APY Finance Announces Liquidity Mining for APY Governance Tokens

https://defirate.com/apy-finance-liquidity-mining/

APY.Finance – a pooled yield aggregator – has announced a liquidity mining rewards program starting on October 1st at 8PM EST.

Users will be able to deposit three stablecoins – DAI, USDC, and USDT – to begin earning the platform’s unreleased APY governance token.

Launch details

The APY.Finance contract will be available at https://apy.finance at 8 EST (12am UTC) later this evening, with liquidity mining rewards being accrued and vested after the platform’s APY token is officially launched.

APY tokens will provide a governance function for the platform, and will also be distributed via a token-generation event (TGE) at a later date.

The initial liquidity provided to the platform will assist in bootstrapping the platform’s total value locked (TVL), and eventually benefit from economies of scale once yield-farming strategies go live.

How it Works

Upon depositing funds to the contract, users will receive APT tokens (not to be confused with the APY governance token), which provides them with a claim on their share of assets in the pool.

Just like Balancer Pool Tokens (BPT) or Uniswap LP shares (UNI), users can claim back their share of stablecoins from the asset pool by burning their APT tokens via the APY.Finance smart contract.

By holding APT tokens, users will also automatically be mining APY tokens. Once the platform is fully functional, this will entitle them to both yield-farming and liquidity mining returns.

As described by the APY.Finance team, its APT tokens are comparable to Balancer’s BPT tokens, which represent a user’s stake in the Balancer pool.

Likewise, the APY token can be compared to Balancer’s BAL token, which is used for governance on liquidity mining and general protocol upgrades.

Liquidity Mining Details

31.2% of the APY token supply has been allocated to liquidity mining rewards, for a total of 31,200,000 APY tokens. 900,000 of these will be mined within the first month of liquidity mining, good for 0.9% of the total supply.

Rewards will be proportional to the percentage of liquidity provided to the pool over the course of the program. After the TGE, the APY token will be vested on a block-by-block basis over a 6-month period, using the Synthetix vesting contract.

What is APY.Finance?

APY Finance is an automated yield-farming platform which automatically allocated user’s pooled funds to the best risk-adjusted farming strategies in the DeFi ecosystem.

By pooling funds, it aims to save users precious time and gas fees on transactions, allowing anyone to benefit from yield-farming returns – no matter their account value.

Although they’re not yet enabled, APY.Finance’s governance mechanisms will be added at a later date once the system is “battle-tested”.

The platform’s smart contract has been audited by Halborn, who have also recently audited Bancor v2 and PowerTrade.

To stay up with APY Finance, follow them on Twitter!

The post APY Finance Announces Liquidity Mining for APY Governance Tokens appeared first on DeFi Rate.

Balancer Passes Governance Proposal for BAL Liquidity Staking

https://defirate.com/balancer-liquidity-staking/

Balancer – an automated asset management and liquidity protocol – has amended its liquidity mining distribution to further favor BAL-based pools.

For those unfamiliar, users who provide liquidity to Balancer earn weekly rewards in the form of BAL governance tokens. The project has undergone a suite of changes to better balance this distribution through a variety of factors like fees, wrap, cap, pegs and ratios. In short, the protocol has looked to issue the 145k BAL rewards to the most “useful” liquidity, all of which have resulted in stronger community engagement for Balancer liquidity.

More recently, Balancer added a balFactor which gave BAL liquidity a 1.5x higher return on BAL rewards. Now, that buffer has been boosted even more through the passing of Liquidity Staking.

With the new vote, 45k BAL out of the 145k total weekly distribution will be allocated directly to BAL-based pools which are paired with uncapped ‘useful’ tokens like WETH, USDC and DAI.

“The main goals are to significantly increase liquidity on key BAL pairs and to allow non-shareholders to compound their BAL holdings at a much faster pace, accelerating protocol decentralization.”

The vote over the weekend passed with flying colors, with 98% Yes votes backed by 189k BAL participating in the poll.

Why Should I Care?

With this new change, BAL-based pools are netting upwards of 300% APY, by far the highest Return on Liquidity (ROL) of any Balancer pool today.

A community member put together a great site – pools.vision – allowing users to keep tabs on Balancer pool returns at any given time.

The shift in sentiment towards BAL-favored rewards goes to show that the Balancer community is rallying around protocol decentralization, albeit at the benefit of those who already hold BAL.

Looking at this from the perspective of someone who does not hold BAL, this move could very much be seen as empowering those with the deepest BAL holdings already. Thankfully, this proposal made sure to exclude shareholder addresses from rewards, making this distribution as community-oriented as possible.

