The WARP Portal Is Opening — December 9th (Official Protocol Launch)
The warp.finance platform smart contracts will open for deposits and withdrawals on December 9th 18:00 UTC.
- $WARP reward accumulation will begin on December 10th, 18:00 UTC and all rewards will be distributed retroactively over 6 months, starting from TGE.
- The deposit and withdrawal-only period will last one week. Rewards will be earned by depositing supported stablecoins and/or Uniswap LP Tokens.
- When borrowing is enabled in the second week, rewards will be earned by depositing stablecoins and outstanding loan amounts.
- Audit of smart contracts has been completed by Hacken. Full release to be deployed when smart contracts are launched.
The Warp Protocol’s primary objective is to create a novel use case for unused Liquidity Provider (LP) tokens by allowing them to be used as collateral for borrowing. The result is a two sided marketplace, where users can deposit LP tokens for stablecoin loans, and stablecoin provider liquidity will enable these loans.
Warp Finance will initially launch with a week-long deposit-and withdrawal-only functionality.
Depositors will be able to build up the stablecoin liquidity pool as well as deposit Uniswap LP tokens for when the borrowing functionality is enabled. During this phase, $WARP rewards will be earned for depositing stablecoins and/or LP tokens. A user’s share of the rewards will be based on the ownership percentage of the value deposited over time. The rewards will be distributed as a retroactive and vested distribution schedule. Please refer to the corresponding section in our Litepaper for more details.
After the completion of the initial deposit- and withdrawal-only phase, the borrowing functionality will be enabled. When the borrowing functionality is live, the stablecoin deposits of users will be available for lending on Warp Finance and depositors will earn interest on their stablecoins. Moreover, LP token depositors will be able to take out loans against their LP tokens as collateral. All while still earning WARP rewards and trade fees from Uniswap.
Liquidity Mining/WARP Distribution Details:
- Website: https://warp.finance/
- Audit: Completed by https://hacken.io/. Full report to be released when contracts are deployed to mainnet.
- Total liquidity mining rewards: 19.15% of total WARP: full token distribution and metrics here.
- Monthly rewards/inflation: ~1.064% of supply.
- Vesting schedule for retroactive distribution: Vested over 6 months starting on TGE.
- Vesting schedule for rewards earned after TGE: Immediate.
- $WARP token contract address: Will be provided once the token is launched.
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