UNIFUND staking will be split into 3 phases.
Under our old branding many promises were made, and we intend to keep them all. Some of these promises were rooted in personal beliefs rather than what’s “right” for the product. Going forward, we will put the long term success of the product above all else in our decision-making process. In order to do that while keeping true to previous promises about features and timelines, we will be splitting staking into 3 phases.
Phase One — Standard lock up
Starting on October 16th at 6pm EST our staking page will reactivate and begin accepting deposits. This phase of staking will only be active for 1 month, and then the new system will be launched.
- Staking contract used: Yearn.finance distribution
- Total reward pool: 250,000 $iFUND
- Activation date: Friday October 16th
- Activation time: 6:00pm est
- Run time: 30 days
The decision to switch away from standard staking was not made lightly, and is the reason information is being released so close to the launch. Many users were excited for a lower risk staking system, since LP farming has become standard in recent months. But for the long term health and growth of the platform we’re building, we must adequately incentivize liquidity providers, and give them a direct say in our future decisions.
Phase 2 and 3 — Double token yield farming
Liquidity providers take the biggest risk and passively provide huge value to a platform. The remainder of the staking rewards after phase 1 is over (just over 3 million) will be paid to users who stake Uniswap Liquidity Pool tokens over a 10 month period. But wait, there’s more.
Introducing iGOV, our new voting token.
In addition to the $iFUND rewards, we will be releasing a new voting token with a very low supply. This will only be rewarded to our Liquidity Providers, and distribution will begin in phase 2. Once the remaining $iFUND is distributed, phase 3 will start, and only $iGOV tokens will be rewarded.
Initially the token will have no direct control over contract features. Instead, it will be used to let our most dedicated stakeholders help us shape our future. What features we should add, what partnerships we should seek out, and the details of how contests will run are some of the things we will put up for votes.
As new features are added, we will give control of the variables to the holders of these tokens through the voting contract. Because of the risks involved in acquiring the token, its holders will all have a dedicated long term stake in the platform. A team is only one part of a successful project; the community is equally if not more important, and they deserve a direct say.
A more thorough breakdown of the tokenomics will be published soon. We are still deciding on some final details. As we design, we are focusing on the key factors that will make sure our product is around for the long term.