The passing of Liquidity Staking comes in tandem with 3 other proposals, all of which passed with the following changes:

  • Increase the MKR capFactor from $10M to $30M
  • Decrease the RPL capFator from $10M to $3M
  • Remove DZAR from the whitelist

This is a great signal that Balancer governance is quickly heating up, due in large part to the snapshot-based voting in which users can vote without having to pay a ~$10 transaction fee as with virtually all other governance systems on mainnet today.

To stay up with Balancer, follow them on Twitter or join the conversation on Discord.

The post Balancer Passes Governance Proposal for BAL Liquidity Staking appeared first on DeFi Rate.

Akropolis Shares Yield Aggreator Delphi & New ADEL Governance Token

https://defirate.com/akropolis-delphi-adel-token/

Akropolis – a platform for community creation –  has announced a new yield-farming aggregator project, Delphi, now live on testnet.

 

Underwriting the new robo yield farmer is a new governance token ADEL –  specifically used to govern the Delphi product.

Following in the footsteps of the community-favorite YFI, ADEL will only be distributed through the usage of Delphi, with no initial sale and just a 5% premine allocated to development vested for 3 months following a 3-month cliff.

This product level governance is an emerging trend in the DeFi ecosystem, tying together the best aspects of liquidity mining with a synthesized focus on very specific feature upgrades and integrations.

Fulfilling their original vision

Delphi brings the Akropolis team several steps closer to their original vision: Creating a widely-accessible decentralized savings fund that can withstand fiat-based economic shocks.

Labeled as a yield-farming aggregator, Delphi makes DeFi earning opportunities accessible to everyone, specifically non-technical users.

With Delphi, users can reallocate funds between several stablecoin pools within a single transaction, all within a user-friendly user interface.

One of the flagship features is a dollar-cost averaging (DCA) feature, which automatically invests in selected pools on a periodic basis. This is a very popular strategy offered by platforms such as Coinbase, which removes both the manual effort and the challenge of volatility on investment timing.

The Delphi user experience

The Delphi dashboard presents user balances, pool allocations, and returns in an easy-to-understand way. It also allows the user to save on time and gas costs while switching between pools, by facilitating such changes in a single transaction.

Stablecoin balances in Delphi will earn interest through Curve, while the invested balance will earn interest and exposure to the price of BTC, ETH, and other assets.

Due to gas costs, automatic DCA investment is currently only facilitated on a weekly basis into selected pools, but may be more flexible in the future.

The ADEL token

Delphi ownership will be allocated via the fair distribution of a new governance token, ADEL. The ADEL token is specific to the Delphi platform and completely separate from Akropolis’ existing AKRO token.

ADEL will hold governance rights, as well as a potential claim on any fees that may be incorporated on Delphi in the future.

As illustrated in the intro, ADEL can only be earned by providing liquidity to Delphi, AKRO, and future tokens in tandem with active governance.

60,000,000 ADEL tokens will be minted as a fixed supply and be released gradually over a 6-month period.

A whopping 95% of the tokens will be distributed to active users and liquidity providers, while the remaining 5% will be reserved for development, maintenance, and auditing.

Closing Thoughts

Akropolis will release an FAQ on Delphi and ADEL in the coming days, along with details on a bug bounty program and liquidity mining.

The time-frame for the completion of several major platform components is extremely short. The user interface, Balancer, and Uniswap pools reward contracts, and controlled mainnet are all due to be completed by 20th August.

All and all, it’s clear that the race for automated yield farming is really heating up. Whether it by yEarn’s new yVaults, Rari Capital’s new platform or a suite of other projects in the pipeline, the time to harvest alpha is quickly dwindling.

While Delphi is currently only live on testnet, we’ll be keeping a close eye on the product over the coming weeks.

To stay up with Akropolis for all things Delpha, follow the project on Twitter.

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The post Akropolis Shares Yield Aggreator Delphi & New ADEL Governance Token appeared first on DeFi Rate.

pTokens Launches pNetwork DAO with PNT Staking

https://defirate.com/pnetwork-dao/

pTokens – a trustless bridge for interoperability – has summoned its DAO to handle all protocol governance using PNT tokens.

Built by Provable Things, pNetwork offers a platform to port assets to and from Ethereum using wrappers called pTokens. The most popular version of these wrappers is pBTC – an Ethereum-based version of Bitcoin similar to renBTC. Underpinning the pNetwork is a set of decentralized validators who post a bond in PNT governance tokens to operate a node on the network. Whereas this aspect was a great way for validators to have skin in the game, it’s largely limited to a technical audience.

Today, PNT rewards can be earned by any user by joining the newly launched pNetwork DAO and participating in governance. Built on Aragon, users stake PNT for governance-wrapped tokens called daoPNT. To encourage users to participate in voting, pNetwork is allocating up to 28.35M PNT (47.25% of the total supply) via governance reward inflation.

