🪙Introducing WNCG STAKING (ft. Chapter III)🪙
Nine Chronicles Team is introducing WNCG Staking for incentivizing WNCG-WETH liquidity providers on Balancer. Stake your Balancer pool token here:
Balancer has recently implemented veToken model that veBAL holders decide which liquidity pool will get the BAL token emissions. Nine Chronicles team will stay voted for the WNCG-WETH 80:20 Balancer pool while the liquidity incentive campaign continues! Furthermore, the boost will be delegated to the WNCG staking contract to boost BAL reward for the stakers.
This gives liquidity providers additional BAL rewards, and total WNCG emissions will be reduced accordingly.
Less Impermanent loss
The incentivized pool is a 80:20 weighted pool. Impermanent loss is smaller for 80:20 pool compared to 50:50 pool, which is more similar to single-side staking.
Deposited LP tokens are needed to be cool down to withdraw, like the stake modules of Aave and mStable. This aligns the incentives with the community, by distributing the rewards only to the stakers that bear with the cooldown period.
How to use
- First, provide liquidity for the WNCG-WETH 80:20 pool on Balancer. Staking popup will appear just after you provide liquidity, but please do not stake there if you want to stake on the new WNCG staking product.
- Go to https://stake.nine-chronicles.com/wncg and stake the LP tokens, 20WETH-80WNCG.
- You can claim WNCG and BAL rewards anytime you want.
- If you want to unstake, you should activate the cooldown timer first. Cooldown takes 2 weeks.
- When the cooldown has finished, you need to withdraw the token within the 3 days of the withdrawal window.
- If you didn’t withdraw the tokens within the withdrawal window, you need to cool down again.
Initial Operation Scheme
- For the first 3 days, only WNCG rewards will be given, without BAL rewards. WNCG will be staked for 7 days and BAL rewards will be provided during the next 7 days. This is similar to how Convex Finance is providing CRV rewards.
- On June 30th, BAL reward will start, and WNCG reward will decrease accordingly.
- This is a permissionless procedure, therefore if you would like to initiate early BAL rewards, you may do so. However, if you haste and harvest too early, your BAL rewards may be smaller!
The audit on WNCG staking has not been completed yet. The audit is in progress with Theori, and is planned to be completed in mid-July.
Please participate at your own risk.