Want to yield farm our SVY token? Like stable pools with little to no Impermanent Loss?
Well, you’re in luck! =)
Savvy is going live on Arbitrum prior to the launch of our SVY token!
That means you’ll be able to use the protocol early, provide initial liquidity for our svToken pools, and earn some incredible boosted SVY rewards in the process.
TL;DR:
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- Savvy’s Market Making Campaign (MMC) launches on Arbitrum One on Tuesday, June 13th
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- Liquidity providers can farm Savvy’s svToken pools (svUSD, svETH, and svBTC) on Trader Joe for an opportunity to earn boosted SVY rewards
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- Around 3,500 SVY will be released on Day 1, and roughly 95,000 SVY over the course of the MMC
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- Savvy NFT holders and fren communities are eligible for additional boosted rewards for participating
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- Savvy community members will have access to the MMC 24 hours before public launch — join our Discord to hop in on the action early!
About the MMC:
Savvy’s Objectives
Savvy is launching its MMC primarily to deepen svToken liquidity (hosted on Trader Joe), as well as deploy our CDPs and launch initial yield strategies. The deeper and more liquid the svToken pools, the more our users can borrow, as deeper markets expand the potential addressable Savvy market. Lastly, it will help to maximize loan-to-value (LTV) potential for Savvy users.
Don’t know what an svToken is? Check out this article.
Duration:
The MMC begins on Tuesday, June 13th and will run between 4–6 weeks. The MMC Boosted Rewards and SVY emissions will end with the conclusion of the Token Generation Event (TGE). Liquidity mining emissions will continue normally beyond the MMC and token sale.
Supported Pools:
The following pools will be hosted during the MMC on Trader Joe:
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- svUSD-USDC
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- svETH-ETH
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- svBTC-WBTC
How SVY Rewards are calculated:
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- Estimated rewards depend on the SVY emission rate and your percentage of your supplied LP in the pool.
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- Rewards will be allocated (but not distributed) on a weekly basis;
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- Early participation is rewarded
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- SVY will be emitted according to the emission schedule found in the Savvy Liquidity Mining Report.
Reward Calculation Resources:
We built a custom calculator for you to estimate your SVY rewards — check that out here. Make sure to read the ‘Introduction’ tab before diving in.
We’ve also provided a nifty 3D model to visualize APY under different circumstances.
SVY Tokenomics:
See our tokenomics article for more.
Exiting position:
LPs can enter and exit their positions at any time, there are no lockups. If an LP exits they will do so with their accrued SVY that will be distributed upon completion of the MMC. Note that those exiting will earn less rewards if the position is closed prior to the end of the MMC.
Rewards Tracking and SVY Reward Distribution:
This will be handled by the Trader Joe Liquidity Book market maker rewards program. Savvy will provide the SVY tokens to Trader Joe and they will handle calculation and distribution of SVY.
Please note:
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- The SVY allocation is subject to change.
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- SVY will not be priced until the SVY’s Token Sale, which will occur after the MMC.
How to Participate
Overview:
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- Deposit collateral
- Borrow svTokens
- Repay your Line of Credit (Self-liquidate)
- Withdraw funds
- Provide paired liquidity (both svToken and base asset) to the svToken pools on Trader Joe
Watch a walkthrough video here, or if you have specific questions join the Savvy Discord or schedule some time with the Savvy team on our Savvy Cal.
Here’s what the process looks like:
1. Deposit collateral: Go to the Strategies page and first select the collateral type: Stables, ETH, or BTC. Note that your collateral type selection determines the set of available strategies to provide liquidity to. After choosing your preferred yield strategy, input the amount of base tokens to supply from your wallet. Finally, click the “Approve” & “Deposit” buttons.
2. Mint svToken: Click “Borrow” to receive a Savvy Line of Credit in the form of svTokens (svUSD, svETH, or svBTC). You are able to mint up to 50% of the value of the collateral in this credit line (e.g. you deposited 1 WBTC, you can now borrow up to 0.5 svBTC). Click “Manage Collateral”.
3. Re-pay Line of Credit (Self-liquidate): Next, use your deposited collateral to immediately repay the line of credit by using the ‘self-liquidate’ feature. Since your debt is about half of your deposit, you must exchange half your collateral deposit to clear your liability. After this process, your position will be 50% svTokens and 50% initial collateral.
4. Withdraw Funds: Click “Withdraw” to withdraw your remaining deposited collateral from Savvy. Now you can provide liquidity in the corresponding svToken liquidity pool
5. Provide Liquidity on Trader Joe: Then, with your svTokens in hand, go to Trader Joe (traderjoexyz.com) and open an LP consisting of 50% svTokens and 50% your initial collateral. The larger your position and the longer it remains open, the higher your SVY rewards. We recommend users LP within a max range of 20bps or 2 bins on either side e.g. for svUSD-USDC, between 0.999–1.001 range.
Obtain Boosted MMC SVY Rewards
In addition to the MMC rewards, Savvy & Frens Communities will have access to a reserved pool of SVY rewards.
*Note The LP Must hold the NFT to receive reward
Holders of Savvy & Frens Galxe NFTs are eligible to mint an ‘MMC Boost’ Galxe NFT and receive boosted MMC rewards.
Please see eligible Frens NFT here: MMC Collab Subgraphs.
To mint the Galxe NFT go here: MMC Boost Galxe NFT.
Next Steps:
Join the Savvy Discord now and follow the announcements channel as the Discord members will get first notice of the MMC go live announcement, before it rolls out publicly.
