The Great Harvest

hi all, new to yaxis but not new to crypto/defi. i was around for the BadgerDAO DIGG airdrop discussions and they came up with a great formula to reward both those who staked longer and proportionally to smaller amounts. could the concept be carried over to the great harvest rewards?

From this Badger forum post:

1. Earned Rewards

Earned Rewards mean Total BADGER an address has earned through the Badger tree. Rewards are based on weekly emissions and accrued multiplier. Both claimed and unclaimed rewards are accounted for.

This parameter indicates how much an address has supported Badger by using Sett products.

2. Badger Stake Days

Badger Stake Days factors in how supportive an address was to the Badger token. The parameter is defined by Total BADGER & BADGER LP staked multiplied by the days it has been staked.

The calculation is made per day, and Badger that was put into LP gets x2 to account for the WBTC portion of the pool.

The distribution covers the entire history of Badger existence before the DIGG pre-launch snapshot, which hasn’t occurred yet.

3. Badger Stake Days / Earned Rewards Ratio

The ratio is intended to take into account how supportive an address has been in staking BADGER tokens relative to the amount of rewards it has earned over time.

4. Root

A 1.75 root will be applied to the Earned Rewards to determine the relative distribution. Making the DIGG wealth distribution more equal among Badger users will benefit DIGG as a product, increasing its store of value capacity.

For instance, if we were to apply linear distribution, top-100 addresses would be granted around 71% of DIGG Earned Rewards airdrop. With the 1.75 root they get close to 33%.

For the distribution to be more Sybil-resistant, addresses that have earned less than 50 Badger will receive the same DIGG multiplier per Badger earned relative to linear rewards as addresses that earned 50 Badger.

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A combination of both might make sense, similar to what Dimon also said earlier, all stakers who have been around for a long time, including those who had still staked Yax, should be rewarded. In no case should people from the MV be rewarded. This group has no risk at all and I think most of them are only here for the fast money.

LPs are exposed to IL, Stakers as well for price volatility, especially with the Restake there are also tax hurdles, I for example come from Germany and here it is so, as soon as I claime it is a tax transaction, if I now Restake and would have previously claimed at the rate 70 dollars and later the value falls to 50 dollars, I have to tax my tokens to 70 dollars value ever :roll_eyes:

What I want to say, all those who are in for a long time and have certain risks should also be compensated.

I suggest the following:

  1. reward only the certain groups as described above.

  2. pay out the rewards increasing for example part 1: 20% part 2: 25% part 3: 30% and others.

  3. furthermore I would be happy if you could add an additional bonus for each restaken (even if it would be costly)

  4. alternatively, introduce other forms of appreciation, like a new token, which can only be used for future incentives, special NFTs or earning opportunities, whatever

I can only repeat myself, now it is important to strengthen the community and prioritize the safety of the facilities and SCs, if we manage to keep both high, the earnings will satisfy everyone anyway and even beyond the four ERA.

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As far as I understand, the harvest will only be for single sided stakers and metavault stakers. Since LP providers are exposed to impermanent losses, is there consideration to include them in the harvest reward as well?

Also, I think option #2 is the best long term, but others in the thread have given good ideas too.

This is a great idea! I would suggest to also take the amount of YAX one had staked before era 1 into the calculation. This would give more value to long-term holders and believers of the project and not only subsidize those who aped in because they saw xxxxxx% staking rewards when era 1 had started.

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Thanks for the discussions and comments so far. Much appreciated.

We should bear in mind that rewards are exponentially high, so it does already reward long-term compounders. I.e you can 3x your initial stack by end of Era, and so would get 3x the reward size of someone who is selling rewards.

We could optionally then say you must lock in for Era 2 to qualify. We can optionally add a weighted function to not reward whales so much.

  • Does this not satisfy the spirit of it in a simple fashion?
  • Is getting 3x the rewards of someone who doesn’t compound not enough?
  • Shouldn’t we incentivise ppl to hold onto their principal as well?

We don’t want to take away from our core development roadmap too much. I would personally be in favour of a complex solution designed to meet our goals, but I also don’t want to delay the product.

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Thanks Bobby for your words, I think a weighted distribution to whales is good.

I also think that an early resolution or clarity on the Great Harvest should be done so that everyone can also calculate and prepare for it.

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I think it’s good to point out to holders that our intention is to raise emissions to stakers in Era 2. Back to high levels of APY for people that lock. This will create a similar price effect as we saw in Era 1 launch as people buy into it and lock coupled with huge TVL flowing in from BTC, LINK and ETH.

Don’t be concerned about the price so much- it will be mitigated by a price rise again at the start of Era 2, going into the locking gauges.

Think of it as derisking holding and another reason to compound and build your stack. What’s important, not just for Great Harvest, but generally, will be the size of your stack going into Era 2.

For those invested in the long-term: If you can farm up a 3x stack in Era 1, get your 3x cut of the Harvest and lock that in the Era 2 gauges - everyone can become a whale, and concerns about current whales who aren’t compounding will be reduced as they slowly become minnows over the next 6 months.

