Vote01: Iron Finance Farming Pools Restructuring

iron.finance

In order to strengthen the $SIL token, and for the longevity of the project, we want to propose changes to the current farming pools, as well as add new farming pools with locked rewards. The purpose of locking rewards is to not emit a large amount of SIL in the beginning of the project.

Currently, we have 3 farming pools as following:
1. 50%SIL-50%IRON:
Reward rate: 1.06545 SIL per block
Duration: 12 months
Total SIL rewards: 11,200,00 SIL

2. 50%SIL-50%BNB
Reward rate: 0.79909 SIL per block
Duration: 12 months
Total SIL rewards: 8,400,000 SIL

3. 50%IRON-50%BUSD
Reward rate: 0.79909 SIL per block
Duration: 12 months
Total SIL rewards: 8,400,000 SIL

Our proposal is to reduce the reward rate of 2 pools, 50%SIL-50%IRON and 50%SIL-50%BNB, and to introduce 2 new farming pools, 70%SIL-30%BTC and 70%SIL-30%IRON, with locked rewards. In more detail, the proposed changes are be as below:

Adjustment to the current pools:

1. 50%SIL-50%IRON
-
Reward rate: 0.2663625 SIL per block (reduced by 75%)
- Duration: 12 months
- Total SIL rewards: 2,800,000 SIL (reduced by 75%)

2. 50%SIL-50%BNB
- Reward rate: 0.1997725 SIL per block (reduced by 75%)
- Duration: 12 months
- Total SIL rewards: 2,100,000 SIL (reduced by 75%)

3. 50%IRON-50%BUSD
- Reward rate: 0.79909 SIL per block (unchanged)
- Duration: 12 months
- Total SIL rewards: 8,400,000 SIL (unchanged)

…and introduce two new pools:

4. 70%SIL-30%BTCB
- Reward rate: 0.5993175 SIL per block
- Liquidity locked period with 3 options for voting: no lock, 3 days, 7 days
- Vesting rewards: 30% of SIL immediately claimable, 70% vesting over 3 months after 1 month.
- Duration: 12 months
- Total SIL rewards: 6,300,000 SIL

5. 70%SIL-30%IRON
- Reward rate: 0.7990875 SIL per block
- Liquidity locked period with 3 options for voting: no lock, 3 days, 7 days
- Vesting rewards: 30% of SIL immediately claimable, 70% vesting over 3 months after 1 month.
- Duration: 12 months
- Total SIL rewards: 8,400,000 SIL

The voting will start in our Telegram Channel (https://t.me/ironfinance and https://t.me/ironfinanceann) immediately and last until Mar 9, 12:00AM UTC. The changes will be made 24 hours after the voting has ended.

There will be 4 options to vote:

  1. Agree with the changes and apply 3 days of Liquidity locked
  2. Agree with the changes and apply 7 days of Liquidity locked
  3. Agree with the changes and No liquidity locked should be applied
  4. Disagree. No changes should be made

Explanation:
- Liquidity locked period: Once you stake your liquidity, you will not be able to unstake after the period ends. For example, with 3 days of liquidity locked period, if you stake today, you will only be able to unstake after 3 days.
- Vesting rewards: This advanced mechanism of staking pool from ValueDeFi helps us to limit the amount of SIL being rewarded at the beginning of the project. The meaning of 30% of SIL immediately claimed, 70% vesting over 3 months after 1 month is if you stake your liquidity right after the reward start block, you will be able to receive 30% of the total rewards for the first month, the 70% of the first month reward will be gradually released over 3 months period.

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