How our upcoming liquidity migration will raise the bar
Lo(ng) and behodl, dear customers of the bar! Operation Bombshot is coming closer, and we can’t wait to serve you all some well-deserved $BEV, raise the volume and bring this party to the next level. The bar staff has been polishing our glassware, cooking up some nasty beats and trying out new recipes. The floor has been scrubbed, the tables are clean and the taps are full. After grinding through those night shifts, we are now happy to share further details on Operation Bombshot.
In case you missed our first post on Operation Bombshot, you can read up on it here. For those of you that prefer to sip their drinks in a nutshell:
O.B. is a migration from all $BEV underlyings into $BEV, increasing $BEV liquidity. For one week, you can stake in 20 addtional pools on longdrink.finance/#/operation-bombshot and receive $LONG in the process. After one week, the staked tokens will be converted into $BEV and BNB-BEV LP tokens at no loss.
Phase 1: Fill Up
Starting: Monday, Jun 28 2021, 16:00:00 UTC+0
During: 1 week
Everyone can stake their respective assets in the pools and receive $LONG in return.
You can get a sense of all bombshot pools available during the operation at longdrink.finance/#/operation-bombshot. This will also be the go-to for managing your staking once pools are live.
We will announce once the staking rewards contract has been deployed.
Phase 2: Get Mixing
Starting: Monday, July 09 2021, 16:00:00 UTC+0
Bombshot pools will close and emissions will end. All assets staked in the pools at this point will be converted at no loss: Single assets convert to $BEV, and LP tokens to BNB-BEV LP tokens.
Members who participate in Operation Bombshot will be rewarded retroactively, details to come. Follow our Twitter for more updates.
How do I join the action?
Head over to longdrink.finance/#/operation-bombshot for an overview of all pools going live on June 28th.
As every educated bar aficionado knows, $BEV consists of ten underlyings. These are BNB, CAKE, BAKE, XVS, BTCST, TWT, SFP, EPS, ALPACA, NRV. All of these (and their LP tokens) can be staked during Operation Bombshot. That means, for every one of these underlyings, you will see two pools:
(1) A single-asset staking pool
(2) An LP staking pool
Note that, in the special case of BNB, due the absence of a BNB-BNB LP token, there is only one pool for staking our beloved native token as a single asset, which will be completely converted to $BEV.
By participating in one of the bombshot pools, you will start earning $LONG, the official governance token of Longdrink Finance.
$LONG rewards per pool are based on the respective token weightings within $BEV. For instance, if CAKE makes up 27% of $BEV at the start of bombshot, the two CAKE pools will receive 27% of all $LONG distributed amongst bombshot pools,
Intoxicating news, right? Well, we’re not stopping here!
As part of Operation Bombshot, we are proposing a first-of-its-kind Happy Hour in our establishment. That is, we are putting forward a governance vote to increase the LONG emissions rate from 0.42 to 0.69 $LONG/block for the time of Operation Bombshot.
This means increased rewards with higher APRs to make those yields extra juicy. The members of the bar are asked to decide — so head over to our Snapshot Proposal to have your say in the matter!
At the end of Phase 1 — on 5th of July at 4pm UTC — bombshot pools will close and emissions will end. As we enter phase 2, all assets staked in the pools at this point will be converted: Single assets convert to $BEV, and LP tokens to BNB-BEV LP tokens.
What will happen during the conversion?
As the pools are closed, the conversion immediately starts. In a series of steps, the protocol will…
For staked single assets:
- convert all single-asset tokens (e.g. CAKE, BAKE, … ) staked during phase 1 into BNB, and then mint $BEV with the resulting total amount of BNB
- return an amount of $BEV worth the value of your staked single assets at the time of the mixing, which you can then claim at any time from the $BEV staking pool
Example 1: If you stake 10 NRV in the Nerve pool, and NRV trades at $1 at the time of mixing, you will receive $10 worth of $BEV in return for your NRV
For staked LP assets:
- unwrap all staked LP tokens (e.g. CAKE-BNB, BAKE-BNB, …), convert the underlying to $BEV and pair it with the unwrapped BNB to provide BNB-BEV liquidity
- return an amount of BNB-BEV LP tokens worth the value of your staked LP assets at the time of the mixing, which will be immediately claimable from the BNB-BEV LP staking pool
Example 2: If you stake 20 CAKE-BNB in the CAKE-BNB pool, and one CAKE-BNB LP token is worth $150, you will receive $3000 (20*150) worth of BNB-BEV LP tokens in return for your CAKE-BNB LP token
Remember: $BEV always carries its inherent value and is always 100% backed by its underlying assets. Thereby, the price of $BEV is always determined by the summed up value of the tokens that make up $BEV.
What do I need to do to continue farming $BEV post migration?
Nothing. We will automatically convert all single-asset staking positions to $BEV staking positions, and all LP staking positions to BNB-BEV LP staking positions. You will automatically continue earning $LONG rewards, and will be able to claim previously earned $LONG. All you need to do is stake during phase 1 of Operation Bombshot.
Let’s get bamboozled.
So $LONG, everyone!
Feel free to contact us through our socials (links below).
Contributors to Longdrink Finance have made reasonable efforts at ensuring the integrity of the protocol including tests. $LONG is completely valueless and has 0 financial value. Please feel free to reach out to us if this interests you.