Boosted farms, we have lift off!
The migration has begun…
As we progress towards full migration of farms to boosted farms (currently scheduled for late Jan 2022), we will be gradually adding new farms to the mix. This article aims to highlight these additions as well as provide some insight around the scheduled migration process, along with how management of boosted farm additions will play out moving forward.
Introduction of new farms
As of 20/12/21 (today), we will introduce the following to our boosted farms:
inSPIRIT holders will now have the ability to vote for the weight of emissions allocated to these pools via our traditional inSPIRIT voting page. Given that we already have three pools live in boosted farms, you should all be accustomed to this process by now. Please feel free to refer to our GitBook walkthrough of this process if you need any guidance.
Migrating your funds
Some of these farms are existing farms, meaning there is a partial migration happening with this week’s batch. You will want to migrate your funds from old farms to boosted farms on Wednesday when emissions begin for the new boosted farm versions. These farms include:
When will emissions start?
Emissions will begin this Wednesday. However, given the inherent nature of how boosted farms (gauges) operate, the first week’s APR will be a bit lower than normal, and will ramp up to normal levels in 1 week.
To explain why this happens without getting too technical:
SpiritSwap’s gauge proxy is the contract that ALL boosted farm emissions come from. Think of the gauge proxy as a water tank and each boosted farm as a watering trough that is filled by the tank (gauge proxy) weekly on Wednesday PST. For the first week, this water tank needs to fill up before depositing into these troughs.
Once the week is over, the inSPIRIT distributions are made and the gauge proxy (water tank) calculates how much SPIRIT needs to be allocated to each pool (trough) and fills them according to the voting weight each pool has received from inSPIRIT holders. Since this happens once a week (every Wednesday), the new boosted farms will receive allocations and begin emitting rewards from Wednesday the 22th and onwards. This will give time for users and protocols to begin accumulating inSPIRIT and voting for their desired pools to have a higher allocation of SPIRIT emissions by the time the next epoch begins.
As soon as you see the changes are live on our UI, users can either migrate or add their LP’s to the new boosted farms. Just remember to vote on those boosted farms with your inSPIRIT. There are some minor UI upgrades that will be made over the coming days to improve UX, but the base functionality for everything will be working.
The full migration is currently set to occur on the 24th Jan 2022, for all existing farms to move to boosted farms. This will see emissions go dormant on traditional farms as emissions go live in the boosted farm section. Users who have LP tokens allocated to traditional farms can simply shift LPs over from the “inactive” section of our traditional farm tab, and allocate them to their respective boosted farm. It would then be in your best interest to allocate your voting weight (using your inSPIRIT) towards the boosted farms that you are participating in.
As a part of our boosted farm migration, we have also pledged and guaranteed boosted farms to some strategic partnership protocols that don’t currently have farms. These protocols will be able to circumvent the boosted farm application process (outlined below) and will be given a boosted farm as a part of this transition. For transparency, these protocols are listed below:
DAO management for farms moving forward
Any new farms that community members or protocols want to request are added to boosted farms, are now to follow our commonwealth forum process. This process will be outlined in an article that we will release in the future, closer to the farm migration occurring. Once the migration is complete, people can start participating in the DAO governance process.
To conclude, we look forward to everyone participating in our inSPIRIT model as it is expanded along with giving our loyal community the opportunity to start using their inSPIRIT to make proposals and launch snapshots for true DAO governance.