Trade your LOCKED viper rewards

Edit: since this got misinterpreted I’m rewording.

My proposition is a modification to the current contracts for locked rewards, that would all users to trade but not spend locked rewards. For example, I would trade someone 10k of unlocked viper in exchange for 50k of their locked rewards added to my locked reward balance. I’d bet most people here would do the same… it indirectly provides users liquidity for their locked rewards and on the other end users looking for long term investment can build up their locked reward balance to their hearts content.

Emission rates are lowering, as are opportunities to generate locked rewards. This would give long term investors new to Viper an incentive to use the platform, which at low emission rates is lower in APR compared to other yield farms / staking pools

Someone please share this with dev please and thank you

3 Likes

Not feasible, it would require a change in the smart contract, and they can’t be altered.

2 Likes

I understand it requires a change in the contract. The tg admins seemed to agree that it was feasible, so unless you have something else to add, move along ser

This is not how I perceived the TG post when made, snek69. I was under the impression you meant having the ability to trade liquid viper for an increased but locked quantity, as if it were a long-term investment. Essentially locking it for guaranteed rewards at the unlocking date. Kind of like the ViperPit where the rewards are locked and not redeemable until the unlock date of Dec 25th.

Your suggestion would require contract modifications. The way I interpreted it would require a brand new contract, making it possible.

Yes, you interpreted that correctly. Edit: you interpreted my telegram post correctly. Sorry my post above came across weird

I’m talking about a modification to the current contract that would allow users to trade locked viper to other users. The locked viper would still be on the same time lock.

As time goes by, all users’ ability to rake up locked rewards will diminish to the point that other platforms for staking and yield farming provide them higher apr. If new users can sign up, buy 10k viper and exchange it for 50k locked viper as a long term investment strategy, I see that as a win for the user and the platform.

Personally I’d trade all of my unlocked rewards for more locked rewards, and I already have a decent amount locked.

The reason I asked that someone show this to dev is because it obviously requires a modification of the current contract. It’s nonsense to say that it’s not possible because it requires some work on the backend lol

2 Likes

I like the idea. Buying locked viper for unlocked one would be great. I think both parties would be happy. Short term whales could dump their dump and ape believers could take a risk freezing all their stuff for the future date.

Surely, 0x will see this. But I don’t think anyone is saying it’s “not possible” because it requires “some work”. It’s not possible because modifying that contract risks all of us losing every bit of locked rewards we currently own. This isn’t a small contract modification. I’m not even sure it’s the modifying that’s an issue, but they deployment of the new contract over the old that holds the risk.

Of all of the “can we do this with our locked rewards” ideas, I by far like this one the most, but touching that contract and risking it for everyone is a big risk.

Going back to your initial idea, of having some sort of alternative viper pit where people can trade liquid viper for an increased, locked amount is a good idea. Maybe take that a step further and that locked viper that you trade for has to come from somewhere, let people “loan” or stake their viper to be provided as that locked amount that they get to keep the rewards for or something. I’m not a financial expert and have no clue how that would work, but I’m not sure anything like it exists elsewhere.

1 Like

Another idea for the long term project followers maybe could be to allow users to lock their unlocked viper for a multiplied amount which (multiplier) gets smaller as the time goes on near the unlock date. EDIT: Thought that this might cause problems with the total amount of tokens if suddenly everyone started multiplying their unlocked viper to higher amounts of locked which at some point will be unlocked… So ability to just get the locket coins from those who are not willing to be here long term would probably be nicer and simpler from the user perspective.

1 Like

Ok, you officially win. I love your idea so much more

A trading pool where you can deposit unlocked viper in exchange for locked viper * a multiplier accomplishes exactly the goal of this idea and conveniently cuts out the dummies from the picture that need to liquidate their locked rewards. The latter is what kind of cheapened the concept to me, and gave it a “payday loans vibe” if you know what I mean. It also cuts out a lot of complicated development work

For this proposed new “pool”, it could be set up so that the default multiplier is 1.1x. So you buy 1k viper and deposit, then you’ll get in return a +1100 increase in locked rewards. Community managers can be in charge of deciding how and which days the multiplier is increased. Maybe one day a week, the reward multiplier is boosted to values set on a schedule by the CMs. If necessary, a small chunk of airdrop funds could be used to support this

4 Likes

Seems to have an end result of coins being dumped though, which is exactly why dev implemented the 95% reward lock, as the side trading locked rewards is obviously going to dump the unlocked basically immediately??
How would the process of exchange take place?
Like a separate jail break pool that people can deposit unlocked Vipers & then people can deposit their locked Vipers which then swap for a pre defined ratio in order of deposit of unlocked viper to pool??

