Background

Cyclone is the leading #PriFi protocol that offers cross-chain + zkSNARKs-based privacy, with yield enhancement, governed by the decentralized DAO. Cyclone has been successfully launched on IoTeX, BSC and Ethereum.

Proposal

This proposal suggests upgrading Cyclone Protocol on IoTeX mainnet to v2 for the sleek UI and improved token economics to incentivize anonymity providers, on May 4, 2021. Concretely, this upgrade includes the upgrade to the new UI, launch of new anonymity pools, and new liquidity mining pool.

Upgrade to New UI

Upgrade to the new UI for all pools on IoTeX mainnet (http://cyclone.xyz/iotx), which has a fresh, spacious interface to provide users with a streamlined experience.

Launch New Anonymity Pools (Cookie Pools)

Pool Biscuit

Asset: native IOTX coin

Asset Denomination: 50,000 IOTX

Life Cycle: 90 days

Anonymity Mining v2: 0.2 CYC per day

Entry Fee: 0.002 CYC which is deposited to treasury DAO

Relayer Fee: 1 IOTX

Pool Snickerdoodle

Asset: native IOTX coin

Asset Denomination: 500,000 IOTX

Life Cycle: 90 days

Anonymity Mining v2: 1 CYC per day

Entry Fee: 0.02 CYC which is deposited to treasury DAO

Relayer Fee: 1 IOTX

Pool Gingersnaps

Asset: VITA

Asset Denomination: 2,000,000 VITA

Coin Denomination: 100 IOTX

Life Cycle: 90 days

Anonymity Mining v2: 0.05 CYC per day

Entry Fee: 0.001 CYC which is deposited to treasury DAO

Relayer Fee: 1 IOTX

Retire Fish and Birds Pools

• Encourage users to move funds out of these pools and deposit into new pools after the launch, e.g., withdraw from https://cyclone.xyz/iotx-v1 and deposit into https://cyclone.xyz/iotx

• Stop support fish and bird pools on May 31, 2021.

Launch New Liquidity Pool

• Deploy the new liquidity pool (using AeolusV2.sol) for the same CYC/IOTX LP on mimo (https://mimo.finance)

• Set its liquidity reward to 25 CYC per day

• Set the liquidity reward to 0 for the old liquidity pool and encourage users to withdraw CYC/IOTX LP tokens from https://cyclone.xyz/iotx-v1 and deposit into https://cyclone.xyz/iotx

• Stop support the old liquidity pool on May 31st, 2021.

The Vote

This proposal needs to be approved via a vote by the community before execution.

Discussion

https://forum.cyclone.xyz/t/proposal-upgrade-cyclone-protocol-on-iotex-mainnet-to-v2/72