Dear Llamas community!
Some days ago we announced we were working on a cool update on the Lama farm and now, here we are! So, buckle up and relax, while our Shepherd lay out the details of Lama Farm V2.
As you may already know, we are working hard for releasing the SPIT farm and the related ecosystem. When we announced the upcoming SPIT, we felt that some community members were somewhat disappointed as they were expecting something cool for the LAMA farm and holders too. Moreover, we wanted to address the issue raised by some members about the -supposedly- high devs reward, to show once again our total dedication and commitment to building a sustainable and fair platform that’s here to stay for the long run.
Finally, the recent PancakeSwap migration to LP Tokens V2 basically forced us too to move to their LP V2.
So, here’s what we are shipping with this V2 update:
1. Deflationary farming
In an ongoing effort to counteract the inflation, we came up with the idea to add a permanent and automatic deflationary mechanism to our LP tokens farms. Here’s a flowchart which explains the under-the-hood flow:
For you, our beloved Llama members, staking a LP token into one of our farms doesn’t change anything, but behind the scenes a new smart contract we’ll be deploying, the Strategy Shepherd, will take care of staking those LP tokens into a 3rd party farm (eg. Pancakeswap). These staked LP tokens will earn some yield (eg. Cake) which will then be sold automatically for BNB. Finally, the BNB amount gained will be used to market buy LAMAs, that will then get burned. All automatically managed by the smart contract. Isn’t that cool?
Needless to say you can withdraw your staked LP tokens at any time and the only fees you’ll pay are deposit fees, if any.
2. Referral program aka Llama Herd
Now, let’s tackle the matter of the “high” dev rewards. As you know, for each minted block, 90,9% goes to farmers and 9,09% goes to devs (that is, for every LAMA minted, we mint 0,1 LAMA for devs).
We decided to show our community we really care and we really believe in this project by allocating 20% of the devs reward for our brand new referral program.
In LlamaSwap V2 you’ll find a Referral link on the navigation menu. By visiting the page with your wallet connected, you’ll find a link with a unique code bound to your wallet address. Share your link with your dearest friends and you’ll earn an additional 2% of their farmed LAMAs forever.
The bigger your herd, the more fees you’ll earn!
On the referral page, you’ll see your accrued fees and you’ll be able to withdraw them at any time.
3. Mass harvest & restake
This really is the icing on the cake of this feature-packed massive update and considering the surge in BNB price, we think you’ll appreciate it.
LlamaSwap V2 will feature a “Mass Harvest & Restake” button on the homepage, in place of the current “Harvest all” button, which will allow you to harvest all your pending LAMAs AND -optionally, if you want to- automatically re-stake them in the LAMA pool AND -again, optionally- adding an extra LAMA amount, all in one single transaction!
Compounding your LAMAs couldn’t be simpler and cost-effective gas-wise.
We are creating a project space in SnapShot (https://snapshot.org/) to allow our community members to submit proposals and vote. This is the first step towards a more community-driven project development and a way to empower LAMA holders with voting and decision power.
We think this is the right time to perform an update, considering we would have had to migrate our LP tokens to Pancake LP V2 anyway, sooner or later.
So, mark this date on your calendar: April 28, 12 PM UTC.
A little before 12 PM, we will upgrade the app at https://llamaswap.finance with version V2. This will become the main version. There will be a link pointing to V1, where you’ll find all the current pools and farms, switched to inactive (you’ll see the reward multiplier set to 0x). You’ll be able to unstake your tokens and get any pending rewards you have.
A little after 12 PM, the new pools and farms on V2 will start giving out rewards.
How to migrate to V2
Ok, most probably migrate it’s an unfortunate word choice, as it recalls the infamous migrator function (which, by the way, we remind you we got rid of from our MasterShepherd V1 and V2 contracts).
In the next days, before the upgrade, we’ll provide the exact details on how to migrate from V1 to V2.
We’ll deploy a new MasterShepherd V2 contract and one StrategyShepherd contract for each LP token farms that will be available, in addition to the Llama Herd contract (referral program).
We’ll provide the new smart contracts addresses in the next days before the update will take place. We’ll also publish the source code to our github repo.
Thanks for reading. And, as always, spread the llove for Llama!