Today is not only a landmark occasion for Firebird but also for every single swapper moving forward. Starting now, $FBA holders will be able to lock their tokens for $veFBA which can be used to participate in governance AND receive 25%* of total multi-chain profits that are funnelled back to our home base on Fantom.
*For the first month, then subject to governance vote
- Firebird Governance is here!
- Lock your $FBA for $veFBA and stake that $veFBA to earn USDC.
- First epoch for rewards ends at 07/09/22 10:00 UTC
- Countdown until the first 2 week period starts is here
- Detailed information on rewards will be posted later this week! (Including extra incentives)
Have your voice heard! Vote on how much platform profits should be used for the variable treasury, profit distribution and PoL.
Guide on how to lock as well as more information on the mechanics below 👇
What Can I Vote For?
It is important in the DeFi landscape to separate ourselves from being rigid. If there are no dynamic variables when it comes to funding the development of Firebird, building protocol owned liquidity or paying dividends to stakers then we risk a snowball effect that could negatively affect the project. This is alleviated by:
- Allowing an elastic Treasury (range between 10% and 50%) — which will be used to fund the devs, the support team and build up a marketing fund (i.e. this portion of funds will be used for the overall research, development, build and maintenance of the project). The dynamic nature of this is vital in potential cases of increased development /maintenance costs.
- Variable profit distribution (range between 10% and 50%) — distributed to all $veFBA stakers in the form of USDC taken from the entire ecosystem’s profits. During times of flat development and maintenance costs, the protocol may opt for increased profit distribution.
- Variable protocol owned liquidity (range between 30 and 70%) — 50% of $FBA is bought from the market and 50% of collected USDC is used to add liquidity to the beets.fi pool. This will bolster the strength of the token which ultimately makes swapping using Firebird even more attractive to potential investors.
Ready to lock your $FBA?
Head over to https://app.firebird.finance/governance , connect your wallet on Fantom chain and choose the amount of $FBA you want to lock.
Next, choose a lock duration. Remember that you will need to lock your $FBA for 10 months to receive the maximum amount (1:1 ratio) $veFBA. If you lock 100 $FBA and choose 10 months, you will receive 100 $veFBA. If you choose 5 months, you will receive 50 $veFBA, and so on. Finally, click ‘Lock FBA’ and confirm the transaction. Success! You are now an $FBA lockooor.
Note: You can also increase your lock time whenever you like.
Additionally, you can also increase your lock balance to the initial lock period. For example, if you lock for 10 months and then decide to lock an additional amount of $FBA, it will also be under the same original lock period.
Please note that if you withdraw early then you must pay a 50% penalty i.e. you will get 50% of what you locked back — the remaining 50% will be burned.
I’m all locked up, now what?
Congratulations! Now you can stake your $veFBA and start earning platform profits in USDC! Here’s how:
After locking your desired amount of $FBA, click on the dropdown menu for governance and select ‘Stake’ and confirm the transaction. For test purposes the screenshot below shows the current reward per epoch as 100 USDC.
After the transaction has been confirmed, details of your stake will be displayed such as your pool share, staked token #ID and your expected rewards as well as epoch timer.
Epoch duration will be two weeks, which means rewards are distributed once every 14 days. Once you claim your reward you must wait a minimum of 2 weeks to unstake. You can claim whenever you like and your rewards will not be lost if you choose to claim at a later date.
The first epoch will be 1162544800 // Wednesday, 7th September 2022 10:00:00 UTC.
Last but not least is the ‘Vote’ tab. Here you can spread your share of votes across the 3 categories previously mentioned. You can vote and change your vote whenever you like over the set period (1 month) but votes are only counted once per month.
Note the prompt ‘You have voted’ appears after you vote during the current epoch.
To prevent vote manipulation, users will need to keep their $veFBA staked during the voting period until the vote is concluded. If $veFBA is unstaked during that time, the vote cast will be considered null and void.
Information detailing extra rewards, initial rewards and release schedule will be announced later this week.
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