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WAGMI v1 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.

WAGMI 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 Network.

We are committed to leading innovation on both technology and user experience for Boba Network. WAGMI options are a central part of our initiative to make Boba the best place to build.

WAGMI v1 KPI Design

The KPI for $WAGMI v1 is based on the TVL of the Boba network for the month of April 2022, measured in ETH.

The options are redeemable as follows:

  • Boba April TVL < 70,000 ETH: $WAGMIv1 is redeemable for 0.5 $BOBA
  • 70,000 ETH<= Boba April TVL <= 375,000 ETH: $WAGMIv1 scales linearly from 1-10 $BOBA
  • Boba April TVL > 375,000 ETH: $WAGMIv1 is redeemable for 10 $BOBA

The formula for determining the quantity of $BOBA that $WAGMIv1 is redeemable for between the upper and lower bounds is:

[(R_bull – R_bear) * (S – L) / (U – L)] + 1

S = settlement TVL
L = lower TVL bound
U = upper TVL bound
R_bull = 10 $BOBA
R_bear = 1 $BOBA

TVL will be calculated on the April 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/.

We will mint 75,000 $WAGMIv1 tokens, which will be redeemable for a maximum of 750,000 $BOBA.

WAGMI farmers can accumulate WAGMIv1 options in the month of March 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 and network usage 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 v1 options are worth more.

The dApps participating in this round of WAGMI incentives are:

  • Oolong Swap
  • Domination Finance
  • Dodo Swap
  • Zencha
  • Synapse
  • Celer Bridge
  • Bodh Finance

As an example:

  • Chad bridges over assets to Boba Network (gateway.boba.network, bobabridges.com)
  • Chad locks liquidity in March in OolongSwap and receives 1000 $WAGMIv1 options.
  • At the end of April, $WAGMIv1 is valued based upon Boba Network average TVL over the month.
  • Chad keeps his liquidity in the WAGMI pools in April because he wants his WAGMI v1 options to be worth more, and also because he is mining WAGMI v2 options.
  • Suppose Boba Network TVL is 300,000k ETH. Chad redeems his 100 $WAGMIv1 for 778 $BOBA.

Additional Questions

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

WAGMI v1 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.

WAGMI 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 Network.

We are committed to leading innovation on both technology and user experience for Boba Network. WAGMI options are a central part of our initiative to make Boba the best place to build.

WAGMI v1 KPI Design

The KPI for $WAGMI v1 is based on the TVL of the Boba network for the month of April 2022, measured in ETH.

The options are redeemable as follows:

  • Boba April TVL < 70,000 ETH: $WAGMIv1 is redeemable for 0.5 $BOBA
  • 70,000 ETH<= Boba April TVL <= 375,000 ETH: $WAGMIv1 scales linearly from 1-10 $BOBA
  • Boba April TVL > 375,000 ETH: $WAGMIv1 is redeemable for 10 $BOBA

The formula for determining the quantity of $BOBA that $WAGMIv1 is redeemable for between the upper and lower bounds is:

[(R_bull – R_bear) * (S – L) / (U – L)] + 1

S = settlement TVL
L = lower TVL bound
U = upper TVL bound
R_bull = 10 $BOBA
R_bear = 1 $BOBA

TVL will be calculated on the April 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/.

We will mint 75,000 $WAGMIv1 tokens, which will be redeemable for a maximum of 750,000 $BOBA.

WAGMI farmers can accumulate WAGMIv1 options in the month of March 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 and network usage 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 v1 options are worth more.

The dApps participating in this round of WAGMI incentives are:

  • Oolong Swap
  • Domination Finance
  • Dodo Swap
  • Zencha
  • Synapse
  • Celer Bridge
  • Bodh Finance

As an example:

  • Chad bridges over assets to Boba Network (gateway.boba.network, bobabridges.com)
  • Chad locks liquidity in March in OolongSwap and receives 1000 $WAGMIv1 options.
  • At the end of April, $WAGMIv1 is valued based upon Boba Network average TVL over the month.
  • Chad keeps his liquidity in the WAGMI pools in April because he wants his WAGMI v1 options to be worth more, and also because he is mining WAGMI v2 options.
  • Suppose Boba Network TVL is 300,000k ETH. Chad redeems his 100 $WAGMIv1 for 778 $BOBA.

Additional Questions

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