v2 updates & new features
Hi everyone,
In this post we will look at all the small updates / new features coming with the v2, that will bring even more value to the ecosystem long-term.
We’ve taken the opportunity of this second launch to improve every small things that could have been better, but have kept everything that made the v1 a success!
🟣 Gains V2 Token (GFARM2)
Note: it isn’t deployed yet, please only use contract addresses from the website https://gains.farm
1. Max supply of 100k
This is essential to the long-term growth of the token.
It means there will approximately be 100x less tokens compared to the v1, so they are gonna be worth 100x more.
Don’t be shocked by the price of GFARM2 compared to the first token!
2. Admin rights
In order to be able to grant the minter and burner roles to the new trading contract if we have to replace the current one, we have to keep the admin role.
It gives us a lot more flexibility and allow us to add new features.
3. Timelock of 10,000 blocks (1.5 days) for every role granted
This is a security measure to protect everyone so we can’t mint infinite tokens instantly and dump them on the LPs.
🔥 NFTs
1. Only 5 NFT types now
They correspond to the following leverages: 25x, 50x, 75x, 100x, and 150x.
2. Even more scarce
There will only be 1,500 GFARM2 NFTs ever. The total supplies for each NFT types are: 500, 400, 300, 200, 100.
3. They cost a bit less
We think it’s better for the trading platform usage. The prices in NFT credits are now: 6400, 12800, 32000, 64000, 128000.
🚜 Farm
1. Pool 1 will only distribute 30k GFARM2 ever
The pool 1 multiplier will be reduced every week to limit the total distribution of the token. Otherwise, we couldn’t have added a max supply to the token.
The 70k difference with the max supply is to leave room for the trading platform if many people win trades in the short term, and also allows us to open new pools if we want.
2. Pool 2 will only last 5 days
We think it’s more fair because the only utility of this pool is to distribute the initial tokens. It shouldn’t last too long.
3. Referrals are now 6%, half goes to the person who used the link
This way people have a real advantage using someone’s link to stake in pool 1.
4. Prevent contracts from interacting with the farm
It’s an additional security measure.
📈 Trading
1. Base leverage is now 10x
It’s a very good thing for the platform’s usage because many people think 50x is way too much to trade. This way they can trade with a way lower leverage.
Also, it gives even more values to the NFTs because you have to get an NFT to trade with 10x+ leverage, whereas before you could trade with 50x without any NFT.
2. Max activity per block limited to 10
It means there can be at most 10 trades opened, closed, and liquidated every block.
It’s an additional very effective security measure to prevent someone making profits by manipulating the price on Uniswap after having opened thousands of trades on different addresses.
We can always increase this number if it’s a problem when the trading platform has a lot more users.
3. Pause system
It allows us to pause the opening of new trades (trades that are already open can still be closed / liquidated).
If there is an obvious exploit or suspect activity, we can pause and replace the current trading contract by another one.
4. Stats & Events
We now store all tokens minted and burned by the trading platform since the beginning.
We also have events emitted whenever a trade is opened, closed, liquidated, or when someone claims gains.
5. Min position size in ETH
We can now set a minimum position size in ETH to prevent people from opening $10 trades that aren’t profitable to liquidate.
At the beginning it will be 0 so everyone can try the trading platform, but we will increase it after a few days.
6. Max position size depends on GFARM2 liquidity too
It will be max 1% of all GFARM2 staked in the liquidity. We will decrease this number when the liquidity increases.
The real max position size is the lowest value between the 1% of the liquidity and the value computed from ETH liquidity on Uniswap to make it unprofitable to manipulate the price.
7. Max position size from ETH liquidity depends on leverage
In the v1, we computed the max position size depending on the max leverage (250x) only.
But the position size can be bigger when the leverage is lower, and it’s still unprofitable to manipulate the price.
This way it allows for bigger position sizes with lower leverages, and makes the liquidations really profitable.
8. Gains are limited to 5x (400%)
It’s an additional security measure that doesn’t impact the user experience. 400% gains are still very interesting for traders.
9. GFARM2 position size can at most be 2x the initial position size.
To protect the traders from GFARM2/ETH volatility, their token position size increases proportionally when the price decreases (and decreases when the token price goes up).
This way traders are only exposed to ETH/USD volatility.
We have now added a limit to this feature. If the price of GFARM/ETH goes more than 2x down, the token position size is capped at 2x the initial token position size, to prevent more tokens being minted if a dump is happening.
10. Prevent contracts from interacting with the platform
Additional security measure. There is no reason a contract should be able to open, close, or liquidate trades.
📢 Important: governance fund & dev fund
We have divided the old v1 dev fund in two parts (each gets 50% of the fees generated by the ecosystem): the gov fund, and the dev fund.
The gov fund will be 100% reinvested in the project (marketing, contests, big exchanges listings, ...), and the dev fund are simply the dev’s profits.
We think this way it’s way more transparent and clear.
To prevent people from panicking whenever we sell, we will sell frequently and in small amounts. It will be a no-event that will have almost no price impact.
Reminder: fees = 10% of farm rewards + 1% of all opened trades
Thank you for reading :)
We will keep you updated with the launch! It should be soon after the hackathon ends.
