Proposal for unshETH ($unshETH and $USH) - Farm Optimization and a New Farm

unshETH ($unshETH and $USH) - Farm Optimization and a New Farm

Dear CAKE holders, to improve trading conditions and CAKE buyback, we are proposing optimizations to the current unshETH-USDT v3 farm, and the introduction of a new USH-BNB v3 Farm.

unshETH is a DeFi protocol that allows users to deposit their Liquid Staking Derivatives (LSDs) to mint unshETH, an “index” of ETH LSDs.

The goal is to improve validator decentralization among the different Liquid Staking Protocols via incentives. When the deposit ratio of the different LSDs is closer to the “optimal ratio” set by governance, unshETH holders will collectively earn higher yields as a result.

The Farms:

📝 Please note: There is no change in the total amount of CAKE incentives we will be directing towards the unshETH farms:

Farm	Previous Multiplier	Previous Duration	New Multiplier	New Duration
unshETH-USDT	23x	39 days	11.5x	66 days
USH-BNB	0x	0 days	5x	27 days

Currently, the unshETH-USDT v3 farm has 23x CAKE rewards, and is expected to last till 24 Jun 2023 (39 days to end of farm). We propose to reduce the farm to 11.5x CAKE rewards, while extending the end date of the farm to 21 Jul 2023 at 1400 UTC (66 days to end of farm). The reduced CAKE incentives are used to extend the farm duration for users, and partially redirected to the new v3 farm detailed in the next paragraph.

We propose to introduce a new USH-BNB (1% fee tier) v3 farm with 5x CAKE rewards, to deepen USH liquidity on BNB Chain. The farm will last for 27 days, until 1500 UTC on 12 Jun 2023.

We request for flexibility in the multipliers of the unshETH-USDT and the USH-BNB v3 farms. The aggregate CAKE emissions for these two farms will remain the same over the next 27 days, but we may want to adjust the multipliers between the two farms to ensure high utilization rates, ultimately maximizing CAKE burn from trading volume.

Relatedly, we propose flexibility in the fee tier of the USH-BNB v3 farm. While we will start off with the 1% fee tier to encourage more liquidity providers to stake in the farm, we may wish to adjust the fee tier lower if the utilization of the farm and/or the trading volume of the pair is low.

During and at the end of the respective farm periods of unshETH-USDT and USH-BNB, the farms will be re-adjusted to a lower or zero multiplier unless the following metrics are comparable with other farms of a similar multiplier: average daily volume, 14-day volume, unique token holders on BNB Chain, and there are no fundamental token issues or concerns related to users’ safety and security.

What is $unshETH?

unshETH is a diversified liquid staked ETH index that earns staking ETH yield and swap fees, all wrapped in a single omnichain ERC-20 token available on ETH and BNB Chain.

Within the unshETH ecosystem, users can:

• Mint unshETH by depositing a supported ETH liquid staking derivative (e.g. wstETH, cbETH, rETH, sfrxETH) on Ethereum
• Redeem a mix of the underlying LSDs proportional to the current deposit ratio for each unshETH
• Swap between LSDs up to their maximum weight as determined by governance
• Earn ETH staking yield, swap fees, and redemption fees by simply holding unshETH

For more information on how to interact with unshETH, visit here

How do I get $unshETH on BNB Chain?

There are two ways to get unshETH on BNB Chain

• Deposit BNB or USDT on BNB Chain here and receive unshETH. The protocol handles all the back-end work for users, read more here
• Mint unshETH on Ethereum here and bridge it over to BNB Chain here

What is $USH?

USH is the governance and incentive token to accelerate the growth of unshETH’s TVL and liquidity, and to foster competition among liquid staking protocols through a convex-style ve-locked USH system.

Staked USH (vdUSH) governs:

• Index composition of unshETH, such as the types of supported LSDs and their respective weights within the index
• Allocation of USH incentives and partner protocol incentives
• Fee curve parameters and fee switch

Users may obtain vdUSH on BNB Chain here by either:

• Locking USH or
• Locking PancakeSwap v2 LP of USH-BNB

To learn more, visit the project’s official channels:

• Website: http://unsheth.xyz/
• Twitter: https://twitter.com/unsheth_xyz
• Discord: https://discord.gg/5tZXASh5P3
• Blog: https://mirror.xyz/0x749Dc728A68265e74754Ad8e6cc2649BD42a8f8a
• Dune: https://dune.com/unsheth/unshethxyz
• Bridge: https://unsheth.xyz/bridge

⚠️⚠️⚠️BEWARE OF FOOD POISONING⚠️⚠️⚠️💀

The official unshETH token contract address on BNB Chain is: https://bscscan.com/token/0x0Ae38f7E10A43B5b2fB064B42a2f4514cbA909ef

The official USH token contract address on BNB Chain is: https://bscscan.com/token/0x91d6d6aF7635B7b23A8CED9508117965180e2362

​Any other unshETH and USH tokens will be a scam. Always verify the token address before buying tokens. If you receive an unshETH or USH token airdrop from another address, it’s probably a scam, and we advise you to ignore it.