ICE token Governance Staking Launch
To incentivize participation in Iron Finance governance, we are introducing the BlueICE Governance staking model and ecosystem profit-sharing. In other words, ICE can now be staked (locked) to receive fees from the Iron Finance ecosystem. BlueICE is inspired by the governance concept of Curve’s veCRV token model, which has the best token design in the industry for long-term holders. It encourages long-term staking and active community involvement through unbiased governance.
Release date
- Governance staking (ICE -> BlueICE): July 15th, 1PM
- BlueICE staking to earn USDC: July 15th, 2PM
- Governance page: https://app.iron.finance/governance
Steps
- Lock ICE tokens to receive BlueICE token
- Stake BlueICE and receive ecosystem profits in USDC
- Note: You can choose to lock in BlueICE between at least 7 days and up to 3 years. The longer you stake ICE, the more BlueICE you will get.
Example:
- As written above, the maximum duration to lock is 3 years (1095 days).
- If you lock 100 ICE for the max duration, then you will get 100 BlueICE
- If you lock 100 ICE for 100 days, then you will get: 100 ICE * (100 / 1095) = 9.13 BlueICE
Benefits for BlueICE holders
Admin Fees
Stake BlueICE to earn admin fees from IronSwap (in USDC). The current Admin fee is 100%. This means that all fees generated from the usage of Iron Finance products are distributed to BlueICE stakers.
Example: The IronSwap trading fee is currently 0.01%. The whole fee from each IronSwap trade (100% =0.01%) will be distributed for BlueICE stakers
Stake BlueICE to earn partner’s profit-sharing
- For example, via profit-sharing from Firebird (in ICE and ETH), we will straight away burn the equivalent USD amount of ICE and the ETH amount will be converted to USDC and distributed as profit for BlueICE stakers. Read more from FireBird’s article: https://bit.ly/3hXZqAU
Upcoming Iron Finance products
- Usages in future products from IRON’s ecosystem (upcoming IronLend product, Iron Finance Stablecoin and more) will greatly benefit BlueICE holders.
Early Exit Penalty notice
- Unstaking BlueICE before the lock-in period ends incurs an early exit penalty of 30% from the deposited amount of ICE. The early exit penalty effectively burns ICE immediately.
- In order to unlock ICE again, users will need to use the exact amount of BlueICE required. It’s a simple process and will be clear once live.
Twitter: https://twitter.com/IronFinance
Discord: https://discord.gg/RtA37hgGrK
Medium: https://ironfinance.medium.com/
Telegram Announcements: https://t.me/IronFinanceAnn
