Circle Finance LP Farms Launch

December 7 update – site and socials deleted.

December 6 update – there was an error in the boardroom contracts launched on December 5. They team is re-launching genesis, redeploying the contracts, and current holders are to be airdropped the new token. The new genesis will last 24 hours with no deposit fee beginning December 6, while the farms will re-launch on December 7.

LP farming launch for a multi-peg algorithmic stablecoin protocol on Avalanche.

Note: Start time is stated as 11pm UTC on the docs, but 10pm UTC on the contract. The start time has thus been set as 10pm UTC.

DETAILS

• LP Farms
  • Farming emissions will last for 365 days
  • There will be 2 LP farms where users can earn either CSHARE or CIRCLE rewards
  • CSHARE LP farm – Stake CIRCLE / USDC.e or CSHARE / USDC.e LP to earn CSHARE rewards
    • 50,000 CSHARE rewards to be distributed across the following pools;
      • 30,000 — CIRCLE / USDC.e
      • 20,000 — CSHARE / USDC.e
  • CIRCLE LP farm – Stake CSHARE / USDC.e LP to earn CIRCLE rewards
    • ❌ No information available on the rewards allocation
  • No deposit or withdrawal fee in farms
  • There is a 6-weeks scaling sell tax on CIRCLE / CIRCLE LPs; tax starts at 5% and reduces by 1% every week until 0% on week 6
  • Boardroom is scheduled to open on December 5, 2pm UTC

• Tokens
  • 2 algo-stable tokens;
    • $CIRCLE is the algo-stable, pegged 1:1 to USDC.e
      • Initial supply: 61,400
        • 10,000 — Genesis farming
        • 51,000 — Rebates
        • 400 — Pre-mint for initial liquidity
    • $SAND is the algo-stable, pegged 1:1 to WAVAX
      • Initial supply: 1,060
        • 1,000 — Genesis farming
        • 50 — DAO fund
        • 10 — Pre-mint for initial liquidity
  • $CSHARE is the shares token
    • Total supply: 60,020
      • 50,000 — Farming rewards (vested linearly over 12 months)
      • 6,000 — DAO fund (vested linearly over 364 days – 16.48 CSHARE/day)
      • 4,000 — Dev fund (vested linearly over 364 days – 10.99 CSHARE/day)
      • 20 — Pre-mint for initial liquidity
  • $CBOND is bond token for CIRCLE
  • $SBOND is bond token for SAND
  • Ownership renounced on $CIRCLE [tx], $CBOND [tx] contracts

• Features
  • Sell tax – 6-weeks scaling sell tax on CIRCLE / CIRCLE LPs; tax starts at 5% and reduces by 1% every week until 0% on week 6
  • Rebates – bond mechanism for building Protocol Owned Liquidity
    • rebates open when CIRCLE is at TWAP > 1.2 USDC.e
    • deposit bonding assets such as; USDC.e, AVAX and receive discounted CIRCLE tokens
    • bonded CIRCLE is linearly vested over 7 days
  • LP Nodes –  purchase LPs nodes and earn higher LP yield
    • CIRCLE/USDC.e and CSHARE/USDC.e LP node pools available
    • deposit your LPs to earn up to 1.5% – 3% daily ROI — maximum of 500% ROI
  • Road-mapped features include; auto-compounding vaults, launch of xCIRCLE