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Jarvis NetworkJarvis Networkby0x03C2Bc72A3E007179E54fFb4563cc235beC8151ajarvis.lens

Incentivize minting jFiat - 1/3

Voting ended almost 5 years agoSucceeded

This is a proposal, constituted by 3 sub-proposal and votes.

1 - What percentage of $UMA tokens should be shared with minters?

To better vote, here are some information:

a. Every week, 50 000 $UMA tokens are shared among all the project built on the top of UMA, and based on the USD value of synthetic assets minted by these projects.

b. To receive more $UMA tokens, the community proposed to incentivize minting jFiat for at least 4 weeks, by rewarding the addresses who will mint and hold jEUR, jGBP and/or jCHF. The $UMA would be sent every week, or at the end of the 4 weeks to do not spend to much on the gas.

c. At the time of writing: the value of the synthetic assets minted on UMA is $31M; the value of the synthetic assets minted on Synthereum is $170k; we received 270 $UMA tokens last week based on these numbers.

d. Currently, the $UMA tokens are being sent to 0x8ef00583baa186094d9a34a0a4750c1d1bb86831 and are used to farm Sushi on the behalf of the upcoming DAO. The more $UMA token the DAO has, the more it can farm, and grow its treasury.

e. At the current price, and current USD value of synthetic assets minted on UMA, the APY is about 206% (50 000 * 24.68 / 31 000 000). So sharing 20% of the $UMA tokens will provide an APY of about 41.2%.

Off-Chain Vote

10% (APY 20%)
181.46K 0.8%
20% (APY 40%)
9.19M 42.7%
30% (APY 60%)
11.53M 53.5%
40% (APY 80%)
419.07K 1.9%
50% (APY 100%)
215.31K 1%
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Timeline

Mar 18, 2021Proposal created
Mar 18, 2021Proposal vote started
Mar 19, 2021Proposal vote ended
Apr 21, 2025Proposal updated