
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 timeNo fees are incurred when depositing GLP for plvGLP
Users can redeem plvGLP for GLP at any timeWhen redeeming plvGLP for GLP there is a2%exit fee charged in GLPOf the2%exit fee charged,0.5%goes back into the vault to be split amongst plvGLP stakers and1.5%goes to Plutus
The vault takes the ETH rewards and auto compounds the position, resulting in plvGLP constantly appreciating in valueThis 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 morefrequently
plvGLP is permissionless so it may be built on top of by anybodyThe 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 GLP1.5%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 GLPExample: 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:FlexibleIn 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 contractsThis 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 receive15%of PLS liquidity mining emissionsThis amounts to2,250,000 PLSdistributed to plvGLP over 2 yearsIn the first month there will be123,750PLSemitted 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.
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