GC Update — Matter Mainnet
The first SpicySwap integration has arrived!
Hello Geniuses, this is the next installment in our series on Matter DeFi. Matter DeFi is an upcoming yield farming platform where users will be able to stake liquidity pool tokens to earn the Matter DeFi protocol token, MTTR.
The flagship feature of this product is automated buy pressure via buyback and burn of the MTTR token. For a sustainable yield farming experience, all fees generated from Matter DeFi will go to buying back and burning the MTTR token. Going further, Matter DeFi will start with a fair launch IFO to create an unruggable liquidity pool for trading MTTR.
Matter DeFi is also the first integration into the SpicySwap DEX Protocol, kicking off the next step in Tezos DeFi where automated interactions between protocols exist at the contract level.
We’ve reached the end of the development cycle for Matter DeFi and are glad to announce that the Big Bang IFO and Matter DeFi will be coming to mainnet on Wednesday, December 15th. Users can view a UI Preview of Matter DeFi on testnet at matterdefi.xyz.
Matter DeFi will start with the Big Bang IFO, where users can contribute to the initial MTTR liquidity pool and be the first to farm MTTR. This article will serve as a guide to the Matter DeFi launch with information about the Big Bang IFO, tokens, and fees.
Big Bang IFO
We’d like to go over the critical launch information for the Big Bang and Dark Matter (dMTTR) in this section.
We’ve summarized the reasoning behind the Big Bang IFO in a previous Medium article, found here. (Note: Anti-Matter has been removed from the Big Bang IFO process)
During the Big Bang IFO, users will be able to contribute XTZ to receive dMTTR at a price of 1 XTZ to 1 dMTTR. When contributing through the web interface, this token will be automatically staked in Matter for user convenience. The amount of overall XTZ raised during the IFO sale will be the determining factor in how much MTTR is earned per user in the dMTTR -> MTTR farm. We’ve written up some examples in the table below.
The Big Bang Sale will be open for 24 hours, allowing all time zones to participate. Once the Big Bang Sale has finished, there will be a 12 hour cooldown period before the farms are open. During this time, the MTTR/WTZ liquidity pool will be created by GC on SpicySwap to bootstrap the protocol.
There is no value extraction from GC in this product, so 100% of the XTZ raised in the Big Bang IFO will go into the initial liquidity pool. This XTZ will be combined with 1,000,000 preminted MTTR to provide initial liquidity.
GC keeps none of the preminted MTTR.
The LP share tokens from this action will then be destroyed, locking in the liquidity and creating an unruggable pool. Destroying LP tokens means that the underlying assets can never be removed. We’ve written up some examples of the resulting MTTR/WTZ liquidity pool in the table below.
Once the cooldown period is over, Matter DeFi will be live and emitting rewards for the dMTTR -> MTTR farm. This farm will run for 12 hours and emit 1,000,000 MTTR tokens, matching the amount in the initial liquidity pool. These MTTR tokens will be immediately claimable for IFO participants, and there are no staking fees for the dMTTR farm.
Dark Matter will have no utility after the Big Bang IFO, so speculating on it’s future value is not recommended.
Matter DeFi Full Release
After the conclusion of the Big Bang IFO, Matter DeFi will fully open and host 6 LP farms. Matter will also host the MTTR -> MTTR farm, which is created to provide easy compounding of MTTR rewards. The initial farm availability is listed in the table below.
Upon full release, the buyback features will be in play. Matter’s architecture allows for any user to execute the buyback and burn trades. For safety purposes the actual trade parameters and price checks are coded into the contract, but any user may pay the gas to execute the automated trades. To provide incentive, Matter offers a 0.5% execution bounty for running the automated trades. This fee is subject to SalsaDAO governance.
As staking fees accrue, at some point there will be a profit for the buyback executor. Genius Contracts will be running a buyback bot, but we will provide open source code for tech-savvy users to profit from the execution bounties as well.
That’s all the information we have regarding the upcoming Matter DeFi release. We are excited to provide a look into the next phase of Tezos DeFi with the first integration into the SpicySwap protocol.
As always, thanks for supporting GC projects. Use SalsaDAO to find links to ask questions or give feedback. Get ready for Matter DeFi!