First and foremost, thank you for all the support that we have received so far! The team is very appreciative of our community, and we are looking forward to having a bright future with you all.
Since our inception, we have received vast amounts of valuable feedback and we’ve taken it to heart; so please keep giving us your feedback!
Our absolute goal is to build up the TVL (Total Value Locked) on the platform by developing new, innovative and user-friendly products to reduce the amount of volatility in our ecosystem and instill user trust. To reduce sell pressure and further entice long-term staking of LP/Tokens, we are introducing Time-Locking ‘Farms’ into the CroSwap platform.
Time Lock Periods and Abilities
Users who decide to lock their tokens for larger periods of time will be rewarded with higher yields (see table below). In addition to incentivize locked tokens; it also introduces a burn function for those wishing to choose lower lock time periods. The burn function will further support and sustain the ecosystem.
When we migrate to Time Locks, any existing harvest balance will need to be claimed (see the screen below) before being able to enable the new time-lock function.
- The migration date will create a fixed reward value for any rewards that were accrued prior to the migration. You will be able to see this value in Step 1.
- Any rewards that are earned after the migration will be visible in the farm pairing “Earned” field. This will not include the pre-migration values mentioned in Step 1 claiming.
- New users that do not have a current balance in the farm will not see the migration steps, but will simply pick their preferred Time-Lock option.
Step 1: Claim your pre-migration rewards. You will be taken through the normal claiming steps to confirm the transaction. Once completed, you will be returned to this screen for Step 2.
Step 2: Once you have successfully claimed, you will need to select a plan (0 Days is allowed) to collect any rewards accumulated since the migration using the information in Step 2 (shown below.)
When you select a plan, you will see the values in the estimated values in the ‘Lock Breakdown’ section change as the plan is selected which include the following:
- Harvest Burn Percent
- DPR / APR
- Est. Withdrawal Date
When you age out of a plan, you will continue to benefit from the plan UNLESS you fully withdraw from the farm.
For example — If you register for a 90-day lock and complete the lock period, you will be able to continue to harvest at the same level as when you were on the plan AND you will be able to withdraw. NOTE: There is a chance IF you significantly increase the amount of LP tokens while in this “completed” state, your lock period does have the potential of re-locking. This provision should not impact a normal level of compounding activity, but is intended to dilute efforts of “whales” trying to influence a pool.
You can increase your preferred locking period at any time. The start date for the plan change will begin with your active plan’s start date. You can only decrease your time locking period when the plan that you are on expires (but honestly, why would you?)
CroSwap time lock farms will come into effect on the 21st of October 2022
For more information about future products please refer to our future Medium articles, whitepaper or join our social communities.
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