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Yes true a complex solution would put pressure on the devs and would delay the whole thing.

But I don’t think basing the share of the harvest solely on compounding is fair. people who can’t compound daily due to lack of funds or tax purposes, would be diluted through the era.
the manual compounding mostly rewards big players and whales.

there must be a simple way to solve this.

I think Splitting the harvest into a piece that is distributed equally among early adopters and a piece that is distributed based on the share of the pool is fair to small stacks or people who can’t compound daily but are still willing to stay staked through the era. since they get guaranteed a piece of the harvest not only based on their decreasing share of the pool.

maybe reintroduce the pledge for the early believers to qualify for that “early adopter” share?

Maybe it would be a good idea to make the Great Harvest available to everyone, but to give privileges to those who have been with us longer or are at greater risk.

It could be that this group could access its additional earnings at any time, whereas newcomers can also participate in the program, but their additional earnings are then distributed in vesting or proportionally. This would counteract dumping and newcomers who want to participate in the program would still have a reason to continue buying Yaxis.

There are really different aspects to how distributions can be made…

Is locking equivalent / equal to staking in terms of emissions? Or will staking still be a separate thing.

I read the post and this part I really agree with.

The yAxis team has this on lock and I, who wants to stake long term, they have me in mind when the Great Harvest is fully rolled out.

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Hello everyone… Can someone give me an idea of what the harvest is expected to yield? If I own 10,000 yAxis and have been staked since April 22nd, what number of tokens would I expect to receive?

I’m asking because the APY is dropping pretty quickly, while the LP APY is holding up well, and I’m weighing the decision to possibly unstake, buy 50% worth of ETH and stake my LP tokens in the Liquidity Pool.

Thank you in advance.

New to YAXIS/community but excited about what’s to come :slight_smile: I echo the sentiment that we’d want to reward people who have committed to staking for longer periods, and want to add an idea:

Maybe there could be a bonus awarded for people willing to lock in their YAXIS for staking for the next Era for X amount of time (could scale or have options e.g. 1 month, 2 months, etc.)? This would dis-incentivize large selloffs after a harvest period or perhaps thin out the impact to price by causing that selling to happen at different times vs. all around the same time.

Additional comment: As a newcomer to any crypto project, I always worry that I’ll always be in the shadow of whales. Especially with governance, having voting power in too few hands can be dangerous. I’d love to see a way to reward people with smaller stacks who have shown a commitment as a way to help decentralize voting power further. For example, maybe there could be a pool set aside of harvest rewards that is specifically to incentivize very long lockup periods for people with smaller stacks (e.g. lock up for 6 months, get a large % bonus) - not available to people over X YAXIS (not sure what number X would be). Since more newcomers would dilute this pool, entry to the pool could be based on some other qualifying factors such as maybe how long you’ve staked previously, or maybe first to commit would only have a lockup of 3 months but as more commit the lockup time increases until a point where likely people won’t want to bother with the lockup… or there’s just a cap to how many people can join the pool for each harvest.

I am thinking re: the above btw that your lockup period may extend over multiple harvests/eras but each lockup would be for a specific harvest reward. If you had let’s say a 6 mo. lockup for a harvest, if another harvest came around & you wanted in again you’d have to add time to your lockup. Let me know if this is confusing and I can try to clarify further.

Thanks for the ideas everyone.

To address the various points raised, how would we feel about having the Harvest broken up into parts.

  1. Half paid in a drop in August. This could be weighted, so that whales don’t receive much - but kept simple - however much you have staked is what goes into the weighted formula.

  2. The other half distributed through the gauges - meaning you’d have to be locked in the Era 2 as well, to receive these higher rewards.

A weighted vote would have the desired affect of rewarding the majority account holders who are diligently farming up their stack towards that ‘made it’ stack size. It also helps compensate those smaller accounts who are spending relatively higher amounts on gas.

I understand ppl want to reward those who have staked the longest - but we are effectively already doing that with these high emissions. i.e You will have farmed up 3x the amount of tokens as someone who buys in close to the cutoff date.

When we introduce complexity, it opens up ways to game it. E.g selling all but 1 token, to remain eligible. And then we need lots of effort to close all the holes.

Does this strike a good balance with people?

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I would still be interested to know what the claims are. Who gets the great harvest, all those who have not unstaked or only those who have neither unstaked nor sold?

As i’ve just said, it could possibly just be the more you have staked, the more you earn from the Harvest - but taken through a weighted formula to reward smaller holders, and not the larger holders who have a ‘made it’ stack already.

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That’s more than fair, I think you guys will find a solution as a team or will there be a vote for the community?

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Let’s go for it. It will be impossible to please everyone. Love the project, love your work

I like a lot of ideas in here. The only thing I am not a fan of is being locked into anything. However, I understand the benefit for going that route. Shall be interesting.

Is it possible to add a similar element from Badger Tokenomics as quoted here? I feel the concern from many is those that are dumping and rebuying low after some time are going to have a much bigger slice than the active community that are being loyal and holding for the APY. It will pay to be supportive of the token and project.