to your gVires(locked VIRES). The more you lock, the larger share you are to receive.
In a minute after that(at least one block later), you can start claiming revenue.
What else?
Revenue Delegation
In the upcoming days, the revenue delegation will be live: everyone will be able to delegate claiming revenue to another account.
One scenario where you might find particularly useful is to keep your Locked VIRES on a cold wallet while streaming revenue of it onto your hot wallet. Passive income is coming in a safe way!
Rewards Distribution Changes
As VIRES increases its utility, giving away lots of VIRES is not the way to move forward. As the general paradigm, the distribution logic stays the same: Each asset is set to share a part of the distribution stream in proportion to the asset’s total borrow. Each stablecoin shares the stream between borrowers and providers with a 50–50% ratio; Waves, BTC, and ETH share their streams as 95% for deposits and 5% for borrows. The amount distributed daily will be decreased substantially as the update takes place.
Deprecation of Legacy Staking
During the token generation event, VIRES Staking for 12.5% APY has been set up for at least three months. Three months after that, it’s time to move on. Legacy Staking will continue to operate under 0–1% APY, ensuring smooth migration for everyone.
What to do?
Prepare VIRES to lock it tomorrow, Jan 21, 13:00 CET. Don’t miss out!
As always, follow us on social media for the latest updates, participate in the discussions on the protocol future:
