gFly Locking Overview
- A wallet holder can choose how long they want to lock (in 24 hour epochs).
- The maximum lock period is 365 days.
- The greater the number of epochs remaining, the greater the share of eligible emissions the locked gFLY receives.
- Wallets may elect to auto-lock their rewards for a further 90 days.
- By electing to auto-lock bonus emissions received, stakers receive a 2x bonus on their rewards. This works as follows, assuming all participants stake an equal amount of gFLY: 1. Wallet 1 has 14 days remaining on their lock 2. Wallet 2 has 90 days remaining on their lock 3. Wallet 3 has 365 days remaining on their lock The total of days locking here is 469, meaning: 1. Wallet 1 receives ~3% of RNG emissions 2. Wallet 2 receives ~19% of RNG emissions 3. Wallet 3 receives ~78% of RNG emissions
- A wallet holder can extend their lock period at any time, and enable auto-lock to automatically extend their lock out to the maximum period
- This solution:
- Incentivizes wallet holders who support the network with a long-term perspective by extending their lock to the maximum allowable period;
- Reduces large unlock events and associated FUD
- Positions gFLY as a token that is yield generating rather than relying on inflationary emissions.
The gFLY token contract will facilitate the sale of vesting and locked gFLY without requiring the approval of the DAO.
Third parties who wish to purchase >1% of total supply of gFLY may enter a binding offer into the Treasury dashboard, comprising:
- The proposed price (which may be revised upwards prior to closing)
- A minimum and maximum amount of gFLY that the purchaser is willing to purchase in the transaction.
By default, the OTC round can be filled by each of the following groups:
20% - The BattleFly DAO treasury
40% - Wallets with gFLY locked for more than 90 days
40% - Wallets with gFLY vesting over the 36 month vesting period
To participate in the OTC round, wallets who meet the above criteria allocate a % of their locked or to-be-vested gFLY in the dashboard. Any amount entered may not be withdrawn.
A seller with to-be-vested gFLY cannot nominate more than 50% of the gFLY to sell than they are entitled to receive in the next 12 months.
In the event of the OTC round being over-supplied, the allocation of individual sellers in fulfilling the purchase is based proportionately on their overall locked or to-be-vested amount of gFLY.
In the event of a round not being fulfilled, the allocation is filled from sellers who wish to sell a greater share of their gFLY, noting that “to-be-vested sellers” cannot nominate more than 50% of their “next 12 months” gFLY entitlement.
Any gFLY purchased OTC inherits the locking attributes (ie.. it may be comprised of gFLY that is locked for between 90 days through to 365 days).
10% of the OTC transaction value is distributed to the Treasury as an OTC placement fee.