With the ongoing decentralized distribution of Swapr’s governance token through multi-chain liquidity mining campaigns, and while waiting for the ERC20 Guild structure to be implemented, the Swapr community has identified the need for interim single-sided SWPR token staking campaigns. Swapr team got down to work to set out these campaigns and a little bit of insight as to how much of the tokens will be in circulation at the end of this period.
Campaigns
We propose to create 2 campaigns as below
Campaign 1 will have a staking cap of 1 million SWPR and stakes will be locked until the end of the campaign. The 50K SWPR reward will guarantee a 20% APR.
Campaign 2 will have a staking cap of 5 million SWPR with a 125K SWPR reward, guaranteeing a minimum APR of 10%.
The 175K SWPR being issued for these campaigns comes from the unutilised budget in Arbitrum Epochs 1 to 4.
We will need to split the campaigns across Arbitrum and xDai, there is a poll at the bottom to figure out how much the distribution should be.
Circulating supply calculation
As on 9-Nov,
| Circulating supply | 8502307 |
|---|---|
| Unclaimed airdrop | 4229010 |
At the start of Epoch 7, we would have issued 1.5M more SWPR that puts the circulation around 10M SWPR (excluding 4.22 M SWPR unclaimed). If the campaigns reach capacity, this would lock up almost 60% of the total supply at the start.
We would have issued 3.1 M SWPR in 3 months and that would put the circulating supply at about 13.2M SWPR (excluding the 4.22 M SWPR in the unclaimed airdrop supply)
The community has not decided what to do with the unclaimed and unconverted supply yet and this is not the agenda of this post.
Implementation
To implement this, the creation of campaigns, our frontend deployment and the subgraph deployment have to be synced properly.
Contracts are tested in Rinkeby, we will need to run a test campaign in xDai created by the DAO.
Campaigns must be created in Arbitrum and xDai with a date far in future in order to complete the below activities and have the UI ready and released to accept staking.
UI development is in progress and is expected to complete within the coming weeks. Once that is tested and a release is made, the community can make a proposal to update ENS.
Subgraph would need to be updated to pick this particular campaign and display it in the frontend on top of other LP campaigns.
- Yes, at 5M SWPR
- Yes, at 10M SWPR, min APR of 5%
- No
0 voters
- 80% - 20% (current allocations)
- 75% - 25%
- 65% - 35%
- 60% - 40%
0 voters
Please share your thoughts and feedback around this thread. This would help us in identifying the sentiment of the community to work on the future staking and reward programs.