Just say the ratio to wash the rewards was as you said 10,000 for 50,000 locked.
Why not just change the locked rewards from 95% to 76%??
Then you can purchase those extra viper when price drops from that added sell pressure :thinking:

I mean If you are looking at long term as stated by requesting to accumulate locked rewards of others, then how is buying 50,000 viper at current price any different to having swapped 10,000 a few wks ago??

I wish I had managed to configure & enter the pools in wk 1 not wk 2 as I missed the best APY, but we all knew what the rewards lock up was at the start.

Organic growth in price & the timeframe the locked rewards allows to onboard new user adoption to have a fighting chance to absorb potential sell pressure at the current reward vetting schedule is important!
Worst case scenario & no deflationary mechanism has been implemented, do we really want to fuck with tokenomics that will add sell pressure affecting price at the exact time we are trying to attract mass user adoption??
When asking new investors to adopt viperswap & use Viper as basically a base currency, why add extra sell pressure when trying to build up to a decent MC & put off new users??

Just my opinion

Cheers

2 Likes

After a few days have passed I’ve changed my mind. I think there is no need to change anything about tokenomics and locked rewards should stay locked. It’s good to keep things simple and devs would save their time for important stuff.

Well I won’t hide it. I’ve joined after a month has passed from the launch so my initial thoughts stemmed from the inside pain of calculating how much more value guys got who joined just a few weeks before. And from the thoughts that some of them will not care about this project at all and will just jump to sell again in the future if the project is successful. Sounds like low risk high reward to me, while people who joins later and are genuinely interested in the project are risking more and getting less while being for extended period of time. Don’t get me wrong, I don’t want to criticize anything, just sharing what I’ve felt and my thoughts while joining the project. In the end I think the system is already complex as it is and there is probably no need to make it even more complicated. Keeping it simple will work in the long run I think and those who join later like me needs to just live with it, train has already passed, nothing to do about it, better late than never.

2 Likes

I just disagree about the train already passed … I think it is still passing and Viper still at a price well below the deserved … it is worth betting and accumulating!

Not sure if I’m understanding you correctly but the rewards in the ViperPit are 100% unlocked. Anything you earn via ViperPit is immediately claimable/accessible without any future lockup.

1 Like

I couldn’t agree more with this post . There should absolutely be a market for locked Viper. Why can’t it be traded on the exchange like any other asset? Perhaps it could only be traded for unlocked viper. I see three benefits from this: 1st it would provide a means of liquidation to those with locked Viper who aren’t willing to wait. 2nd it would increase the demand for Viper from those of us who would be willing to trade for the locked Viper. We couldn’t purchase the locked viper without new viper. 3rd it might increase the interest in staking from those who traded their locked Viper. They might choose to restake their new unlocked viper, feeding it right back into the system. I see this as a self reinforcing mechanism that would increase the use of the exchange. Also, there are probably many individuals who are not interested in using the exchange because of the earned viper being locked. If the exchange rate between locked and unlocked viper was acceptable, this might increase their interest in staking.

Additionally, I believe that locked viper should be allowed in the viper pit. Or there should be a second pit specifically for locked viper. Those of us willing to wait 18 months, who have supported this exchange deserve some sort of return on the locked viper.

Does any of this make sense?

2 Likes

What was agreed is not expensive! Everyone knew about the 95% block when they entered, so it shouldn’t be any discomfort to wait until 2022. If they decide to unlock or offer any options I should invest in the xviper or in the well again, but selling is not in the plans before Viper reaches 20 $.

No. We all knew what we were signing up for. Messing with the smart contract at this level is unwise at best.

Locked rewards should stay locked rewards as promised and as designed.

3 Likes