Bounties, Staking Payouts and v2 Staking Draft Proposal

ℹ️🌐 Governance
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Bounties, Staking Payouts and v2 Staking Draft Proposal

Roadmap

We will provide a roadmap next week after finalizing v2 protocol changes. We will provide an additional community update next week as well separated from v2 protocol discussions/updates.

Bounties

We want to encourage the community to be more involved in operations, contributing, etc. To start of we will be soliciting community generated payouts in the interim preceding the migration to the new v2 staking system. Below details the requirements for the 1st staking payout. We will also solicit community submitted staking payout list for month 2.

Staking Payout Bounties

  • Staking CSV Payouts for first month
  • Pays: 500 DAI/USDC
  • Requirements:
    • CSV format
    • Addresses must be checksumed
    • Must take into account period of time staked (31 day period)
    • Amount to distribute is 300,000 USD total
    • Period of time is Dec 15th to Jan 15

How to Submit

Reply to this forum post and email sam@manifoldfinance.com with your ETH mainnet address, Telegram user name

Staking payouts for month 2

Staking payouts for month 2 will be guaranteed to be 300,000 USD. Due to ongoing metrics dashboard issue accrual accounts are not public, once published any difference between the stated amount of 300,000 will be subsidized, guaranteeing payout amount to all stakers.

v2 Staking

v2 of staking changes the protocol primarily by introducing Gauges. Think of Gauges as controlable parameters that control a setting.

The main change is that we now have an option of retaining a percentage of tokens from the total stablecoin payout to end users. This is done to provide a way for us to use these governance tokens to provide further incentives to the partner protocol. The idea is that we would be making more money by offering an additional incentives boost than simply paying out 100% in stablecoin. This would have to be validated by backtesting / etc, to show that stakers are better off doing this than simply getting 100% of the stablecoin payouts.

The secondary gauge is used to additionally put the accrued stablecoins in some APY generating strategy while it is being accrued over the course of the month.

Additional gauges that we have not detailed that could be included are changing the time for payouts (currently set to monthly), setting aside a portion of money earned via APY from stablecoin deposits in other protocols to the protocols treasury.

This draft will be provided in a formalized whitepaper next week, this is a soft draft to get feedback and comments / questions from everyone. Thanks

v2 Diagram

v2-staking-draft-Page-2.drawio
v2-staking-draft-Page-2.drawio751×591 50.8 KB

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Thanks for the update, Sam. I also sent the staking payouts list by email.

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This is fairly abysmal yield. Only about $1/XFOLD given the current staking amounts. Can you address how this yield might be improved in the future?

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this is very good yield basing on how much txs openmev currently operate on

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  • Adding external searchers will increase gross assuming minimal overlap in bundles
  • Adding additional protocols will increase gross
  • Adding multichain markets will increase gross
  • v2 protocol changes will make optimizations available to us that are currently not available
  • Adjusting and optimizing the current sushiswap agreement from only gas rebating to gas rebating and incentives will increase gross so long as incentives program is optimized, you can read more here: Applying Makinomics to OpenMEV: +300mm daily volume - Proposals - SushiSwap
  • Adding positive slippage and pathway optimizations as well

We are working on better handling errors and transaction handling process to make sure 100% of frontend submitted transactions will work, thanks for asking this question!

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Cheers man, thanks for the response. I’m excited about the prospects of this project overall but want to ensure that the token yield appropriately reflects the risk that token holders are taking with this project in such a nascent stage.

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Will there be option to lock tokens for multiplier on rewards?

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We will examine this behavior as of right now this is dependent on the withdrawal mechanism which is user initiated. Ill get back to you on this by Tuesday.

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Gonna send you the Staking amounts for month 1 per mail now :slight_smile:

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I’m going to send you the .csv via e-mail in this moment :raised_hands:

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@sambacha Sent you the Spreadsheet with all relevant calculations for the Staking Payout from 15 Dec 2021 - 15 Jan 2022. Have also given an overview of my calculations in the email. Hope it helps! Cheers :slight_smile:

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Thanks for the update! Awesome community engagement!

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do u have some news affiliated to my question about option to lock tokens for multiplier on rewards?

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I do, and will post it today now that a few things have been verified on our end

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Sounds good, I like the progress so far.