With the launch of our mainnet only twelve hours away, we would like to outline the features available to our users on launch.
Add/Remove liquidity — users can deposit liquidity into pools, and remove that liquidity. Within a few days, users will be able to create their own pools.
Trade — Users will be able to swap between tokens.
Minting xVYFI — When a user deposits $VYFI into the BAR, they will receive $xVYFI.
The initial distribution to the BAR will be as follows:
10% of the lottery
6% of VYFI NFT royalties
0.1% of all trades on the DEx
There will be a farm offered for providing liquidity to the ADA/xVYFI pair. This will allow users to deposit $VYFI into the BAR, and use the xVYFI for liquidity provision.
Layer Two Liquidity Pools (L2-LPs)
Users will be able to add liquidity to four L2LPs — VYFI, xVYFI, WMT, AADA.
Initially, only these four tokens will have an L2-LPs while we monitor their behavior. The next token pair to be promoted for an L2-LP will be decided by community vote.
Users will be able to see the estimated APY given the current TVL in the liquidity pool. This will change as liquidity comes into, and out of the pool.
On May 29th, Farms will start yielding rewards. Users can deposit liquidity on launch in preparation for the launch of our farms!
Our current VYFI/VYFI vault will continue until the farm is complete. This means users can continue receiving the 16.8% for the immediate future.
Once this vault is complete, we will open a new VYFI/VYFI vault with an APY of 8%. This Vault will be provided with 200k VYFI. Upon completion, each successive vault will reduce by 1% per annum — with a final APY of 1% higher than Cardano’s base rate to be held into the future. We expect our vaults to take about two years to reach this level.
Thank you to all the community who have been endlessly supportive, and patient with us as we build the most comprehensive DeFi ecosystem on Cardano!