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WAGMI v0 Litepaper

Summary

The WAGMI incentives program is Boba Network’s take on liquidity mining 2.0. Users can earn WAGMI options using their favorite dApps on Boba Network. WAGMI options are KPI (key performance indicators) options on $BOBA token based on metrics relating to Boba Network, such as monthly active wallets or project specific TVL.

These options have two month lifecycles. Each month, a new option version is distributed to miners through participating projects. WAGMI farmers would receive WAGMI options in one month, but have the value of that option based off of KPIs for the following month. We aim to make WAGMI farming a positive sum experience: users are incentivized to evangelize and encourage behaviors that grow Boba.

We are committed to innovating on both community and technology for Boba Network, and WAGMI options will be a part of a larger initiative to make Boba the best place to build.

WAGMI v0 KPI Design

The KPI for $WAGMI v0 is based on the TVL of the Boba network, measured in USD.

Each WAGMI v0 option is worth a minimum of 1 BOBA regardless of the BOBA TVL. However, if the TVL is above a target upper bound at expiry, the WAGMI v0 option expires to be worth 2 BOBA. Between the upper and lower bounds, each option is valued at:

[(S – L) / (U – L)] + 1

S = settlement TVL
L = lower TVL bound
U = upper TVL bound

Minimum and maximum TVL thresholds are $300mm and $1B, respectively. This means that at a TVL of $300mm or lower, each WAGMI v0 is worth 1 BOBA; at a TVL of $1B or higher, each WAGMI v0 is worth 2 BOBA; between these two values the BOBA payout would scale linearly.

TVL will be calculated on the March 2022 TWAP of TVL to prevent short term attempted manipulation. The official source for Boba TVL will exist on the WAGMI page (links to gateway.boba.network/wagmi) and is also available on L2 Beat: https://l2beat.com/.

WAGMI farmers can accumulate WAGMIv0 options in the month of February 2022, but have the value of that option based off of the Boba Network TVL for the following month. This is intended to make liquidity sticky. Boba Network should attract liquidity in one month in order to mine options, and then that liquidity will stick around to, not only mine the next epoch of options, but also keep TVL high so that the original v0 options are worth more.

The dApps participating in this round of WAGMI incentives are:

As an example:

  • Chad bridges over assets to Boba Network (gateway.boba.network, bobabridges.com)
  • Chad locks liquidity in February in OolongSwap and receives 1000 $WAGMIv0 options.
  • At the end of March, $WAGMIv0 is valued based upon Boba Network TVL.
  • Chad keeps his liquidity in the WAGMI pools in January because he wants his WAGMI v0 options to be worth more, and also because he is mining WAGMI v1 options.
  • Chad redeems his 1000 $WAGMIv0 for 2000 $BOBA as Boba Network reaches $1B TVL

Additional Questions

FAQ can be found here: boba.network/developers/wagmi

WAGMI v0 Litepaper

Summary

The WAGMI incentives program is Boba Network’s take on liquidity mining 2.0. Users can earn WAGMI options using their favorite dApps on Boba Network. WAGMI options are KPI (key performance indicators) options on $BOBA token based on metrics relating to Boba Network, such as monthly active wallets or project specific TVL.

These options have two month lifecycles. Each month, a new option version is distributed to miners through participating projects. WAGMI farmers would receive WAGMI options in one month, but have the value of that option based off of KPIs for the following month. We aim to make WAGMI farming a positive sum experience: users are incentivized to evangelize and encourage behaviors that grow Boba.

We are committed to innovating on both community and technology for Boba Network, and WAGMI options will be a part of a larger initiative to make Boba the best place to build.

WAGMI v0 KPI Design

The KPI for $WAGMI v0 is based on the TVL of the Boba network, measured in USD.

Each WAGMI v0 option is worth a minimum of 1 BOBA regardless of the BOBA TVL. However, if the TVL is above a target upper bound at expiry, the WAGMI v0 option expires to be worth 2 BOBA. Between the upper and lower bounds, each option is valued at:

[(S – L) / (U – L)] + 1

S = settlement TVL
L = lower TVL bound
U = upper TVL bound

Minimum and maximum TVL thresholds are $300mm and $1B, respectively. This means that at a TVL of $300mm or lower, each WAGMI v0 is worth 1 BOBA; at a TVL of $1B or higher, each WAGMI v0 is worth 2 BOBA; between these two values the BOBA payout would scale linearly.

TVL will be calculated on the March 2022 TWAP of TVL to prevent short term attempted manipulation. The official source for Boba TVL will exist on the WAGMI page (links to gateway.boba.network/wagmi) and is also available on L2 Beat: https://l2beat.com/.

WAGMI farmers can accumulate WAGMIv0 options in the month of February 2022, but have the value of that option based off of the Boba Network TVL for the following month. This is intended to make liquidity sticky. Boba Network should attract liquidity in one month in order to mine options, and then that liquidity will stick around to, not only mine the next epoch of options, but also keep TVL high so that the original v0 options are worth more.

The dApps participating in this round of WAGMI incentives are:

As an example:

  • Chad bridges over assets to Boba Network (gateway.boba.network, bobabridges.com)
  • Chad locks liquidity in February in OolongSwap and receives 1000 $WAGMIv0 options.
  • At the end of March, $WAGMIv0 is valued based upon Boba Network TVL.
  • Chad keeps his liquidity in the WAGMI pools in January because he wants his WAGMI v0 options to be worth more, and also because he is mining WAGMI v1 options.
  • Chad redeems his 1000 $WAGMIv0 for 2000 $BOBA as Boba Network reaches $1B TVL

Additional Questions

FAQ can be found here: boba.network/developers/wagmi