Similar to other governance-based rewards like KyberDAO and Nexus Mutual, PNT is only rewarded to active contributors. As illustrated in the DAO interworking post:

“A DAO member is considered active and only becomes eligible for rewards if they are daoPNT holders and the check confirms that they have voted on at least all proposals except one within the two week period.”

The rewards are projected to provide 42% APR in the first year followed by 21% in the second year. Stated another way, if you stake your PNT via the pNetwork DAO and vote on every proposal, you will earn a 42% return on your initial PNT contribution (denominated in PNT).

The pNetwork DAO features a 7 day cooldown period and is expected to kick off it’s genesis governance polls in the coming weeks!

DeFi DAOs Heat Up

The launch of the pNetwork DAO comes in tandem with a suite of other DeFi DAOs from projects like Kyber, Aave, Curve and bZx.

While Curve will also be built on Aragon, it’s interesting to recognize that many DeFi projects have opted in to building their own framework instead of using an out of the box solution like Aragon. Still, Aragon-based tooling offers much more flexibility in the future upgradability of these DAOs, and is quickly becoming the leading platform for large organizations to field future governance.

Backed by the recent ANT liquidity program, Aragon will also look to ship a native chain this year, allowing DAOs to port their governance to a low cost, real-time transaction relayer which harnesses all the benefits of Aragon in a scalable fashion.

Over the next few months, it will be super interesting to see the different levels of engagement each of these DAOs receives. While using liquidity mining to incentivize participation is a step in the right direction, the bigger conversation is around making governance interesting enough that tokenholders would participate with no rewards in mind.

If nothing else, it’s great to see governance taking center stage and is a trend that we at DeFi Rate are extremely excited to watch unfold.

To stay up with pTokens for all DAO related events, be sure to follow them on Twitter or join the conversation on Discord!

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Rarible Launches NFT Governance Token With RARI Liquidity Mining

https://defirate.com/rarible-rari-token/

Rarible – a leading NFT exchange – has announced details for a native governance token, RARI.

As one of the first to tokenize governance rights in the NFT sector, Rarible is rolling out a unique marketplace liquidity mining scheme to reward its collectors for usage.

“Over half of RARI’s total supply is reserved for sellers and buyers on Rarible marketplace, who will receive RARI through weekly distribution according to weekly purchases and sales volumes.”

This unique integration of DeFi’s hottest trend integrated into a more consumer-friendly fashion put Rarible on our radar as they look to introduce a suite of well designed incentives to spur marketplace growth. Best of all, RARI is not being sold in an Initial DEX Offering, a strong signal that the company has all the best intentions in mind for the rollout of their new token.

What’s to Know?

Rarible is set to issue 25,000,000 RARI in total, starting at an initial value of $0.34/token. This valuation comes on the back of the marketplaces $2.5M preseed valuation and is set to issue 75,000 RARI or roughly $25,500 in rewards each week through marketplace mining. Here’s a look at how the supply breaks down.

Just as with Compound‘s even split to lenders and borowers, Rarible will allocate the 75,000 RARI weekly reward pool evenly between buyers and sellers. Rarible has made it clear that the marketplace liquidity mining process can be amended as necessary, and this in and of itself is one of the key areas where RARI governance is likely to come into play.

Over time, Rarible will look to transition to a DAO for the decentralized governance of future protocol decisions. In the meantime, RARI will act as soft signalling for important protocol decisions like fees, features and reserve pool allocation. Rarible has hinted they will be looking into something like Aragon Court for mediation, suggesting that the DAO will likely be Aragon-based.

RARI Airdrop

To kickstart this initiative, Rarible will be hosting two airdrops to reward both new and existing users for their support of the platform. Here’s who it’s set to shape up:

All in all, this airdrop dynamic sets a fascinating retroactive precedent where those who were most active prior to the airdrop being announced receive the most upside. Plus, for any NFT owners who happened to come into possession of a Rarible NFT, there might be an unexpected residual benefit stemming as a result.

Governance Tokens Heat Up

After a multi-year drought in which utility tokens were laughed out of the building, it’s truly amazing to see all the ways in which different crypto-based products are leveraging governance tokens to highlight the best and brightest aspects of web 3 technology.

As someone who has only used Rarible a very select few amount of times, this new incentive program immediately makes me want to dive deeper – a sure signal that many others are likely to do the same.

While it’s unclear if NFT-based governance will be as hot a topic as DeFi governance, there’s no denying the two are closely intertwined. With this, we’ll be sure to keep a close eye on the project as the distribution pans out of the coming months.

To stay up with Rarible, follow them on Twitter or check out the marketplace today!

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