Visor Rewards Phase One Details and Announcement!
We would firstly like to congratulate the Visor community and Balancer Labs on an extremely successful launch for Visor Finance yesterday. Over 900 addresses participated in our Liquidity Bootstrapping Pool! This is the participation we strive for and look forward to in our upcoming phased launches.
Another key metric we are excited about is the amount of Visor NFT’s that were minted over the past 2 days. 450 people went though the Visor NFT minting process through our UI and are now the proud new owners of their very own Visor NFT Smart Vault.
We have also had two governance proposals brought forth by the Visor community members. We value the community’s input and have adjusted the rewards program accordingly.
Proposal 1: Additional communities for Phase 1 consideration
“I propose that we extend whitelist rewards to a few more active DeFi communities that not only have active snapshots but also run liquidity mining programs and yield farms, both of which align with the use-case of Visor.”
Proposal 2: Very active participants in DeFi, why not adding INV and RULER
INV or inverse.finance on March 5th had the highest single vote participation rate in on-chain governance history: 74% participation.
In summary both of these proposals aim to allow greater participation in the Visor phase one reward’s program, but most importantly, in the overall use of the Visor NFT. These addresses that participated in the following communities:
- BAO Finance
- Indexed Finance
We are accepting the outcome of these governance proposals and in the spirit of adding the larger DeFi community are changing the whitelist restrictions.
Starting Monday, March 22nd any owner who has minted an NFT and holds VISR will be included in the whitelist. This is a big step up from the 50k address whitelist we had originally created.
The purpose of Rewards Phase One:
- The goal of the first phase is to distribute tokens to a wide range of smaller, very active DeFi participants.
- Incentivize the minting of Visor NFT’s
- Demonstrating the depositing and reward functionality
The details of the rewards shall be as follows:
- 5M Tokens Distributed (determined based on a Community Snapshot Vote)
- Rewards last for 4 weeks
Here’s how you can earn rewards:
- Mint one Visor NFT, hold $VISR in your wallet
- Stake the Stablecoin of your choosing (Ampleforth, USDC, Dai, or Tether) up to $10k
The distribution of tokens will be based on the amount of participants and the capital deposited. Your share of the rewards will be be proportional to your share of the pool. These deposits will not be used for anything. The purpose of them is to distribute VISR, build an active user base and mint Visor NFT’s.
We look forward to having all DeFi participants mint Visor NFT’s for both our Reward Program Phase One and the greater goal of interacting with DeFi protocols through an NFT enhancing the discovery, reputation, safety and programmability of on-chain liquidity. Before Phase one begins, there will be another announcement with all the deployment details and contracts.
You can mint your Visor NFT at https://vault.visor.finance