đź”’Locked Garden, how does it work and how do we plan the BSC distributionđź”’
PearZap deployed a locked Garden on Polygon side to stake $PEAR, earn $PEAR for 50 days on the 30th of august at 8 AM UTC.
IMPORTANT NOTE: it is no longer available to stake in the locked garden. This post is for everybody who staked their juicy $PEAR in the locked garden
All the staked $PEAR are locked for 50 days, counting started the 30th of august at 8 AM UTC. The rewards will be available to claim anytime you want.
This Garden is a HUGE one: We will distribute 50000 $PEAR with a total value of $58K over 50 days! These $PEAR tokens come from the team wallet and are a gift for the community. There’s no extra mint or more inflation with those Garden rewards.
The APR is awesome with the help of a crazy bonus!🚀
AWESOME BONUS
Any user who stake into that Garden is eligible for a $PEAR airdrop on BSC. For each $PEAR locked on Polygon, you get 1.5 $PEAR on BSC. So you get a 1.5x and an the APR on the Garden!!!
Understanding the APR of this locked Garden
At the time we write those lines, the APR is 1,118 % (23% + boost 1095%)
If I Stake/lock 100 $PEAR tokens for 50 days, I will get:
- on the polygon chain: 23% APR of rewards distributed block by block that I will be able to harvest from September 1, 6am UTC
- on the bsc chain: 1095% APR because I will receive an airdrop of 150 $PEAR tokens, 50 days after the September 1 (100*(1095%/365*50) = 150)
How the distribution was initially planned ?
The following text was what we initially planned before the release of the pool and this is NOT the plan anymore:
Airdrop will be distributed straight into your BSC wallet like this : 30% of the bonus 15 days after BSC launch, 30% of the bonus 30 days after launch, 40% of the bonus 45 days after launch. Since there will be 3 airdrops, You don’t need to do anything to claim your $PEAR tokens on the BSC network.
Why do we want to change the plan ?
When we release this locked Garden, we honestly never imagined such a HUGE success! There’s 1 736 991 $PEAR locked into that Garden! That’s more than $2M ! It’s really awesome but much more than we ever imagined!
This means that the amount of the airdrop initially planned is 1 736 991 * 1.5 = 2 605 486 $PEAR to be distributed on BSC side!
Now you probably already see the problem… The initial plan means a first airdrop of 781 645 $PEAR on BSC on the 14th September! This would not be beneficial as all the investors want to take profits at the same time, it will really hurt the price!
Another big point is that we initially planned to distribute that BSC airdrop from the dev wallet. This isn’t possible anymore, this amount is too big to get filled by the dev wallet, we simply don’t have the chance to mint that amount of tokens.
But Pearzappers, we have a plan to solve that ;-)
So now, let’s explain you what our plan is!
How will we manage the distribution on BSC ?
There’s 2 605 486 $PEAR to be distributed over 50 days to keep our promises and the APR of 1095% like planned.
If we release these tokens smoothly over 50 days, it means only 52 109 $PEAR released per day, which not a big amount and will not hurt the price. It’s far less than what is minted per day for the rewards.
This is our plan for the distribution: We will make a very similar contract to our existing launch harvest locker:
- Everyone with $PEAR staked into the locked Garden on Polygon will have 1.5X his allocation into that distribution locker.
- The $PEAR tokens will be released block per block over a period of 50 days.
- You will be able to claim them on BSC with a claim button and you total locked and total claimed will be available on your BSC dashboard.
- The locker will start his distribution on the 14th and will distribute over 50 days. This duration is very similar to the launch locker, which has a time of 7 weeks. We already all experimented with the Polygon application of this via the launch locker. We saw great success with minimal price impact.
How will we fill that distribution locker on BSC ?
As written above, our initial plan was to take those tokens from the dev wallet on BSC but that was before such a big amount was locked!
2 605 486 $PEAR ! This will take months for the dev wallet to collect such an amount!
It means that to honor the huge APR on that locked Garden, we will need to mint extra tokens. As the devs can’t mint new token and they are minted only by the masterchef contracts to rewards users, we need to use the same plan as we already talk for the bridge:
We will take 2 actions to collect more $PEAR token for the distribution locker :
- Increase momentarily the emission rate on BSC side
- Adding a pool to allow collecting tokens for the bridge
Increasing the emission rate momentarily, Why ?
If we want to collect enough tokens for the distribution locker every day and keep our amazing APRs for the community, we need to boost the emission rate from 4 $PEAR per block to 6 $PEAR per block for about 50 days.
When the distribution locker period will be over, we will be able to get back to the standard emission rate of 4 $PEAR per block.
It’s important to note that our maximum circulating supply over all chains will stay 60 000 000 $PEAR, even if we make a short term boost on BSC.
Adding a pool to allow collecting tokens for the distribution locker
We propose to add a pool to collect a part of the daily $PEAR emission rate and send them to the distribution locker. We will be able to collect around 45 000 to 50 000 $PEAR tokens per day (depends how many blocks are minted on BSC per day) without changing the actual APRs because we will increase the emission rate. We need about 52 000 $PEAR token per day to fill the distribution locker, 2000 $PEAR will be added from the dev tokens every day.
Why do we plan to add a pool that is reserved to collect distribution locker tokens ?
By adding a pool into the masterchef smart contract to stake a temp token (dlPEAR token for e.g.), the dev team will be able to deposit 1 temp token and be able to harvest $PEAR rewards every day to fill the distribution locker on BSC.
Once that pool will have no more necessity, the pool will be deactivated and those dlPEAR tokens will by destroyed (burned).
If there as still any questions remaining, feel free to ask us anything in our Telegram channel.
