As part of the updated roadmap and pursuit of a sustainable future that serves all of our users, Ethlas is excited to announce changes to the two current token staking programs:
(1) Tree of Life (LP Token Staking, XGEM-MATIC)
(2) Bank Deposits (Direct Token Staking, XGEM)
Tree of Life
The Tree of Life is a gamification of the incentivised Liquidity Pool (LP) staking program. Users can stake their LP token to receive attractive rewards over the length of the program of three years. A portion of the GEM emissions will be issued as locked rewards. The locking ratio is 97% for the first year, 90% for the second year, and 80% for the third year. Locked rewards are subject to a fixed vesting schedule of 2% per month, and will be disbursed to claim by users every 12 hours.
As part of our ongoing journey towards a more sustainable future, total emissions to LP token stakers over the next three years will be reduced significantly. This change will be reflected in the APY that LP token stakers have enjoyed, which is a reflection of the total liquidity pool as well as time left of the program ending 2025. With the current liquidity pool as of Oct 30, 2022, this will translate into an effective APY reduction from ~300% to ~12% in the month of November, and is subject to changes in liquidity pool size and remaining time of program. While Ethlas is open to calibrating emissions in the future, this change will take effect on November 1, 2022.
The reduction in emissions does not affect any accumulated unlocked GEMs by LP token stakers, which will continue to vest and be claimable as promised. However, we are pleased to announce that stakers that are awaiting 50,000 or more locked GEMs to vest over the next three years are eligible for our token swap program!
Token swap program: Eligible LP token stakers (those with 50,000 or more of locked GEMs as of end of October, 2022) can decide to swap their locked GEMs into our governance token ELS that will launch tentatively in H1 2023. Ethlas will value the locked GEMs at a 20% premium compared to market, absorb those locked GEMs in exchange for an allocation in ELS at price offered only to private investors. For example, a user with 50,000 locked GEMs at a market price of $0.003 per GEM can expect to receive 200-250 ELS claimable tentatively in H1 2023. Users will find a notification/form in their Ethlas.com inbox and Discord announcement at the start of November and be given time to opt-out by the end of the month.
In the same spirit of guiding our users toward a fun and sustainable future at Ethlas, we are recalibrating the APY received on deposited XGEM from current 25% to 5%. Other factors such as duration will remain unchanged; users can continue to deposit XGEMs inside the Treasury / Banker. This change has taken effect on November 1, 2022.