Proposal Type:

Modification of FPO Mining Program on Ethereum

Governance Rule Version:

Interim governance rules

Proposer:

FinNexus Team

Voting periods:

from 2021-01-15 to 2021-01-22

Proposal:

Toward a New Mining Mechanism

FinNexus Team is proposing to launch a new mining mechanism on FPO Ethereum that will boost our users’ returns, deepen the platform’s liquidity, and propel our project to its next stage of development.

At the heart of the system is the possibility of combining FNX and USDC, allowing users to reap larger rewards once tokens are locked.

FinNexus team believes the new system will deliver significant results not just to individual users, but also to our overall ecosystem. On the one hand, it will boost liquidity, a serious issue in decentralized finance and beyond. On the other, by encouraging users to hold both FNX and USDC, we aim to strengthen our token and prevent a farm-and-dump scenario.

How to mine FNX?

Note: the FPT-USDC refers to the pool share token in the USDC Pool, while FPT-FNX indicates the pool share token in the FNX Pool.

Basic Mining

• Both USDC and FNX contributors in the USDC and FNX liquidity pools can participate in FNX mining, by simply staking FPT-USDC or FPT-FNX pool share tokens in the mining contract.
• Each user’s mining power will be scored according to her/his amount of FPT-USDC or FPT-FNX tokens staked.
• Each FPT-USDC or FPT-FNX counts as 1 point, while a group of overlapping FPT-USDC and FPT-FNX is considered 20 points.
• The goal of the mining system is to increase the TVL in the FPO, especially in the USDC pool. When calculating the overlapping FPT-USDC and FPT-FNX groups, different weights will be given to the two FPT tokens, with FPT-USDCs scoring 10 times higher than FPT-FNXs.
• The share/weight of a miner is calculated as his/her mining score divided by the total score of all miners.
• The total basic mining reward is set to be 20,000 FNX/Day.
• FPT-FNX is required to be locked for a minimum period of 15 days to participate in basic mining. FPT-USDC does not require to be locked.

Calculations:

User’s mining score = amt of FPT-USDC + amt of FPT-FNX + min(amt of FPT-USDC, 10×amt of FPT-FNX)×20 Share of a miner = one’s mining score / total score of all miners Basic mining Amt = Total Basic Reward × Share of a miner Total Basic Reward = 20,000 FNX/Day

Boosting

• A reward multiplier is added to the multiplier of the basic mining amount.
• The longer one locks FPT-FNX, the higher the boost will be.
• The minimum locking time for assets is 15 days, guaranteeing a 1x multiplier. After that, there is no lockup requirement and FPT-FNX can be transferred or removed at any time.
• The reward multiplier can be increased by locking FPT-FNX for longer periods. (See table below.)
• Once a choice is made, the locking period can only be increased but not decreased.
• The reward multiplier decays as time moves forward. For example, assuming an investor locks FNX for 6 months, after 3 months, the reward multiplier decays from 6 to 5.
• FPT-USDC does not require locking.

locking period	15 days	3 months	6 months	9 months	12 months	15 months	18 months
reward multiplier	1	5	6	7	8	9	10
locking period	21 months	24 months	27 months	30 months	33 months	36 months
reward multiplier	11	12	13	14	15	16

Calculations: Total mining Amt = Basic mining Amt × reward multiplier

Notes

• All FNX mined will be vested and linearly released in 6 months.
• cFNX tokens will be minted and can be claimed anytime as a voucher for mining rewards.
• cFNX tokens are transferable on the market.
• cFNX can be transferred to FNX at a 1:1 ratio.
• Once sent to the conversion contract, cFNX will be burnt and ⅙ FNX can be claimed monthly in 6 months.

Quick takes from FinNexus’ new mining system

• Greatly increases mining incentives compared with the current plan.
• Creates a joint mining pool with new mining contracts for both the USDC and FNX pool.
• Encourages simultaneous contributions to both pools with higher mining rewards.
• Introduces a reward multiplier according to the lockup period in the FNX pool.
• All FNX mining incentives will be vested and linearly released in 6 months.

