On June 7th, we proposed RGP-2, Ribbon’s first Liquidity Mining Program. This proposal would distribute 1% of RBN supply to vault depositors pro rata, from June 15th to July 19th. The proposal outlined 3 main goals:
- Grow vault TVLs
- Expand voting power to users who missed out on the Airdrop
- Distribute more RBN to users who continue to have skin in the game (vault depositors)
After lots of discussion and debate around the original proposal, we made a few changes to the specification of the RBN distribution. To disincentivize “mercenary farming”, the liquidity mining contract will only reward RBN to users who stay until the end of the program. RBN is also still non-transferable, so users can only use the RBN in their wallets to vote.
We put the updated proposal up for a Snapshot vote on 11th-14th June, and it had a resounding 97% in favor of the proposal. Approximately 40% of the circulating supply of RBN signaled their choice in the Snapshot vote.
Today, we are launching the Liquidity Mining Program. Ribbon depositors can now stake their vault deposit tokens on the Ribbon app to start earning RBN rewards. The program officially starts on Friday, Jun 18 2021 10:30:00 GMT+0000 (timestamp 1624012200), and you will be eligible for the first week’s rewards if you have staked by then.
To start staking your vault deposit tokens, head over to app.ribbon.finance/staking today!
Here is a short video tutorial on how to stake: https://www.loom.com/share/83a2ed126d2d430bbb1d0a4b0aaa732b