The Boardroom will start distributing $EQU reward on the 2022-08-11 11:00 UTC UTC. The Boardroom is where you can stake your ownership of Equation Finance ($ESHARE) and as a reward, you will receive newly minted $ESHARE. There are rules to follow which are put in place to make Equation Finance as fair as possible for all parties involved. This means that the following rules are in place:
- Depositing or Withdrawing $ESHARE has a lockup period of 6 Epochs for $ESHARE withdrawals. It also reset the harvest lock to 3 Epochs.
- Adding to your already staked $ESHARE will reset the lockup counter to 6 Epochs and the harvest lock to 3 Epochs.
- You can harvest your freshly minted $EQU every 3 Epochs. Every harvest will reset the harvest lock to 3 Epochs and the $ESHARE withdrawal to 6 Epochs.
An Epoch is very easily defined as a length of time. In Equation Finance, 1 Epoch has a default base of 6 hours. 3 Epochs would then be 6 * 3 = 18 hours. The countdown clock until the next Epoch can be easily seen in the Boardroom.
The minting of new $EQU relies on the Time Weighted Average Price (TWAP) of $EQU to be above 1.009 $FTM (Also called Expansion Phase). The price of $EQU is measured in a TWAP (Time Weighted Average Price) in order to have the most accurate un-manipulatable price on a cost basis.
Every Epoch that constitutes a mint will enable the minting process into the following:
- Boardroom distribution to $ESHARE Stakers = 80%
- DAO Treasury = 18%
- Dev fund = 2%
Note that if TWAP of $EQU is less than 1 $FTM, there will be no minting in the Boardroom during that specific Epoch.
The total Minting rate of new $EQU in the Boardroom on each Epoch is based on the current circulating supply of $EQU.
- 500 000 Circulating Supply of $EQU = 4.50% Expansion Rate
- 500 000 Circulating Supply of $EQU = 4.00% Expansion Rate
- 1 000 000 Circulating Supply of $EQU = 3.50% Expansion Rate
- 1 500 000 Circulating Supply of $EQU = 3.00% Expansion Rate
- 2 000 000 Circulating Supply of $EQU = 2.50% Expansion Rate
- 5 000 000 Circulating Supply of $EQU = 2.00% Expansion Rate
- 10 000 000 Circulating Supply of $EQU = 1.50% Expansion Rate
- 20 000 000 Circulating Supply of $EQU = 1.25% Expansion Rate
- 50 000 000 Circulating Supply of $EQU = 1.00% Expansion Rate
The Expansion Phase (Epoch(s)) right after the contraction phase and if there are still $EBONDs left to be redeemed, is called the Debt Phase. During the Debt Phase, the Boardroom will issue new $EQU as an ordinary Expansion Phase, however 65%, of all new $EQU minted will go to the Treasury Fund in order to be able to redeem all outstanding $EBOND. After the Treasury Fund has gotten enough $EQU to cover the redemption of outstanding $EBOND the Expansion Phase distribution will return to the ordinary Boardroom distribution stated above.
- Next Epoch shows a timer counting down until the next Epoch shift
- Current Epoch show the current Epoch the protocol is on
- $EQU Price(TWAP) show the Time Weighted Average Price of $EQU in relation to the peg
- APR shows the calculated non-compounded Annual Percentage Rate of the investment, this value fluctuates depending on multiple factors
- $ESHARE Staked shows how many $ESHARE have committed to the Boardroom
- There is also information about your own amount of staked $ESHARE and how many $EQU there is for you to withdraw