We are thrilled to announce that we’ll be releasing our DEx and BAR to mainnet on the 15th of May.
We’d like to outline the initial features we’ll be releasing with, and our intended release schedule. We will also be detailing a few governance votes that will be available to decide upon with the launch.
DEx
On the 15th, users will be able to interact with our DEx. This includes supplying and removing liquidity, and swapping between tokens. We will not be launching with factory contracts that allow for users to create their own liquidity pools. This will be added shortly after. Projects looking to launch a liquidity pool should contact us directly. This is to ensure the validity of every token available on our platform at launch.
BAR
Users will be able to stake their $VYFI at the BAR on launch, and will mint $xVYFI for doing so.
The rewards served to our BAR on launch are:
Fees from swaps on the DEx (0.1% of every trade)
50% of the royalties from our NFT sales
10% of each lottery conducted on the platform
These rewards will begin as soon as our DEx does, with the NFT and lottery rewards being supplied at a random time each week.
For more info on our BAR, check out our article here: bit.ly/DIVEintoBAR
Farms
Farms will be viewable on launch, and users will be able to see their expected APY given the current TVL in any given pool. Users can supply liquidity leading up to the release of our farms, which will commence within two weeks of our DEx. Multiple farming rewards will be offered on various LP pairs on launch. This means users will be able to farm $VYFI alongside other CNTs (as well as ADA) simultaneously just by holding LP tokens.
We have opted for a two-week buffer between the launch of our DEx and the launch of our farms to allow users time to provide liquidity to the platform prior to the first rewards being earned. This is done to reduce the risk of our farm only being supplied to a small concentrated group of users on launch.
TVL-gated farming outline:
(UPDATED 05/24/23)
We want to ensure that our emissions are inline with the size of our platform. To assist with this, we are introducing TVL targets to manage the release of our farm. The targets are as follows:
0–5,000,000 ADA TVL: 40% of emissions
5,000,001–15,000,000 ADA TVL: 50% of emissions
Emissions will then increase by 1% for every 1mil in TVL gained. This means we will reach 100% emissions at 65mil TVL. We will rebalance the pools on the 1st of every month, based on the average TVL for the month prior
We are implementing this structure to reduce downward pressure on our token in the circumstance that we do not meet the liquidity provision to support our full emissions rate.
For more information regarding our farming outline, check out:
https://vyfinance.medium.com/farming-allocation-outline-b36ba1b05a4f
Governance votes
Community Vaults
We are introducing a community farms option for users to vote on. Every month, five projects will be chosen by the community to receive a farm. There will be a nomination process that allows users to propose projects for the next months vote.
These farms will last for one month before being updated for the next vote. A project can only be allocated a community farm for three consecutive months, after which the community will vote on whether it should become a permanent farm.
Boosted farms
Every month, the ten projects with the most volume on our platform will be eligible to be voted on for boosted farming rewards. The top three projects selected each month will be allocated extra farm for the next month. The top three voted projects will receive a boosted farm at a rate of 3:2:1 for 1st:2nd:3rd.
These are two regular votes we intend on holding for our platform. Our proposal system for users to create their own governance votes will be launched in Q3, 2023.
We cannot wait for the Cardano community to begin using our platform!
To follow along for announcements and more details, don’t forget to follow our socials to make sure you don’t miss anything:
Twitter: https://twitter.com/VyFiOfficial
Telegram: http://t.me/vyfinance
Discord: https://discord.gg/r3TY4Y5PDw
Facebook: https://www.facebook.com/VyFinance
Non-Custodial LP Farming Article:
https://vyfinance.medium.com/non-custodial-lp-farming-f448d1f8c11e
