Bitgear LP farming
We are happy to introduce LP farming for GEAR!
This will increase the utility of GEAR as we prepare for the launch of our products in the upcoming months.
We have already teased this a bit and the most common question was if this adds inflation to the token. The simple answer is no, it will not. It will in fact reduce the total supply of available GEAR.
We are using unlocked team tokens as lp farming rewards.
So no new tokens will be minted or enter the circulating supply because of lp farming as these are tokens that are already available. We are only giving them to the community.
The current reward structure is based on the length you decide to farm GEAR and is currently set to 30-day timeframes as an observation period.
Reward structure
30 days — 15% APY
60 days — 15% APY for the first 30-day timeframe and 20% APY for the second 30-day timeframe
90 days — 15% APY for the first 30-day timeframe, 20% APY for the second 30-day timeframe, and 30% APY for the last 30-day timeframe
It is structured in such a way that longer-term supporters get rewarded more. You can remove your liquidity at any time, but will only get the lower tier rewards in that case.
Timeframe reward logic
- Farm for 30 days
Redeem < 30 days — no reward
Redeem > = 30 days — 30 day reward
- Farm for 60 days
Redeem < 30days— no reward
Redeem > = 30 days but < 60 days— 30 day reward
Redeem > = 60 days — 30 day reward plus 60 day reward
- Farm for 90 days
Redeem < 30days — no reward
Redeem > = 30 days but < 60 days — 30 day reward
Redeem > = 60 days — 30 day reward plus 60 day reward
Redeem > = 90 days — reward for all prior timeframes + 90 day reward
We have built the farming contract in such a way that we can change the APY for upcoming timeframes and farming rounds. That being said we have also implemented a minimum reward structure embedded into the contract.
30day — 5% min. APY
60day — 7% min. APY
90day — 10% min. APY
We had to do this for an upcoming feature that will reward only the most dedicated GEAR holders.
Here’s a little sneak peek of our dedicated lp farming site:
As the variable interest rate addition was a last-minute change we need a little bit more testing. But don’t fret! You can be sure that we will release this tool to our community within the upcoming week.
You will also see us potentially move around and add/withdraw liquidity in the process of switching over to our own farming and liquidity site while eventually balancing the liquidity differently, so please do not be alarmed. Naturally, we will also be farming rewards for liquidity provided.
All rewards our own liquidity gathers will be burned.
Our first liquidity pair is ETH — GEAR as it is our main pairing on Uniswap. More pairs will eventually get added soon.
To participate you simply enter the amount in ETH and GEAR equivalent you want to farm with and click approve. After receiving your UNI-V2 LP tokens just deposit them by entering the amount you wish to use and clicking approve.
Go to http://farm.bitgear.io/ now and check it out!
If you have any question regarding the process or terms, please feel free to ask in our official telegram group: https://t.me/bitgeario
-Bitgear.io Team
About Bitgear.io
Bitgear.io is the first project to tackle bridging centralized and decentralized exchanges. We aim to provide an unmatched exchange experience through the development of several tools that will allow traders of any skill level access to algorithmic trading strategies, arbitrage, and decentralized finance (DeFi). Bitgear.io has four exciting products as part of its larger platform ecosystem, GEAR Engine, GEAR Market, GEAR Portal, and GEAR DeFi. To learn more please follow us on Twitter, Discord, and Medium!
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