plvGLP
Users can mint and redeem plvGLP as follows:
- Users can deposit GLP for plvGLP at any time
- No fees are incurred when depositing GLP for plvGLP
- Users can redeem plvGLP for GLP at any time
- When redeeming plvGLP for GLP there is a 2% exit fee charged in GLP
- Of the 2% exit fee charged, 0.5% goes back into the vault to be split amongst plvGLP stakers and 1.5% goes to Plutus
- The vault takes the ETH rewards and auto compounds the position, resulting in plvGLP constantly appreciating in value.
- This auto compounding function will be run through an off-chain bot that is run every 8 hours, as plvGLP TVL grows the auto compounding function will be run more frequently
- plvGLP is permissionless so it may be built on top of by anybody
- The GLP -> plvGLP minter/redeemer is permissioned
The fees associated with plvGLP are as follows:
- Exit Fee: 2%
- This fee will be incurred when redeeming plvGLP for GLP
- 1.5% goes to Plutus, 0.5% goes back into the vault and is split amongst plvGLP stakers
- Vault Fee: 10%
- This fee is applied to the ETH rewards associated with GLP
- Example: GLP is paying out 20% APR in ETH yield, users will receive 18% APR in ETH yield and the other 2% will go to Plutus
- Partner Project Exit Fee: Flexible
- In order to ensure that a wide array of products may be built on top of plvGLP we have the capability to reduce the plvGLP exit fee for specific contracts
- This would allow applications of plvGLP that have a high turnover rate to be possible
The plvGLP vault will be incentivized with PLS emissions as follows:
- plvGLP will receive 15% of PLS liquidity mining emissions
- This amounts to 2,250,000 PLS distributed to plvGLP over 2 years
- In the first month there will be 123,750 PLS emitted to plvGLP stakers
- The emissions will be weighted towards the early months. The first month will have the highest emissions and they will decrease every month after that - this is in line with how emissions work for plsASSETs as well.
Last modified 3mo ago