The Solarbeam Foundation is always trying to find new ways to reward committed long-term holders by creating new utilities for our tokens.
With the establishment of veSolar and veFlare model we witnessed highly incentivized staking pools with multiple-token rewards and advantageous APR%.
As a next step, we are pleased to introduce the veToken profit sharing program!
Part of the swap fees as veToken rewards
Prior to today’s update, 0.25 % per swap from all protocol’s trading fees were collected and been distributed with the following format:
- 0.20% to liquidity providers of the pair
- 0.025% to the Solarbeam Foundation treasury which were used for buybacks and burns
- 0.025% to the team
In order to recompense even more our long-term members we decided to assign treasury’s 0.025% to our veToken pools and give an extra boost to the existing significant rewards.
This upgrade will enable users participating on veSolar and veFlare pools to gain a share of the protocol fees along with many more incentives from our numerous partnerships.
Additionally, locking Solar and Flare for veTokens works as a counter mechanism that reduces sell pressure and it constructs a further important utility for our governance tokens.
Worth mentioning Governance, another upcoming critical use case for veTokens which will grant our users voting power in the Solarbeam Foundation ecosystem.
To add extra rewards to the pools and accomplish this upgrade, our rewarder contracts must be set for a specified amount and a certain time duration.
However, there is a certain limit of rewarders for each pool due to the nature of our contracts that block any addition of new rewards.
The veSolar and veFlare pools are currently close to their max capacity of rewarders (9).
Understanding these challenges, we will enter a migration phase as an optimal solution that won’t affect any user pending rewards.
The migration will take place on Saturday 14th of May so we could add the new rewards from protocol fees, MOVR and partner rewards to the new pool.
To avoid missing out on the upgraded multi rewards, Solarbeam Foundation is kindly requesting from all users to migrate their funds from the old pool to the new one as soon as possible.
For any further questions that might occur please feel free to contact our support channels on Telegram or Discord.
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