VIRES Token Generation Event
Vires.Finance is a pool-based liquidity protocol facilitating lending and borrowing capabilities at rates defined by the market equilibrium.
Vires.finance has been launched on Jul 21, 2021. In less than 3 months, the protocol has accumulated over $500M in liquidity.
The VIRES Token Generation Event(“TGE”) is set for October 19, 2021. Early-bird liquidity providers will start claiming the distributed rewards, vested for 1 year in proportion to their average liquidity during the token pre-launch phase. The token will instantly be tradable at swop.fi and waves.exchange.
⚠️ Be careful: Although VIRES token already has an id, it has not been generated yet.
Protocol Updates
With the token finally live, a few changes are to take place within the Vires protocol itself.
VIRES Distribution
Starting TGE, the protocol will start incentivising not only liquidity providers, but borrowers as well. Borrowers play a very important role in the protocol, they take risks and pay the interest rate, so it’s natural for their voice to be heard in the upcoming votes. For the next 3 months, a total of 100.000 VIRES will be distributed among depositors and borrowers. Each asset is set to share a part of the distribution stream in proportion to asset’s total borrow. Each stablecoin is set to share the stream between borrowers and providers with a 50%-50% ratio, Waves, BTC and ETH are to share their streams as 95% for deposits and 5% for borrows. After the bootstrap phase, these values will be decided through governance by voting.
VIRES Staking
VIRES tokens are to be staked in order to initiate and participate in the voting process. As this is still the early days of Vires DAO, staking will be free of any time-locks or minimum staking periods or amounts. Staked VIRES is also set to yield additional 12.5% APY.
VIRES Governance
For the community to govern the future of the protocol, the forum is the right place to discuss proposals, vouch for the ideas and argue for the changes to be made. This is going to be the standard way for any changes like distribution rules, adding tokens, etc:
- The proposal is made to the forum
- The formal voting with VIRES begins
- If the quorum is reached and the vote is passed, the changes will take place.
What to do?
You can still provide liquidity to Vires.Finance to get last minute Early-Birds! The last snapshot will be taken October 15, 2021. Don’t miss the moment of TGE, follow us on social media for the latest updates:
