We are thrilled to announce that the YFX V4 Earning System will be launched on schedule at 00:00 UTC on May 23, 2024. The mining will be divided into three phases. The total token release amount and mining period for each phase have been previously announced. For details, please read:
https://yfxdefi.medium.com/yfx-earning-system-grant-opening-at-0-00-utc-may-23rd-2024-04a0e74a247c
The detailed rules for the upcoming first phase of mining are as follows:
Mining Parameters:
- Mining period: 2024–05–23 00:00 UTC — 2024–06–22 00:00 UTC
- Total mining amount for this phase: 3,000,000 YFX (1.8M YFX + 1.2M iYFX)
- Daily production for this phase: 60K YFX + 40K iYFX a day
- Contract Router: 0xa1dbe14b978541b24c4e88489b8e463094f88deb
YFX Locking Period:
ETH fee rewards for the first week
Since V4 has just been launched and has not generated many fees, we have extracted all the fees of 8 ETH collected by YFX V3 as the first week’s mining rewards.
According to the YFX Token documentation, the ETH mining distribution for the first week is as follows:
70% of YFX fees belong to YFX Holders, and 30% belong to YLP Holders. Every Wednesday, after paying Chainlink and feed price costs, the remaining ETH will be transferred to the mining pool.
YFX V4 Mining Rules
1. YFX Staking Staking YFX allows you to mine 30% of platform fee ETH (updated every Wednesday) and 50% of iYFX. As long as YFX or iYFX is staked, 100% accelerated points (MP) will be obtained within a year.
The number of YFX mined in the first phase is:
iYFX (Immature YFX) Mined iYFX can increase your mining share through reinvestment, but iYFX cannot be directly traded. It needs to be vested gradually over 3 months before it can be traded. Vesting requires sbfYFX generated by staking YFX.
MP (Multiplier Points) Assuming 100 YFX are staked, 100% MP will be generated after one year. The total mining power will be 100 YFX + 100 MP. The longer the YFX is staked, the more MP will be generated. Each time YFX or iYFX is unstaked, MP will be reset to zero, and the computing power ratio will decrease.
2. Position Mining
As long as you hold a position in a trading pair with Position Mining, you can participate in mining. Position Mining is automatically calculated, starting when the position is opened and stopping when the position is closed.
Position Mining is decay mining, with computing power halving every 5 days. For example, initially holding a $100 position will see the computing power decay by about 10% daily. After 5 days, only $50 will be left for mining calculations.
The mining rewards for the first phase of Position Mining are:
Specific trading pair allocation:
3. Trade Mining
In Linear & Inverse Contracts of YFX V4, generating $1 in trading volume will earn 1 UTP (USD Trading Proof). UTP can be staked in Trade Mining for mining. Rewards for Trading Mining include YFX and iYFX.
4. YLP Mining
You just need to Add Liquidity to participate in YLP mining. The participating tokens are only USDC, ETH, and ARB. These tokens are calculated at ChainLink prices to determine the total USD value, and mining rewards are allocated based on the total USD value.
The mining rewards for the first phase of YLP are:
5. Uniswap LP Mining
To build a transparent Dex trading ecosystem, YFX rewards all users participating in UniSwap LP.
YFX uses the YFX/ETH 0.3% fee pool, and liquidity must be added from 0 to ∞ to participate in mining. Add Uniswap Liquidiy here.
The mining rewards for the first phase of UniSwap LP are:
6. YFX Locking
For mined YFX, tokens if chosen to be locked, will enter Lock YFX. Locked YFX can receive 10% of protocol fee income. After the lock period ends, it can be claimed within 7 days. If not claimed within 7 days, it will re-enter the locked state until the end of the next lock period.
The mining rewards for the first phase of Lock YFX are:
Reminder: For all positions opened and LPs added before the Earning System is live, users need to re-open the positions and re-added the liquidities to start mining.
The first phase is a fast mining and fast release phase, which is the best phase to participate in. All YFX participants, including YFX Holders, Traders, Makers, and Inviters, can receive rewards in this earning system, making it a very fair distribution. During the entire process, we may adjust certain mining parameters, and such adjustments will be decided by voting.
Before Using our Earning System, you can check if you are eligible for our YFX token Airdrop here: https://yfxdefi.medium.com/arbitrum-defi-users-benefits-3-million-yfx-airdrop-a821ec708554
More about YFX V4: Introducing YFX V4: The Optimal Solution for Decentralized Perpetual Protocol
Media Links:
Website: www.yfx.com
Telegram: https://t.me/YFX_COM
Others: https://link3.to/yfxcom
