plvGLP is deprecated and will migrate to plvLOOP on Arbitrum.

Following the compromise of GMX v1 products, GMX have paused the deposits and frozen the assets for withdrawal. Existing plvGLP and accrued rewards are migrated to plvLOOP on Arbitrum, which is GMX v2 based and plvGLP will be redeemable to plvLOOP on the Plutus dApp.

Minting, Redeeming, & General Vault Function

Users can mint and redeem plvGLP as follows:

• Users can deposit GLP for plvGLP at any time

  • No fees are incurred when depositing GLP for plvGLP

• Users can redeem plvGLP for GLP at any time

  • When redeeming plvGLP for GLP there is a 2% exit fee charged in GLP

  • Of the 2% exit fee charged, 0.5% goes back into the vault to be split amongst plvGLP stakers and 1.5% goes to Plutus

• The vault takes the ETH rewards and auto compounds the position, resulting in plvGLP constantly appreciating in value

  • This auto compounding function will be run through an off-chain bot that is run every 8 hours, as plvGLP TVL grows the auto compounding function will be run more frequently

• plvGLP is permissionless so it may be built on top of by anybody

  • The GLP -> plvGLP minter/redeemer is permissioned

Fees

The fees associated with plvGLP are as follows:

• Exit Fee: 2%

  • This fee will be incurred when redeeming plvGLP for GLP

  • 1.5% goes to Plutus, 0.5% goes back into the vault and is split amongst plvGLP stakers

• Vault Fee: 10%

  • This fee is applied to the ETH rewards associated with GLP

  • Example: GLP is paying out 20% APR in ETH yield, users will receive 18% APR in ETH yield and the other 2% will go to Plutus

• Partner Project Exit Fee: Flexible

  • In order to ensure that a wide array of products may be built on top of plvGLP we have the capability to reduce the plvGLP exit fee for specific contracts

  • This would allow applications of plvGLP that have a high turnover rate to be possible

Emissions

The plvGLP vault will be incentivized with PLS emissions as follows:

• plvGLP will receive 15% of PLS liquidity mining emissions

  • This amounts to 2,250,000 PLS distributed to plvGLP over 2 years

  • In the first month there will be 123,750 PLS emitted to plvGLP stakers

• The emissions will be weighted towards the early months. The first month will have the highest emissions and they will decrease every month after that - this is in line with how emissions work for plsASSETs as well.