Upcoming Farms Migration & Emission Mechanism Update
Dear community, in this article we will be discussing two updates:
▶ Rewards Emission Mechanism update (backstory) which explains the farms contract migration steps that users need to perform. This update will affect the LPs in the Senior, Mezzanine and Junior Tranches, as well as the LVL/BNB LP.
▶ LVL Emission Allocation update, which summarizes the new LVL farming emission rewards. There is no change to the total daily emission.
Rewards Emission Mechanism update
The DAO recently voted on a change to the rewards emission mechanism, which requires the migration of the LP tokens.
▶ The old farms will stop emitting on January 11, 2023 at 2PM UTC
Liquidity providers will have to withdraw their LP tokens from the current farm and deposit them to the new farm to continue earning LVL rewards.
Farm Migration timeline and steps
The migration is a straightforward process that will take no more than 20 seconds of your time. If you are a liquidity provider and still have your LP token in the old farm, you will be automatically redirected to a dedicated migration screen on the LEVEL website (see screenshot below). From there, follow these two steps:
1️⃣ Withdraw LP token from the old farm.
2️⃣Deposit your LP token to the new farm. If you have liquidity in multiple farms, you have to repeat this process for each farm.
That’s all. Please migrate immediately after January 11 at 2PM UTC as you will not be able to perform any actions on the LEVEL website until you complete the migration.
▶ New farm emission starts 12 hours later, on January 12 at 2AM UTC.
▶ There is no deadline for the migration.
LVL Emission Allocation update
As we strive to make LEVEL more sustainable, we are also working to optimize and improve our LVL token emissions across all farms. One way we are doing this is by increasing rewards for LVL liquidity providers, while simultaneously decreasing selling pressure coming from trading pools (the Tranches).
It’s important to note that this update will not alter the overall daily LVL emission from LEVEL farms. Instead, we are simply adjusting the distribution of these emissions by increasing the portion allocated to the LVL/BNB pool from 20% to 40%, and correspondingly decreasing rewards for Tranches.
Current farming rewards per day:
- LVL/BNB LP: 20,000 LVL
- Senior Tranche: 16,000 LVL
- Mezzanine Tranche: 24,000 LVL
- Junior Tranche: 20,000 LVL
Total: 80,000 LVL per day
New farming rewards per day:
- LVL/BNB LP: 32,000 LVL
- Senior Tranche: 12,000 LVL
- Mezzanine Tranche: 20,000 LVL
- Junior Tranche: 16,000 LVL
Total: 80,000 LVL per day
By doing this, we hope to create a more balanced and stable ecosystem for our token. Thank you for reading.
LEVEL is a decentralized and non-custodial perpetual DEX on BNB Chain with custom risk management and innovative LP solutions. Experience LEVEL’s advanced DeFi venue that offers a great user experience, leverage trading, and real yield. Start trading on LEVEL today and take control of your decentralized trading journey.
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