The Master Booster

Incentivizing Bullish Sentiment

Velocimeter has been one of the Solidly DExes that is in a constant phase of innovation and today we would like to unveil another addition to our suite of tools.

Velocimeter is built without upgradable proxy contracts, and uses a module style design. So users have the choice to interact with new contracts only if they wish to. ALL deployed contracts are immutable and your funds can never be moved by anyone but yourself.

A common issue with emitting a reward token for liquidity providers is that mercenary farmers come in with the sole desire to sell them for more of their “safe assets.” Our first innovation, to mitigate this was the use of oTOKENS, which we pioneered for a DEx native emission reward token. But this article is not to introduce oTOKENS. 

Velocimeter is deployed on various chains with various version of a reward token. For the sake of simplicity we will only refer to BVM in our examples, but it might hold true for FVM, CVM, MVM and any future deployments.

Instead, we have built a contract that will encourage the buying of our liquid reward token. It’s called the Master Booster. Instances of this idea have been tested in prod with live users and tokens and we have found it to be successful. Let’s talk first about the testings.

The veBooster

This contract asks users to buy BVM and lock them as veBVM with a boost from extra tokens from the treasury.

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So for example, if you had come with 100USD of WETH and bought the veBooster, it would have bought 100USD of BVM  from the market. The resulting amount would be boosted and you would have received something like 150USD worth of veBVM.

  • The boost rate is fully adjustable.

The BribeBooster

Another booster built was designed for the use of projects looking to build up a veNFT for their own use, as well as to bribe voters to vote on their pool. This booster was designed for users to bribe a pool in oBVM, and receive an veNFT immediately for which they can vote on that pool and recoup some of that bribe. 

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To illustrate, a project could come with 100USD of WETH, which would be used to buy BVM from the market, convert it to oBVM, bribe that oBVM on their pool and they would receive a 50USD veBVM NFT in addition.

  • The boost rate is fully adjustable.

The Master Booster

These contracts stood alone, and there is no reason they couldn't be combined, and that is what we did. Furthermore, we added a third boosting option, the LPbooster.

The LPbooster is for users to get a boost if they buy BVM from the market and use this to create LPs and stake them in the gauge with a full lock. 

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To clarify, a user can come with 100USD of WETH, this WETH is used to buy an amount of BVM, based on the boost, that is needed to create an LP of 50/50 WETH/BVM, of a value of say 110USD, which is staked in the gauge with a full lock of 60 days.

  • The Lock period is adjustable.

  • All three boost rates are independent and fully adjustable.

The Budget

Another issue we had with the boosters is that they required funding from the treasury. Which was troublesome and not automated and decentralized. So we built a system to fix this. We have built a proxy gauge that when it receives emission, like any other gauge, it sends those emissions directly to the Master Booster. So veNFT holders now have the choice to use their voting power to encourage the buying of BVM tokens simply by using some of their voting power each epoch to vote on the proxy gauge.

Velocimeter is keen to bring new tech to our stack at a consistent rate. We have since our initial deployment brought the following innovations:

  • Fees that went directly as bribes and were claimable at epoch flip.

  • Option token emissions, with exercise(), exerciseLP(), exerciseVE().

  • A Maxxing Gauge that collects the revenue from oTOKENs and gives it to LP Providers.

  • Emissions can be doubled or halved each epoch.

  • A mintTank that holds preminted tokens, but can ONLY be used to mint veNFTs.

  • Fees can be adjusted on a pool by pool basis.

  • AutoBribe contracts that allow projects to fund bribes for multiple weeks.

  • VelocimeterPro which allowed projects to use oTOKENs for bribes/rewards.

  • Factory Arrays, that allow for new innovations without changing current deployments.

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