Announcing the Token Distribution and Launch of Visor Finance
The LBP event took place on a decentralized exchange named Balancer, using a mechanism called Liquidity Bootstrapping Pool. Any proceeds generated from the event will go to the Visor Treasury, a smart contract fully and transparently controlled by the Visor, five person Gnosis Safe Multisig with spending limits.
The official Visor Twitter account will tweet the Balancer contract address, in addition so will the Visor Discord Announcement Channel. Everything else should be considered a scam. Please make sure the Balancer address is the same as the contract address when proceeding
This is the VISR token address: 0xF938424F7210f31dF2Aee3011291b658f872e91e
The Balancer LBP is not like a regular Balancer pool. The price will start high to disincentivize bots, front-running and speculation. Over time, the price will automatically decrease by design, so please only participate if you know what you are doing.
The purpose of the proposed Liquidity Bootstrapping event is to:
- Distribute the Visor token among the wider Visor community, to decentralize decision-making power.
- Build liquidity for the Visor protocol, setting it up for long-term success.
- Begin price discovery for the VISR token.
As of now there are 0 tokens in circulation, the only tokens that will be circulating from now until the liquidity minting phase 1 and 2 will be the ones circulating from the LBP.
30% of the total supply of VISR tokens will become available through the Liquidity Bootstrapping Event. The price is calculated based on the amounts of tokens in the Balancer pool and their weights:
30 000 000 VISR and $100,000 USD in ETH with weights 96 : 4 = (30000000 * .96)/(56.33 * .04)
The average price for participation in the Balancer Liquidity Bootstrapping Pool was nearly 40 cents.
The price weights start at 96:4 and change linearly over time towards a 50%-50% split after 48 hours.
Visor was created to solve the main issues within the existing landscape of liquidity mining in DeFi. To reiterate from our last article, those main issues are: discoverability, reputation, programmability, and security of liquidity. These solutions come in the form of a protocol built to mint and interact with NFT Smart Vaults. Visor is building the liquidity mining protocol of the future.
We see a newly architected DeFi world where everyone owns a Smart Vault represented as an NFT. With this NFT, the user has an enhanced ability to interact with the existing DeFi protocols as usual, but through their NFT. This means that a liquidity rewarding program can require a locking of LP tokens, but instead of depositing the tokens in the project’s smart contract, the user stakes or locks them to their NFT — and still gets the rewards.
Iterating off Alchemist’s original UniversalVault model, we have made significant developments by providing an upgradeable, extensible platform for a living, self-sovereign Smart Vault. This allows anyone to introduce new features and upgrades to the Visor NFT and offer unique modules for different use cases not to mention, updates and extensions all overseen via decentralized governance. Users may now mint their own Visor NFT from our web UI and be ready to participate in our upcoming rewards program.
You can now mint your Visor NFT at https://vault.visor.finance
Additionally, many projects offering liquidity mining programs have signaled their intent to offer compatibility with NFT Smart Vaults. This alone is a game changer. But we think this is just the beginning!
When anyone hears the term NFT, mostly they think of digital art or in-game assets. However, one of the earliest use cases for an NFT was implemented by Urbit to operate an Urbit Star. With an Urbit asset and accompanied UI, the user has the ability to manage their identity as an atomic component of a greater p2p network infrastructure for the purpose of helping to power a clean slate OS using Urbit NFT
In that similar vein, we have implemented an NFT for a use case that is not art or game related, but in order to interact directly with DeFi protocols. Let’s go over some key aspects of what you will be able to do with a Visor NFT.
Some key aspects of your Visor NFT:
A Self Sovereign investment vault (Visor NFT), the interface between your custodied funds and the decentralized finance protocols you interact with
Each Visor is identified by its unique string of digits which is an ERC721 compliant id and can be used for identity purposes across DeFi protocols
Your funds immediately become unlocked without counter-party risk at anytime during the liquidity mining program if you desire
Assets while never leaving your custody and within your Visor can be assigned to multiple liquidity mining programs by bonding to desired endpoints.
Allows your funds to be quickly discovered by liquidity mining programs and authorize staking and unstaking to your Visor NFT for reward distribution.
