First things first, NO, we are not changing our name to DelayDAO.
After cleaning out the deadwood from our dev team, we’ve been in communication with multiple devs within our networks to get the launch done ASAP.
We’ve identified an excellent opportunity with someone well versed in the Cronos ecosystem to move forward. The timeline that we are currently working with is to launch within the next 7 days.
We would like to give a shout-out to the Cronos ecosystem and the devs who have helped us in this time of need.
Amidst the anger, frustration, desperation, we put our heads down over the past couple of days and reflected upon our launch plan and incentives to the community who have still put the trust in us to deliver.
We will detail two things — Modifications to the tiered launch plan and Daily Treasury drop.
Updated Launch Plan
We decided to make adjustments to the tiered launch phase. Let us assume we launch on day T. In the earlier tiered launch phase, we had the following
- Phase A: Open claim page for the redemption of pSUS to SUS (DAY T)
- Phase B: Open Bonding |Incentivize Treasury accrual with juicy APRs (DAY T)
- Phase C: Build up liquidity | Incentivize LP with juicy APRs (DAY T)
- Phase D: Open staking | Ape, diamond hands, (3,3), retire (DAY T + 1)
This is currently simplified to the below :
Phase A: Open claim page which will auto stake your pSUS to vSUS (Day T).
The staked rewards on the SUS are accumulated in the background and are redeemable on (Day T + 1). This is what we will call the warm-up period.
For example: If you purchased 200 pSUS in WL sale, and the staking APR is 1010% (3% per day), then you will have 206 vSUS on (Day T + 1)
What does this achieve?
As we are all aware, the absolutely critical thing in OG Olympus currency design is the initial launch phase. If we do not build a strong holder base at launch, there will be no rewards to share. Specifically, this move of direct pSUS to vSUS would
- Reduce selling pressure on the day of launch, which is critical to the current holders and sale participants. This should also reduce the anxiety leading to claim since no one will be able to claim and nuke the price right away. The selling pressure is evenly delayed into the future.
- This will also bring confidence to the buyers currently trading SUS exactly because of the delayed selling pressure.
Phase B: Open Bonding and Build up liquidity|Incentivize Treasury accrual with juicy SUS minting discounts. (Day T)
An example: If the minting discount on SUS-USDC LP is 30%, then I can mint SUS on Day T at a 30% discount, which will be vested to me in the next 15 epochs. Each epoch is 8 hours.
Phase C: Warm-up period over, re-staking, auto-staking| Ape, diamond hands, (3,3), retire (Day T + 1)
Daily Treasury Lottery
To incentivize staking and bonding on top of the juicy mint and staking rewards, we’ve decided to share a portion of treasury funds generated EACH DAY with the stakers and bonders. Details below.
Each day say, T, we will do the following
- Eligible Addresses: Take a snapshot of bonders + stakers on (Day T) and (Day T- 1, previous day)
- Weights for the lottery: Each eligible address will have a weight corresponding to the amount of SUS staked and SUS minted that day from bonds.
What are these weights? For example : Person A has staked 500 SUS (worth 20k$) and Person B has bonded 1k$ worth of SUS-USDC LP on Day T, then Person A’s chance to win the lottery is 20 times more than Person B.
- Lottery amount: We plan to drop 1% of treasury revenue that day or 200 USDC whichever is minimum to the lottery winner.
We will formally announce this lottery once we launch our dApp. For now, our prime focus is launching.
We also welcome suggestions on this lottery idea in our discord!
Per suggestion, in case we see a lot of skew in the weights, we will be normalizing the weights either by taking a square or a cubic root on the total $ value. This would mean 100$ are now only 10 times luckier than 1$ (square root), if we do cube, 1000$ are only 10 times luckier than 1$.
Disclaimer: By reading this Medium article, you warrant and understand that investing, contributing, staking, or bonding USDC or any other coin into PegasusDAO and our protocol is experimental and risky.
Consider your funds high in the sky, and do not invest more than you can afford to lose. You acknowledge that you are trusting a community of 8000+ strangers on the internet on a random Discord server.
You acknowledge that PegasusDAO, and any known affiliates or assignees bear no liability for monetary or financial loss due to changing market conditions in our ecosystem, that any investor may deem unfavorable even though we use an Automated Market Maker (AMM) system to distribute and reallocate funds through our Treasury to stakers and bonders.