Arbitrum Launch/Bridge
Launched 2022-10-26 14:00 UTC
The YDF protocol offers a unique set of utility that much of is cutting edge and hasn't been seen before, but at times requires a number of on-chain interactions in order to do things like stake, open a futures position, claim yield, withdraw vested yield, etc. Unfortunately for the time being while the ETH network is the de facto standard for EVM and smart contract based projects, its gas fees are much higher relative to other L1s and L2s on the market today. We want to increase adoption which means onboarding users who are weary of paying high fees on this type of activity and therefore we are exploring other cheaper and higher throughput chains to support the protocol.
As of today ETH rewards are and have always been randomly distributed & considered "above and beyond" the normal yield earned on your sYDF and slYDF stakes. ETH rewards will still be randomly distributed as the protocol generates revenue, but we will make sure that as best as possible we are distributing an even amount of ETH rewards between all stakers regardless of network they're staked on. This means if you are entitled to 1% of ETH rewards between all stakers across all networks and we distribute 1 ETH in rewards one day, you should get ~0.01 ETH give or take 5-6% margin of error.
In order to support yet another market on top of Uniswap on ETH and the few CEXs we're listed on today, we will be providing liquidity on a DEX on Arbitrum (Sushiswap) so users can freely trade YDF and interact with the protocol with little friction. We will be adding somewhere around $400k USD worth of total liquidity which will introduce ~2.5-3M YDF into circulation on the Arbitrum network. The remaining supply will be used to supply the bridge so users can bridge their YDF from ETH to Arbitrum as they'd like.
We will be providing liquidity on Sushiswap since Uniswap V2 is not deployed on Arbitrum. Aspects of the protocol (like zapping) requires our DEX to be compatible with the Uniswap V2 interface.
We launched on Arbitrum with a fully functional claimless 2-way bridge that will allow users to bridge tokens between the ETH and Arbitrum network seamlessly and with little friction, but there is a small fee per bridge transaction to interact and bridge tokens to prevent heavy activity and fund our relays that will be executing transactions to deliver tokens in either direction. This fee will be adjusted based on network gas fees and is displayed when using the bridge.
We are considering this and will have more communication on this in the near future, but for the time being assume NFTs will not be bridgeable between networks.
Last modified 4mo ago