OpenSwap — $IDIA Staking Campaign Explainer

Greetings OpenSwap Community!

To celebrate our partnership with Impossible Finance and the successful launch of Impossible Launchpad, we’ve introduced two brand new staking campaigns on our earn page where community members can now stake $IDIA/BUSD or $IF/BUSD and earn $IDIA/$OSWAP as rewards.

Please go to https://www.openswap.xyz/#/staking to learn more about these exciting staking pools!

Details:

  • $IDIA/BUSD Staking Pool, earn $IDIA and $OSWAP
  • $IF/BUSD Staking Pool, earn $IDIA and $OSWAP
  • The staking period will be from 19–26 August 3:00 PM (UTC)

Step 1: Add liquidity on Impossible Swap (https://swap.impossible.finance/#/pool)

Step 2: Stake on OpenSwap and earn rewards! (https://www.openswap.xyz/#/staking)

Rewards Calculation:

We’ve noticed that the OpenSwap community group is unsure about the rewards calculation method, so Bruce and the OpenSwap team have decided to provide the following breakdown for a clearer understanding.

Assumptions:

$IF/BUSD LP = $9.70 (as of Aug 19)

$IDIA/BUSD LP = $0.81 (as of Aug 19)

$IDIA = $0.41 (as of Aug 19)

$OSWAP pre-IDO has no token value and will be ignored in APR calculation.

Y = 365 days in a year

T = 7 day term

To get your APR, you need to find your daily rate. For example:

Each $IF/BUSD LP token will get 0.227 IDIA over the 7-day term.

So this means that you get 0.227 * 0.41 = $0.09307 over the 7 days for each LP token.

The daily rate will be $0.09307 / 7days = $0.0133.

Given that your LP token is worth $9.70, the daily return is 0.0133 / 9.70 = 0.00137 (0.13%). With 365 days in a year, you get 0.00137 * 365 = 0.5 (50%). This means you are getting roughly 50% APR!

$OSWAP Token Utilities:

  • Liquidity providers may stake OSWAP into Liquidity Queues to increase the priority of their liquidity, prioritizing their earnings for trade fees.
  • Node operators for the cross-chain bridge must stake OSWAP to be eligible as a bridge troll who earn fees as assets ‘cross’ the bridge.
  • Yield farming by providing liquidity for OSWAP pools or other contests.
  • Participate in governance by staking OSWAP to create proposals or vote on risk parameters for the protocol.

Other Ways to Get OSWAP Tokens:

For those who are interested to obtain OSWAP tokens or wish to learn more on how OSWAP tokens can be earned, please explore the following link: https://www.openswap.xyz/#/earn

For community members who are eager to purchase OSWAP tokens in our upcoming IDO event on the Impossible Launchpad, we also have an ongoing IDO Whitelist Contest, on which everyone can participate in the community activities and earn $OSWAP IDO allocation! Learn more here: https://gleam.io/vW7kP/openswap-testnet-and-ido-whitelist-allocation-event

We encourage community members to partake in community discussions to help better shape OSWAP tokenomics and help generate more utility ideas. Users may express their ideas to core team members through joining the OpenSwap telegram group: https://t.me/openswapdex