GC Update — Matter Live
Farm-as-a-service is coming to Matter DeFi!
Hello Geniuses! Development is underway on our 2022 roadmap and we already have a development update.
We’re happy to announce that Matter Live is coming to Matter DeFi before the end of this month. Matter Live is a new tool under the Matter brand, which allows users to create and host their own farms on Matter DeFi. This opens up a new option for project creators to provide economic incentives while building liquidity. This also gives SpicySwap users more chances to put their Spicy LP to work in farms!
The main Matter farms with automated buybacks will now be located on Matter Core. Matter DeFi will now be composed of Core and Live, with more coming to Matter in the future. In this article we’d like to introduce the different components of Matter Live.
Ready to test? Take a look at our public testnet beta here.
Matter Live is a tool that allows any user to create a yield farm for their own use. The creator locks a reward token, and a staking token is chosen for the farm. Once the farm activates, other users can visit Matter Live and stake their tokens to receive rewards. Matter Live provides the ability to customize parameters like farm length and rewards per second.
For dApp creators, creating a yield farm is a classic tool used to attract users to a new project. When releasing a new token, a popular strategy includes creating liquidity pool incentives with a yield farm.
Matter Live fully supports LP Token farming, and exclusively integrates SpicySwap LP tokens. Using SpicySwap LP Tokens on Matter Live will provide a better experience for stakers via deep metadata and stats.
Matter Live will have the most robust features for SpicySwap LP farms, but still supports single-token farming of any FA1.2 or FA2 token. Matter Live also supports native XTZ staking and rewards via seamless WTZ integration. Our plan is to create a step-by-step guide for staking and creating farms on Matter Live.
Matter Live Fees
To host a farm on Matter Live, a Farm Fee is required, paid in MTTR. This fee helps reduce platform misuse and spam, and is burnt. To obtain MTTR tokens, users may farm directly on Matter Core, or purchase MTTR on SpicySwap. Farm creators may choose their own farm fee, provided it is within the range defined in Matter Live parameters.
For Matter Live stakers, a Staking Fee is taken on each staking action. This fee is then routed to SalsaDAO Treasury. There is no fee to unstake tokens.
The Farm Fee and Staking Fee inversely relate to one another. Paying a higher MTTR fee on farm creation means stakers will pay a lower fee each time they stake. Setting a lower Staking Fee by paying a higher Farm Fee is one way that creators can make their farm more attractive to stakers. The precise fee ranges will be posted directly on Matter Live.
Parameters like minimum and maximum Farm Fee will be fully governed by SalsaDAO proposal-based governance.
MTTR Bond Rebate Program
Matter Live will launch with a Bond Rebate program to provide an incentive for hosting longer farms. The Bond Rebate program refunds a percentage of the Farm Fee by minting a MTTR Bond based on this value. For example, creating a farm longer than one month will mint a MTTR Bond that holds 10% of the Farm Fee paid.
These bonds are minted into an FA2 token, which can be exchanged between users. Whichever Tezos wallet owns the MTTR Bond token will be able to claim the underlying MTTR at unlock time. Our plan is to integrate these bonds into a future FA2 token exchange hosted on SpicySwap.
Once the new farm ends, the MTTR Bond is considered “unlocked” and the underlying MTTR tokens can be claimed. If this first experiment with bonds is successful, GC will explore integrating bond services into Matter DeFi.
When running a yield farm, attracting more users is always a key to success. On Matter Live, creators will be able to highlight their farm over the rest by participating in MTTR Tipping. Tipping a farm means burning some MTTR to push the farm up on the Matter interface. The initial MTTR Farm Fee automatically counts as a tip, and any user can tip any farm.
The amount of MTTR tipped will be used as the default sorting metric on Matter Live. In addition to being located on the the Matter DeFi front-page, top farms will be advertised on GC-developed dApps like SpicySwap and SalsaDAO. Farms with more MTTR tips will have a better chance at new user discovery!
That’s all we have for now on Matter Live. We’re confident that adding farm-as-a-service to Matter DeFi will increase MTTR burns, MTTR utility, and SpicySwap LP.