In our previous article, we talked about COMBO token’s distribution plan. We mentioned that in phase 2 of the event, we would launch a finely structured transaction mining program! Hence, in this article, we are going to share how this transaction mining program works and how to participate! The program will last for two months, starting at 3:00 AM (UTC) on Jan 15, 2021.
How does it work
The core value of this transaction mining program is very simple - you use Furucombo, you get COMBO token. The main purpose of this is to distribute the COMBO tokens to our users and to COMBO holders fairly, and it’s also the first stage of our growth campaign to incentivize more users onboard. We hope it will bring significant growth and benefit to our esteemed community.
Unlike most liquidity mining programs that require participants to stake their tokens into the pool to farm yields, with our program, we focus on trading volume and staking amount but we also give rewards to those who don’t stake.
As stated in COMBO tokenomics article, the future of Furucombo is in the hands of our community. Hence, upon completion of the first stage, we will let the community decide our next stage campaign to distribute the remaining COMBO tokens. Now, let’s get into the details of the transaction mining program.
Program details
The transaction mining program will distribute COMBO tokens as rewards on a weekly basis. We calculate rewards based on two factors:
- Your trading volume from eligible cubes (rank factor)
- The amount and length of time of your staked tokens (weight factor)
This means,
The more you trade, the more COMBO you get. The more and the longer you stake, the heavier weight you get to multiple rewards.
1. Eligible transactions
If you use Furucombo to send out a transaction that includes cubes and tokens listed below, then you’re eligible to get COMBO token rewards based on your volume. Since we want to encourage everyone to participate in this program with the lowest bar to join, we specifically design the rewards to let every eligible cube user get COMBO rewards without the need to stake any tokens. Namely, you just use Furucombo as usual to perform your strategies and you can earn free COMBO tokens at no cost.
Eligible cubes:
- Maker Generate/Payback/Deposit
- Aave Deposit
- Compound Supply/Repay
- Uniswap Swap (output)
- 1inch Swap (output)
- Curve Swap (output)
- Yearn Deposit
Ineligible tokens:
- Tokens without Coingecko price feed would be ineligible, for example: pool token.
Important: staking and transactions from smart contract wallets like Argent and DappLogic will not be counted as the behavior of these wallets are quite unique.
2. Pools
Pools are weight factors used to magnify your rewards. There are two pools on Furucombo where you can stake specific tokens to increase your weight.
- COMBO Pool: you stake COMBO Token
- COMBO LP Pool: Furucombo team will move the funds from the COMBO LBP to an AMM pool on Jan 14, after that, you can add liquidity to the AMM pool and stake the pool token on Furucombo
Please note that the weight is calculated based on staking area = staking amount x staking duration. In other words, you’d want to stake as many tokens and as longer period as you can to optimize your rewards.
3. Rewards Calculation
You can find the script of the rewards calculations through the link here: https://github.com/dinngodev/furucombo-reward-scripts
In summary, reward distribution is decided by trading rank, staking amount, and staking duration.
- Trading rank: higher trading volume in a round gives higher trading rank, e.g., user A/B/C’s trading volume are 10/100/1000 USD, their trading rank are 1/2/3.
- Staking amount: the amount of token in a staking contract, e.g., user A/B/C stakes 100/50/20 COMBO in the staking contract
- Staking duration: the duration of token in a staking contract, e.g., user A/B/C’s staking duration is 46500 blocks ~= 1 week.
- Share of rewards = (trading_rank * staking_amount * staking_duration)
Scenarios:
- User Alice: Make trades and stake tokens: high rewards
- User Ben: Make trades but no staking: some rewards
- User Charlie: No trades but stake tokens: no rewards
- User Dora: No trades and no staking: no rewards
Rewards allocation:
- Total 187,500 COMBO per week, 93750 COMBO for each pool.
Rewards distribution:
We will calculate rewards every Thursday and share the result in our Discord channel for community review. If no dispute is raised within 24hr, the rewards will then be updated to Furucombo contract (Friday night if no surprise). You can then claim your rewards through a “Claim COMBO” cube.
Claim COMBO Sample
How to participate
Anyone can participate in the transaction mining program. All you need to do is use Furucombo to send out transactions that include eligible cubes and tokens. To maximize rewards, we recommend that you stake COMBO token or COMBO Pool token as soon as you own some. Because the earlier you stake, the bigger your staking area will be, hence higher rewards.
That’s it! Enjoy earning COMBO tokens every week. If you have any questions on this, our team is standing by in Discord to answer any questions. Thanks for participating in the Furucombo community!
Links
- Website: furucombo.app
- Discord: discord.furucombo.app
- Twitter: @furucombo
