[FIP 009] - Phase 4 (III)

This Snapshot vote follows up [FIP 009] - Phase 4 (III) on the Forum.

The core team proposes the following distribution of BANK as we continue Phase 4 distribution.

Starting on the 18th of July 10pm UTC and running for 4 weeks until the 15th of August 10pm UTC.

• 200 BANK per week to BANK-ETH sLP
• 400 BANK per week to FLOAT-ETH sLP
• 200 BANK per week to FLOAT-USDC LP (Uniswap v3 + Low fee)

The following multipliers shall be applied to deposits staked for a given amount of time in the pools listed above:

• 1x by default
• 1.25x at 8 days
• 1.5x at 16 days
• 1.75x at 24 days
• 2x at 32 days
• 2.25x at 40 days
• 2.5x at 48 days
• 3x at 60 days

For example: If you were to stake $1.00 worth of FLOAT-USDC LP in the FLOAT-USDC LP pool, after 8 days staked it would be treated as $1.25 dollars staked, after 16 days $1.75 dollars staked and so on. You are free to withdraw at any time without a unlock/lock period.

There will also be a BANK-only pool with the following distribution, locks and multipliers applied to staked deposits:

• 40 BANK per week to BANK-only pool
• 30 days minimum lock up on deposit
• 1.3x multiplier for 60 days
• 2x multiplier for 90 days

For example: If you were to stake $1.00 worth of BANK in the BANK-only pool you would have to wait for 30 days unlocking period if you request to withdraw your stake. If you stake for 60 days continuously without requesting to withdraw your $1.00 is treated as $1.30 in the rewards pool, for 90 days it is treated as $2.00 in the rewards pool.

N.B. These will be new staking pools to the current ones, therefore if you are a member of the current BANK-ETH sLP or FLOAT-ETH sLP pool you will have to unstake and restake to participate in Phase 4 (III). These new pools with multipliers are an additional experimental feature to the standard reward pools. This additional multiplier feature would be unaudited before launch due to timelines.

This should allow for the continued incentivisation of liquidity providers and provide a way to onramp new users into the FLOAT ecosystem while maintaining steady and organic growth of Float Protocol.

Further Information and Options

Due to timelines and features there are 3 options to choose from in terms of how to proceed:

Option A

Proceed with the pools, rewards and multipliers applied.

• This introduces new experimental features and incentivises LPs for the long term
• To build the new experimental features extra development time will be required meaning there may be a delay to rewards starting this Sunday the 18th of July. In theory, the latest that rewards would start would be on Sunday 25th of July 2021 at 10pm UTC.

Option B

Proceed without the multipliers on any pools (BANK-ETH, FLOAT-ETH, FLOAT-USDC, BANK-only). Set the LP pools to be standard reward pools (e.g. Phase 1 and Phase 2 style) with no locks. BANK-only pool has 30 day minimum lock without multipliers

• This can be completed by Sunday 18th of July at 10pm UTC
• Rewards would have to be minted to the Operational Multisig before being distributed to the pools to avoid the 48 hours timelock due to the timeline available.

Option C

Do nothing - go back to the drawing board

• Engage in discussion for other ideas on the original proposal on the Float Protocol Forum here: https://forum.floatprotocol.com/t/fip-009-rewards-for-phase-4-iii/304

Choices

(A) Proposed pools with multipliers (B) Proposed pools without multipliers (C) Do nothing, (Discuss on Forum)