[FIP #03] — 以太坊上FPO的新的挖矿机制

提案类型:

在以太坊上更新FPO的挖矿机制

治理规则版本:

临时治理规则

提案人:

FinNexus团队

投票时间:

from 2021-01-15 to 2021-01-22

提案内容:

新的挖矿机制发布目的

1、吸引更多的流动性

2、作为流动性提供者的风险补偿

3、实现FPO流动池之间的联动

以太坊上新的挖矿机制的关键点：

• 与先前挖矿计划相比，大大增加了挖矿激励。
• 通过新的挖矿合约实现USDC和FNX池的联动。
• 鼓励同时为两个池贡献的用户获得更高的挖矿奖励。
• 根据FNX池中的锁仓时间引入加速系数。
• 所有FNX挖矿激励措施将在6个月内兑现并线性释放。

如何挖FNX？

（注：FPT-USDC表示在USDC池中的占比份额代币，FPT-FNX表示在FNX池中的占比份额代币） 基本挖矿：

• 任何在FPO中贡献流动性的用户都能够参与FNX挖矿。无论是在USDC还是FNX贡献流动性，只要您将FPT-USDC或FPT-FNX池子份额代币通过挖矿界面转移至挖矿合约，就能参与FNX挖矿。
• 每个用户的基础挖矿能力将根据FPT-USDC或FPT-FNX代币的锁仓数额进行评分，根据评分所有挖矿用户按照权重进行分享。评分越高，享有的挖矿份额越多。
• 每锁定一个FPT-USDC或FPT-FNX计1分，而FPT-USDC和FPT-FNX配对出现则计20分。
• 新的挖矿机制的目的是增加FPO中的TVL，特别是增加USDC池的TVL。在计算配对的FPT-USDC和FPT-FNX时，将给出两种不同类型的FPT不同的权重。此处，FPT-FNX代币将获得FPT-USDC代币10倍的得分。
• 用户的挖矿权重=用户的挖矿评分/所有参与挖矿的地址评分总和
• 基础出矿量为20,000FNX/天
• 参与基础挖矿，FPT-FNX必须预先锁定15天，15天锁定后可以自由提取。FPT-USDC没有锁定期限的要求。

基础挖矿的计算公式： 用户的挖矿得分= FPT-USDC的数量 + FPT-FNX的数量 + MIN（FPT-USDC的数量，10×FPT-FNX的数量）× 20 用户挖矿的权重=用户得分/所有参与挖矿地址分数总和 用户的基础挖矿量=基础出矿总量×每个地址挖矿权重 基础出矿总量= 20,000 FNX/天

加速系数

• 加速系数是基础挖矿的乘数，可以按照倍数放大基础挖矿。
• 锁定FPT-FNX的时间越长，在挖矿中获得的加速系数就越大。
• 基础挖矿的FPT-FNX锁定期的基本要求是15天，此后没有锁定要求，并且FPT-FNX可以随时转移或撤出。此时基础挖矿加速系数为1。
• 可以通过将FPT-FNX锁定更长的时间来提升加速系数。
• 锁定期只能增加，不能减少。
• 加速系数会随着时间的推移衰减。例如，如果一个人锁定FNX 6个月，3个月后，加速系数会从从6衰减到5。
• FPT-USDC无需锁定。

FPT-FNX锁仓期	15 天	3 月	6 月	9 月	12 月	15 月	18 月
加速系数	1	5	6	7	8	9	10
FPT-FNX锁仓期	21 月	24 月	27 月	30 月	33 月	36 月
加速系数	11	12	13	14	15	16

计算公式： 用户总挖矿量=基础挖矿量*加速系数

挖出的FNX的释放

• 所有挖出的FNX将在6个月内线性释放。
• cFNX（可转换FNX代币）作为挖矿奖励的代币，可以随时申领。
• cFNX可在市场上流通转卖。
• cFNX可以1：1兑换成FNX。
• 当执行兑换时，用户需要将cFNX发送到转换合约地址，此时cFNX将被烧毁，并且1/6的FNX将在6个月内每个月释放，用户可以根据释放的FNX数量进行申领。