Popsicle Farming Update
Dear Isvikingers,
It’s been an exciting couple of months with the re-launch of Sorbetto Fragola, and the new governance/forum process! We have decided to look and change ICE farming rewards for the Popsicle Stand, according to market demands, below we explain the current situation of ICE farming and our plans moving forward.
The Current Situation
Currently, Popsicle is incentivising 6 pairs, across 3 different chains and DEXs:
- ICE/ETH Sushiswap ETH
- ICE/ETH Uniswap V2
- ICE/FTM Spookyswap
- ICE/FTM Sushiswap FTM
- ICE/BNB Pancake Swap
- ICE/BNB Sushiswap BSC
Each of these farms currently receive 8036 ICE tokens per week, bringing our current weekly emissions to 48,216 ICE per week. At the current price of $21 this means an approximate weekly expenditure of 1,012,536 $ per week.
Based on the above mentioned ICE rewards, it is pretty clear to be seen that these ICE farming rewards are not advantageous in comparison to where our users currently are most active if you look at the Liquiditiy Utilization rate. We are paying a high amount of ICE tokens for very fragmented liquidity rather than paying for concentrated liquidity that helps ICE LPers earn the maximum amount of fees as well as causes the least amount of slippage.
With the imminent launch of Sorbetto Fragola on Polygon Matic, the time to change the ICE farming rewards is now.
The New Regime
The situation will be changing from this Sunday (26th of December) onwards. The protocol will incentivise the liquidity for ICE on a single DEX per chain to concentrate it, and will discontinue the BSC pools in order to add wETH/ICE farms on Polygon. The new farming allocations will look as follows:
- ETH/ICE Sushiswap ETH
- FTM/ICE Sushiswap FTM
- wETH/ICE Sushiswap Polygon
We decided to focus all of our liquidity on a single DEX per chain in order to optimise our deployed capital and we have chosen Sushiswap for 2 main reasons. Firstly, Sushiswap has proven to be a fundamental part of the DeFi ecosystem, and it has always shared the same cross chain values as Popsicle. Have a read at this Early Days thread. Secondly, it will provide a better user experience for our users: no matter what chain you are on, you LP on Sushiswap the ICE/NativeToken pair and you stake it on the popsicle stand.
Easier, faster and more efficient.
Each one of these farms will be topped up weekly with 12,000 ICE, bringing our total ICE emissions to 36,000 per week, a 25% reduction from our previous standard. We expect to reduce this amount further as time goes by. The reduction is possible, due to the concentration of liquidity.
This will allow us to be more flexible if new opportunities arise, as well as allow us to follow the market movements as the volume or the ICE pairs change. After all, we have always wanted a dynamic model for ICE emissions, and now that our products are finally back live we can focus on that.
What should you do now?
The migration process is very simple.
- If you are already LPing on Popsicle using SLP tokens on FTM and ETH, you do not need to do anything, your LPs will start earning the new rewards regime tomorrow at 10AM UTC.
- If you are LPing on Spookyswap or Uniswap V2, and you still want to farm ICE rewards, you need to unstake from our farms, unstake from your DEX, LP on Sushiswap and then stake back on Popsicle. Rewards for Uniswap V2 LP tokens and Spookyswap LP tokens will stop tomorrow at 10AM UTC.
- If you are LPing on BSC, you can not farm ICE tokens anymore. Rewards on BSC will be stopped at 10 am UTC and you will need to unstake and either find other farms/LP on another chain!
All the farms will be on the Popsicle Stand, users will simply need to provide liquidity to their desired pair, and then stake the LP tokens on Popsicle Finance Website, same as what is happening right now.
We will keep using our Sorbettiere Smart contracts, which have been audited multiple times and have proven to be safe and reliable.
This new farming regime will start on the 27th of December 2021 at 10 AM UTC. Make sure to migrate if necessary, because discontinued farms rewards will be stopped!
What about the ICE token on Polygon?
Another important factor is that it will allow users that Popsicle will gain with its Polygon launch (coming SOON™) to easily acquire $ICE on one of their native chain DEX.
The only official ICE token on Polygon is the one bridged through Multichain.org, and its address can be found here. Liquidity for swapping can be found on Sushiswap Polygon, with the pair WETH/ICE.
Deposits for the new farms on Polygon are open already, but farming will start tomorrow 27th of December 2021, at 10:00 AM UTC!