Further developments coming soon:
Some of these additional features on our road map that we’d like to develop is a Liquidity Discovery Matching Engine where your NFT can automatically sync to new liquidity reward programs that can discover to your NFT and begin paying.
In addition to the matching engine we are beginning to develop an interface for Liquidity Seekers (LS) to make Requests For Liquidity (RFL) that allow for the addition of fine tune filters where the request is not just based on asset type and amount, but based on time, reputation, and dynamic rates.
Balancer Liquidity Bootstrapping Pool
A Balancer Liquidity Bootstrapping Pool is a pool designed to allow a project to generate liquidity through variable weighting of assets. This is a fair launch that makes distribution more equal between participants because the price curve is designed to dynamically react to the free market forces and is completely public. The price curve also does not favor early participants so alpha and insiders have no advantage. To participate in the fair launch you can visit our Balancer Bootstrapping Liquidity Pool. The fair launch on Balancer will last 48 hours starting at 5pm on Friday, March 12th 2021.
Overall VISR Distribution Schedule
- Balancer Liquidity Bootstrapping Pool: 30% (LBP fair launch)
- Liquidity Provision: 20% (Depositing ETH-VISR pair to Uniswap)
- Post-launch Liquidity Minting Incentives: 25%
- Retroactive Gas subsidies: 5%
- Bounties / Grants: 10%
- Development / Operations: (Locked and released each month for 24 months) 10%
Uniswap Liquidity Provision
Liquidity will be provided immediately into Uniswap within the ETH-VISR pair. This will be 20% of the ETH raised and 20% of the tokens as needed. The Liquidity will be locked in Uniswap for the entire duration leading up to the Liquidity Minting phase and after.
Liquidity Minting Reward Pool (Phase 1)
The liquidity minting phases will consist of multiple rounds of liquidity incentivization periods. However, during our first phase of the reward program we will be optimizing for the minting and initial usage of the Visor NFT by key DeFi participants.
- The goal of the first phase is to distribute tokens to a wide range of smaller, very active participants in DeFi.
- To achieve this, we are introducing a whitelist where only addresses that have been active governance participants in other protocols are eligible.
- The whitelist is composed of addresses that participated in the offchain governance of any protocol on Snapshot.page or onchain governance on Compound, MakerDao or MolochDao as well as delegators on Compound, voters on Yearn, voters on UMA, delegators on YAM, voters and escrowers on Curve and delegators and voters on Uniswap.
Before Phase 1 begins, there will be another announcement with all the deployment details and contracts.
Liquidity Mining Reward Pool (Phase 2)
Phase 2 of the rewards program will focus on the incentivization of liquidity for VISR. This will additionally be accompanied with the use of a Visor NFT.
Other phases of Liquidity Minting Incentives will follow soon after phase 2 and focus on the unique usage of the NFT for liquidity mining with our partners.
Minting an NFT takes a significant amount of gas to execute the transaction. For this reason we are designating a portion of tokens and ETH to subsidizing the gas costs for first time NFT minters who are on the whitelist.
Bounties / Grants
In order to promote the standardization of NFT Smart Vault usage in DeFi, there are certain bounties and grants that we need to create to stimulate both developers and community involvement. For generic bounties, these will be posted in our Discord channel and pay out based on successful completion. For development bounties, these will be offered and paid out using the Gitcoin platform.
Development / Operations
In order to pay for costs associated with Visor, for future development and any initiatives that may arise, 10% of the tokens will issued to the team for ongoing implementation of the Visor smart contracts, Web App, marketing, and continuing to build out what is on our development road map.
As discussed above, some of these additional things on our road map that we’d like to develop is a Liquidity Discovery Matching Engine where your NFT can automatically sync to new liquidity reward programs that can discover to your NFT and begin paying.
Additionally, we are seeking to develop an interface for Liquidity Seekers to make Requests For Liquidity (RFL) that allow for the addition of fine tune filters where the request is not just based on asset type and amount, but based on time, reputation, and rates.
Visor is being built by an anonymous group of DeFi veterans who have worked at leading DeFi companies and are working on creating the vision of the next wave of Self-Sovereign Decentralized Finance.