$GNS Staking, a new referral system, and much more (v6.2).

🔥 $GNS Staking & Fees

  1. The distribution of the 0.06% closing fee will go from:
    * 50% DAI vault
    * 50% GNS-DAI LPs
    * 40% $GNS staking
    * 40% DAI vault
    * 20% GNS-DAI LPs
    → GNS-DAI LPs are less important in our new architecture since $GNS minting by the DAI vault has been disabled.
    → The DAI vault earning 50% was only temporary while it was undercollateralized, 40% is fair considering it is now over-collateralized.
  2. You will be able to stake up to 3 of our NFTs to boost your share of $GNS staking rewards
    → boosts % = 2%, 3%, 5%, 8%, 13% (per nft tier)
  3. Market orders will cost as much as limit orders (0.08% vs 0.06%)
    → 2nd revenue stream going to $GNS staking.
    → Makes the fee system simpler.
  4. The 0.5% collateral closing fee will be removed
    → Compensates for the market order fee increase.
    → Makes the fee system much simpler.
  5. Opening fees will be applied on the initial position size
    → Instead of one after another.
    → Easier calculations, more accurate, slightly more protocol revenue.

📈 Referrals

  1. Whitelisted system
    → Only organic accounts will be approved.
    → We reserve to ourselves the right to remove whitelisted referrals at any point in time if bad behavior has occurred (eg. if misinformation on the platform is shared by the account).
    → Details on how to join the whitelist will be announced when the referral system goes live.
  2. Rewards are between 0.015% and 0.02% of the opening volume referred, claimable at any time in $GNS.
    → Depends on volume already referred (0 = 0.015%, ≥ $10m = 0.02%, linear in between, eg. $5m volume referred = 0.0175% reward).
    → Taken from gov/dev fees (50%/50%)
    → Just like NFT fees and LP fees, the DAI fee goes into the vault and refills it, and the $GNS is minted at the time of distribution and can be claimed.
  3. Two level system
    → Allies who help us onboard referrals earn 10% of the referral rewards.
    → If you help us establish a connection with an influencer, you can earn 10% of what they will generate with referral fees.
  4. Traders do not pay fewer fees by using a referral link
    → Because no way of distinguishing between new and existing users; otherwise, would represent significantly less revenue to the project wallets without bringing more users, as every existing trader would just use a referral link to pay fewer fees.

⚙️ Miscellaneous

  1. Proper smart contracts events will be emitted every time revenue is generated with the exact value.
    → Much easier and precise tracking of revenue through stats dashboards
  2. The LINK/USD price in the price aggregator is going to use a chainlink price feed
    → Used to calculate our chainlink DON rewards
    Accurate in real-time without requiring updating the value manually.
  3. Collaterals won’t go into the DAI vault anymore when a trade is opened
    They will stay in the storage contract.
    → Only the PnL will go through the vault (eg. positive PnL => PnL goes from vault to trader, negative PnL => PnL goes from trader to vault).
    → It won’t be possible to burn trades collaterals anymore as they don’t contribute to the over-collateralization
    → Much safer, fixes one of the main reasons why the DAI vault went undercollateralized for a short amount of time.
  4. Various code optimizations.
  5. A bonus feature that can make the trading experience significantly smoother :) more details soon…

📅 Mainnet ETA:

The scope of the update has gotten bigger than anticipated, therefore a lot more testing work has had to be done.

Thank you for reading! 💪




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