GIV Balancer Listing and Staking Rewards Updates
Updates
The USDC/GIV pool opened on Balancer successfully. Total volume in just 3 hours is already around 200K USDC, and the Balancer pool is almost 500K USD deep. As expected, most of the liquidity that existed on Uniswap has been pulled, since the staking rewards are for the Balancer pool.
Staking Rewards Clarifications
As requested by the community, we would like to clarify the exact amount that will be distributed in staking rewards this month. As described in earlier articles, we have burned 1M GIV and have provided liquidity on Balancer with 4M GIV.
This leaves 14,836,538.734 GIV from the public sale allocation that will now be added to the 5,916,453 GIV staking rewards pool for the liquidity providers on Balancer.
This sums to 20,752,991.734 GIV in staking rewards for the first month.
Depending on the size of the Balancer pool, the ROI for the month will look different. For exact APY calculations, please refer to the excel file uploaded on our GitHub.
Logistics (new details)
Each day, we will take one or more snapshots of the Balancer pool token holders and Uniswap pool token holders at random times. The number of snapshots per day may vary to increase randomness. These snapshots will be compiled together weekly. We will take the sum of the pool shares across all of the snapshots for each address. Then, we will divide this sum by the number of snapshots. This average pool share per address will be used to proportionally distribute the staking rewards for the week. The weekly rewards will be distributed each Saturday (starting Oct 10).
Week 1 will be allocated 6,225,897.5 GIV in rewards (since it is 9 days long).
Weeks 2, 3, and 4 will be allocated 4,842,364.73793333 GIV in rewards each (since they are 7 days long).
Total rewards, therefore, sums to 20,752,991.734 GIV.
Details on rewards following the first month will be released in the coming weeks.
Further Reading
CryptoLocally GIV White Paper
CryptoLocally (GIV) GitHub
How to get GIV tokens
About the GIV Token
Step-By-Step Guide to Buy GIV on Balancer
Step-By-Step Guide on How to Stake Into the Balancer Pool
This information is not investment advice. Please read the full disclaimer before investing.
