Supply
Last updated
Last updated
Airdrop : 10%
Team : 15% (15% unlocked to be converted in $vlGEM ; 85% vesting linearly over 30 months)
Seed raise: 5% (10% unlock at launch, 90% vesting linearly over 6 months)
Public sale: 10% (unlock at launch)
Liquidity providers: 35.2%
16.2% for stakers of Omnipool LP tokens
19% for rebalance incentives + LP migration
Treasury: 6%
vlGEM boost : 18.8% (Distributed on top of sGEM rewards)
This part of the supply includes all the emissions whose program is determined before the launch using bonding curve. It represents 81% of the total $GEM emissions.
Split into 4 major criteria, namely:
Zealy quests engagement
Omnipools TVL contribution
vlGEM governance activity
$GEM LBP participation
Opal Airdrop aims to reward users and supporters based on their alignment with the project’s vision. Allocating 500,000 token to community members and 4,500,000 token to protocol users.
Carefully designed to favor early believers and filter out mercenary farmers, Opal is allocating 90% of the Airdrop tokens to protocol users, with individual allocations measured by a time weighted mechanism valuing early deposits and longer stays in the flywheel.
Easy rules: the earlier the better to engage with Opal’s community and harness the protocol features, and the longer the better to keep your head start over the other farmers !
Following the successful strategy of Balancer, it will be necessary to bootstrap aggressively Opal's governance participation during its early days, thus 18.8% of the supply totalling 9,400,000 $GEM will be distributed to $vlGEM holders and omnipool stakers within the first two years.
However the potential selling pressure resulting from such inflation rate requires to be offset and managed by a strategic distribution, fulfilling a set of criteria relative to users' commitment to the protocol.
First of all, because security measures against flashloans and exploit are hardly compatible with the use of $GEM price variable (including market cap and FDV), as part of the function ruling the emission rate, it is preferred to stick to a predefined bonding curve instead of a dynamic emission of the $vlGEM boost rewards.
Hence aiming to correlate $GEM emissions to its market value -speaking of liquidity depth and price action- is technically inefficient, the focus should be made in weighting users' commitment through their share of $vlGEM supply as well as of Omnipools TVL.
In order to become eligible to the $GEM boost rewards, a user must hold $vlGEM and sGEM -which represents staked LP tokens from Opal's Omnipools-
Every users is attributed two weights variables :
From these variables, each user will be attributed a boost weight "k" calculated by :
Considering that all 9,400,000 $GEM will be minted linearly over 2 years, which corresponds to 180,769.231 $GEM per Epoch, each eligible user will receive the following amount of $GEM per epoch :
It is necessary to use a ratio derived from both initial weights to counter the opportunity for a user to game the system by holding a very low share of either $vlGEM or Omnipools TVL and farm disproportionate rewards, with a slight advantage given to vlGEM holders.
$vlGEM boost rewards claims are subject to a 4 epochs cooldown which can take two forms :
Classic Claim : a 4 epochs cooldown is automatically triggered when $vlGEM boost rewards are emitted, and eligible users receive all $GEM at once at the end of the period.
Early claim : users can claim all their $GEM rewards before the end of the cooldown by forfeiting a % of the rewards equivalent to the % of cooldown time remaining.
This design aims to create multiple flywheels between the product and stakeholders of the protocol, and rewards the early adopters as well as the most committed newcomers.
In order to ensure the correct allocation of protocol controlled liquidity, and protect $GEM value by further aligning Opal's ecosystem participants, it is necessary to incentivize liquidity rebalancing amidst the Omnipools, thus 19% of the supply will be dedicated to rebalancing rewards.
To incentivize regular deposits and withdrawals, $GEM emissions will be distributed to liquidity providers who deposit into Omnipools while the pools are imbalanced.
The $GEM received will be based on the amount deposited, following a dynamic emission rate based on a bonding curve encouraging time sensitive deposits; it will eventually stop when the pool is balanced again. This boost in rewards will be distributed linearly over the next epoch. Removing liquidity from the pools will result in forfeiting the boosted yield.
Liquidity providers can earn $GEM by staking their Opal Omnipool LP tokens or participating in governance with $vlGEM,
$GEM rewards are paid out at the end of each epoch (liquidity allocation period) and linearly after rebalance periods on deposits to incentivize rebalancing of Omnipools,
$GEM may be purchased on AMMs (e.g. the Balancer GEM-ETH pool).
50,000,000 $GEM
The Opal Finance treasury is managed by a multisig controlled by the core contributors.
The funds may be used to cover development costs (e.g. audits, deployments, etc.) and to pay contributors via LlamaPay or Coordinape. Appropriate use of the funds can be decided via DAO governance proposals and votes.
The treasury will receive a total allocation of 6% of the total $GEM supply.
No. In terms of $GEM, only the allocation of 6% goes to the treasury.
