Planet Relaunch: A New Foundation
After what unfolded with the Terra situation, Planet’s community has had some time to reflect, improve & evolve on what’s worked up to this point. As difficult as the last few months have been for some, it’s given us the ability to create a new foundation for Planet that’s ready for the world.
The protocol has had the opportunity to harden & improve in a few key areas:
- Increase utility for GAMMA
- Improved tokenomics
- Increased security
- Increased speed & performance
- Reduced gas fees
- Optimized smart contracts which can now be extended easily for new functionality
What’s New
- Stablecoin Markets: BUSD, DAI, FRAX, USDC, USDT
- Primary Markets: BTCB, ETH, BNB
- Swap UI Improvements
- New Token Icons
- Collecting GAMMA From Green Planet Goes Into Infinity Vaults
- Reduced Gas Fees
- Optimized Contracts To The Latest Version Of Solidity
- Improved security
- Added support for GAMMA stake boost, this will go live when the new Infinity Vaults are launched.
- The ability to shift what % of GAMMA flows between the farm vs. Green Planet (GammaTroller)
When does GAMMA’s new utility start working on Green Planet?
There’s a provision in the newly deployed contracts that enables support for GAMMA’s new stake boost utility. However, Infinity Vaults will have to be redeployed for it to take effect. This new stake boost utility will go live in August as Planet launches new Infinity Vaults and a new Farm. All liquidity pools in the new Farm will also have this same utility where you can stake more GAMMA to earn more.
Why is the APY of AQUA & GAMMA in their standard vaults 0%
New markets for AQUA & GAMMA have not been deployed yet. New markets for both, will be deployed in August at the same time as the new Infinity Vaults. All GAMMA allocated to AQUA & GAMMA before the re-launch is now allocated directly towards Infinity Vault stakers.
GAMMA’s New Utility: Supply APY Boost
- All markets will have an APY Boost based on infinity vault holdings.
- Tokens allocated for boost APY can only be received by users directly in their infinity vault.
- Moreover, the more iGamma you have relative to your supply amount and relative to other suppliers, the more boost APY you earn. This doesn’t have a cap on it, the more GAMMA supplied to the Infinity Vault, the more someone can earn.
- This new utility will take effect once the new Infinity Vaults are deployed. There’s a provision in the new Infinity Vault contract that’s required for the protocol to be able to properly calculate a users iGAMMA balance to factor into the Boost Formula.
- Once the new Infinity Vaults are deployed in August, turning on this new functionality will be done with a single transaction. Users of the protocol will not need to do anything but withdraw from the old Infinity Vault and deposit into the new one.
Where’s my pending GAMMA that I didn’t claim before the launch?
With the re-launch of Green Planet, all GAMMA earned, when collected will be staked into your Infinity Vault in a single transaction. If you have GAMMA that you didn’t claim before this re-launch you can find it by hovering on the 3 dot menu and going to Lending V1.
Helping users affected by the Terra situation
So to recap, the community has voted to allocate 5% of fees generated from Green Planet towards affected users here. The smart contract that will receive & distribute these fees amongst affected users is currently being developed.
Once it’s ready, there will be:
- A full list released that includes all affected wallets and their values.
- A separate pop-up or section where affected users can claim their % of the protocol fees as they accrue.
This is being worked on right now. A timeline will be shared for this soon.
Going Forward
Overall we’re extremely excited about what this means for Planet as we move forward. The last couple of months created an opportunity to make significant improvements to the protocol. We’ve been able to clear a lot of technical debt and things are in a great place technically. This will enable Planet to roll out new features and improve the protocol much faster.
With exciting things like Pink Planet, a new Farm and the Stableswap coming soon, the mission remains the same.
To Decentralize the Planet’s finances.
