Loyalty & Agriculture -$POOCH in for the long haul.

FantomFantom
$0.33544
‑3.83%
medium.com4m ago

Spoiler Alert: As we lick our wounds from one of the most aggressive market dumps in recent memory I’m about to pour salt on the paper hands that left all of the POOCH liquidity providers holding the bag.

Last week we created snapshots to record early Pooch holders and liquidity providers in preparation to reward them for their steadfast early support. This was all communicated via our project Discord along with the message that tokens would be delivered after we finished standing up our farming operation. People in general were understanding and grateful that we as a team had decided it was the right thing to do but given our limited manpower we were delaying for a short period to get our house in order.

That all occurred prior to the sudden market drop that was far more rapid and pronounced than most had anticipated. Understandably given the market conditions many people dumped Pooch tokens on the open market and a handful exited their liquidity positions. That may turn out to be one of the most expensive mistakes they’ve made during this downturn as the Fantom ecosystem thrives and #DogNation continues its steady march forward.

For those of you reading this that may have dumped all of your tokens during the market crash well here is some more bad news…

The paper hands that dumped shall get NOTHING, zero, zilch, nada, zip — absolutely nothing. A new snapshot was issued at approximately 9:00PM UTC on 24 Jan 2022 and those that stuck it out shall be receiving the entire award allotment that was previously going to be distributed to all POOCH holders during the last snapshot. Likewise, the remaining liquidity providers shall receive those awards and we will be doubling their LP positions.

We’re going to be delivering these rewards in a new fashion. Rather than delivering a direct airdrop of Pooch tokens each of you shall be receiving LP tokens in the project directly deposited into our new farm.

This tactic accomplishes a few things

• We reward those that held faith in the project. • LP holders inherently have a greater interest in project success and are more likely to help promote and assist with furthering our project goals. • The liquidity holdings become diversified, the project will no longer hold the majority of market liquidity easing many people’s concerns in regards to a possible “rug pull”. • Usage of treasury funds is delayed further so we have more “runway” to cover future expenses. • Those rewarded LP tokens via the farms will accrue Pooch tokens as if they’d staked the LP tokens themselves.

All that is great but you may be asking yourself “what’s the catch”? Well here it is — those LP tokens will be locked into our new farm for 180 days from the date of issuance.

You may have noticed I used the words “new farm”. When the market started falling last week we reevaluated our farming strategy despite being in the final stage of public testing (thanks to those who helped).

After discussing internally it was decided that we’d be heavily revising the farming strategy to ensure liquidity is maintained in the project and healthy trading can continue. So the farm has evolved and much of the contract was rewritten to support tiered staking.

Incentivized pairs will have several staking options in the form of lockup periods of various lengths to limit the amount of dumping associated with farming that ultimately creates constant downward pressure on the farmed asset.

Farming generally works by allocating X number of tokens to be rewarded per block with certain pairs receiving “multipliers” or “weighting” to encourage liquidity creation on specific trading pairs.

The weight of the farming pools will be as follows (on a PER BLOCK) basis.

Percentage of reward for each block.

You may be asking why we don’t list an APR; that’s simple — we don’t want to mislead people. Any project listings APRs prior to deposits into a pool are speculative at best and lying at worst. The interest cannot be derived statically and is in fact in constant flux based up on the number of tokens deposited, remaining farm pool supply and of course the inverse flux of capacitance in a hyperbaric deflationary meme culture. (maybe not that last part)

The farms will be live this week and will be back in public testing (for those of you who would like to volunteer) within 48 hours of this post.

We’d like to thank those of you that didn’t fold and especially those of you that kept pumping the memes out to Twitter and keeping a productive conversation going in our Discord.

To those of you that left — well …

When times became difficult you walked out the door leaving us all holding the bag. You’re welcome to argue your case in our Discord with all the people that maintained their positions and who now prosper with the allocation you forfeited.

-0xPooch