0xDAO for Launch Partners
When partners deposit their veNFT, they automatically receive a proportional amount of oxSOLID (oxSOLID is minted 1:1 for SOLID deposited). Because of the way Solidly’s rebase mechanism works, this position will never be diluted, as 0xDAO automatically converts rebased SOLID into oxSOLID and passes this along to the partner.
To reward partners for helping to bootstrap the 0xDAO protocol, partners have a floor on the amount of OXD emissions they receive, meaning that they will receive significantly higher OXD emissions than other oxSOLID stakers. Additionally, all oxSOLID stakers (including partners) have unlimited upside on the share of OXD emissions they can earn by locking more SOLID.
As vlOXD also receives bribes and controls 0xDAO’s voting, to maintain their share of OXD emissions — and in turn their governance control and bribe share — partners should 1) continue to lock their SOLID rewards for oxSOLID and 2) lock their OXD for vlOXD.
This is a mutually beneficial process: the partner has large upside and maintains voting power, bribe revenue, and also receives protocol fee sharing, while 0xDAO grows our SOLID lock, further increasing voting power and bribe/fee revenue for partners.
- Non-dilutive oxSOLID (fractionalized representation of 0xDAO’s SOLID lock).
- 10% share of SOLID earned by 0xDAO protocol LPs, as SOLID.
- Protocol-optimized Solidly trading fees.
- Protocol-optimized Solidly gauge bribes.
- OXD emissions. Read below for details.
Partner OXD emissions:
- Partners receive a minimum (floor) percentage of OXD emissions above normal oxSOLID stakers.
Floor Partner OXD Earned = 2 * (oxSOLID Staked / Total SOLID)- For example, if a partner deposits their veNFT that is worth 2% of the total SOLID supply, then they will receive 4% of OXD emissions.
- Partners also have large upside above their floor amount of OXD emission.
OXD Earned = (Current oxSOLID Staked / Total SOLID)- Partners will earn whichever number is greater between the floor and this formula. This incentivizes partners to continue growing their oxSOLID lock in order to receive a greater share of OXD emissions.
- OXD emissions allocated to partners have a maximum total floor of 25% of all OXD emissions. Once the combined partner floor reaches 25%, OXD partner floor emissions are dictated by the following formula.
OXD Partner Emissions = Partner Initial oxSOLID / Total Partner Initial oxSOLID * 0.25