Happy New Year, Solars!
It has been quite an eventful holiday for the team, but we have some exciting news that’s sure to brighten your day. We’re happy to announce our latest feature: veSOLAR — a much needed upgrade for the Solarbeam vaults!
To empower long-term committed Solarbeam investors, we are introducing veSOLAR — a token which will replace the functionally of SOLAR vaults, allowing users to decide on the lockup time — dialing in your time commitment and APRs — as well as retain the flexibility of SOLAR.
The single staking pools are moving to be exclusive for veSOLAR staking and you also will be able to use veSOLAR in IDOs and most importantly voting in governance (in the future).
veSOLAR will allow our most loyal stakeholders to fully benefit from the platform by receiving the most rewards.
The single staking pools are changing to exclusive veSOLAR staking. You will be able to earn SOLAR and partner tokens with veSOLAR.
Multipliers for Eclipse
We envision veSOLAR as a natural upgrade to SOLAR vaults — the multipliers for Eclipse will work in the same way: users will have multipliers for their amounts staked, as well as longer lockups.
Each veSOLAR will represent the user voting power in Solarbeam ecosystem. The full governance model is yet to be released.
Being a token, veSOLAR gives us extreme flexibility to build on top of it. We expect to have many more use cases and we are excited to hear the community suggestions.
For more information on how veSOLAR works please refer to our documentation.
Solar vaults will gradually be decommissioned in order to allow for a linear transition to the veSOLAR model. More importantly, the vaults will be decommissioned on the following dates:
- 0-day vault: January 5th
- 7-day vault: January 12th
- 30-day vault: February 5th
Vault emissions will gradually transition to benefit veSOLAR holders.
While the team is doing everything to ensure a smooth transition, as always, our helpful community support will always be available throughout the day to answer any questions and provide any necessary support.
Changes on IDO multipliers
Any IDO prior to February 5th, 2022 will support both vault and veSOLAR multipliers in the following way:
Note: Even though 0-day and 7-day vaults will be supported for IDO allocation up to 5th of February, after the timeframes stated above, they won’t have any emissions.
After February 5th, once all three vaults are completely decommissioned, IDO multipliers will be subject to change, with the intention to benefit from longer lockup periods.
If you have any questions, please feel free to stop by our Discord or Telegram channels, and our awesome support staff will be happy to help you.
Solarbeam is the leading decentralized exchange on Moonriver network. With a peak TVL of $188 million, and daily trading volumes between $5 million and $15 million per day, it is currently the largest on the network. Eclipse is Solarbeam’s launchpad, hosting both IDO and NFT projects for the Moonriver network.