Liquidity Mining V2, The New Buff-rate & The “Reinvest” Function?
It has been a really busy season of re-coding the protocol from scratch. But we’re finally able to announce the upcoming changes and improvements to the Narwhalswap Protocol coming up.
New and old liquidity mining pools updates
The re-designed buff-rate algorithm
The new “Reinvest” function
… and a few more nice details to come.
As NAR has burning mechanisms for transactions and harvesting — DO take note of these updates as the new pools will require some attention and planning in advance. We want you to be 100% informed and ready to make the best out of the new protocol changes.
In the following days we will be releasing NEW pools for the protocol — both native and collaborative.
But before that, we will begin with some updates for the pools that are currently running and what you can expect and plan for in the weeks to come.
EXISTING POOL UPDATES
The existing pools running are:
Injected rewards pool for BNB/NAR
Injected rewards stable pools: BNB/BUSD, BNB/USDT and BNB/DAI
Bitcoin pools: BTCB/NAR (Huge, Common & Tiny)
To avoid opening duplicate pools for the V2 system, the dev team has decided to allow the current injected rewards pools to run as planned.
This means, you won’t have to remove any of your staking in the pools and can continue to enjoy the extra rewards until the injected period ends.
These are the V2 schedules for the injected rewards pools.
22nd Dec 2020: V2 stable pools open for staking & liquidity mining
28th Dec 2020: V2 BNB/NAR pool open for staking & liquidity mining
29th Dec 2020: Injected stable pools rewards and mining stop.
4th Jan 2021: Injected BNB/NAR pool rewards and mining stop.
For users to properly plan and strategise their moves over to the new pools — the dev team will be opening the newer, V2 versions of the above mentioned pools a week before current pool rewards end.
As for the BTCB/NAR pools, the V2 version of BTCB/NAR will be available right away once the Liquidity Mining V2 updates goes live.
For the new pools coming up and exact live time/dates do follow our Narwhalswap Announcement Telegram channel for quicker and more efficient updates!
All new Liquidity Mining V2 pools will be using a redesigned Buff-rate algorithm. Grab your calculators and strap yourselves in sailors, this is how it works.
The new Buff-Rate algorithm will function on a coefficient distance between a users staked amount and the average staked amount in the corresponding pool. There will be three separate categories of users for the algorithm: Shrimp, Sharks and Whales.
Max Buff-rate =15.0
Users who have a staked amount LESS than the averaged staked amount
Max Buff-rate = 3.0 to 15.0
Users who have a staked amount MORE than the average staked amount
Buff-rate of this category will depend on the distance coefficient
Max Buff-rate = 3.0
Users who have a staked amount MORE than the average staked amount with a distance coefficient equal to or more than 12
IMPORTANT: Do note, buff-rate calculations will only be refreshed (along with any category placement) every time a user (1) creates a new stake (2) partially withdraws a stake (3) updates their buff-rate (4) adds to a staking position and/or (5) uses the “Reinvest” function where possible.
From this update onwards, the previous buff-rate system will not be carried forward to the newer pools and will be officially discontinued once the current (injected rewards) BNB/NAR pool has finished mining on the 4th of January 2021. The new BNB/NAR pool will use the redesigned buff-rate system.
A brand new feature we would like to add specially for NAR-pair pools ONLY is the “Reinvest” function. This feature will allow users who have pending NAR harvests to re-invest their pending NAR harvest directly into their stakes with one simple tap.
The “Reinvest” function will convert ALL pending NAR rewards into its corresponding token pair and re-stake them automatically into the same stake in the same pool.
This transaction will only incur a one time 5% burn of the total NAR reinvested.
After monitoring community comments and suggestions — this is something the dev team specially created for those who are the backbone of NAR — all NAR-hodlers. Allowing them to efficiently and optimally convert their farmed NAR tokens into staking without going through multiple transactions and burns.
This will be the first roll-out of the function and the dev team is open to seeing how this can be further optimised and improved.