Proposal for an unshETH ($USH) Syrup Pool and Farm

PancakeSwap Welcomes unshETH ($USH) to Syrup Pool!

Dear CAKE holders, we’re proud to announce a new Syrup Pool with unshETH!

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 Syrup Pool:

Stake CAKE tokens to earn USH tokens!

• Total Tokens: 320,000 USH
• Distribution duration: 60 days
• Start time: Approx. 1400 UTC on 25 Apr 2023
• Finish time: Approx. 1400 UTC on 24 Jun 2023
• Token rewards per block: 0.1851 USH

Max Stake per Wallet:

100 CAKE for the first 57,600 blocks (approx. 48 hours) after the Syrup Pool is launched, then unlimited CAKE staking after that.

The cap is to give everyone an equal opportunity to farm rewards at a high APY at the start of the farm.

The Farm:

In conjunction with the USH Syrup Pool, we’ll be providing an unshETH-USDT (0.25% fee tier) and an unshETH-USH (0.25% fee tier) v3 farm on BNB Chain.

The unshETH-USDT (0.25% fee tier) v3 farm will have 35x CAKE rewards for the first week, followed by 23x CAKE rewards for the remaining 53 days. The unshETH-USH (0.25% fee tier) v3 farm will have 12x CAKE rewards for the first week, followed by 8x CAKE rewards for the remaining 53 days. During and at the end of the 60-day period – approx. 1400 UTC on 24 Jun 2023 – 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 (not live yet), 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)
• Redeem a mix of the underlying LSDs proportional to the current deposit ratio for each unshETH
• Earn ETH staking yield by simply holding unshETH

The team is also working on the following utilities, which are in development and are not live yet:

• Swap between LSDs up to their maximum weight as determined by the “optimal ratio” set by governance
• Earn swap 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

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

How do you stake CAKE to earn $USH rewards?

Follow this guide to staking in Syrup Pools:

https://docs.pancakeswap.finance/products/syrup-pool

⚠️⚠️⚠️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.