Reward Gauges Are Going Live!
Reward Gauges have been deployed and voting will start on Monday 7/10/2024 at 4PM UTC. This long-awaited feature offers a new way for liquidity providers (LPs) to earn rewards on Stryke. This system ensures fair rewards based on LP contributions while keeping the market liquid and active.
Why Reward Gauges Matter?
Liquidity is the backbone of our flagship CLAMM product, which enables traders to buy options. Reward Gauges direct incentives to liquidity providers, helping maintain a healthy, efficient and incentivized market. By rewarding LPs based on their actual contributions, this system strengthens Stryke’s liquidity and supports ongoing growth.
How Reward Gauges Work
Reward Gauges allocate rewards to key areas like liquidity pools and vaults (like OrangeFinance). Holders of xSYK tokens can vote on where these rewards go, ensuring distribution is both fair and community-driven.
The system is adaptable, evolving with the needs of Stryke and its community, ensuring incentives remain aligned with the protocol’s priorities. Everything is transparent: reward allocations and adjustments are recorded onchain for full visibility, ensuring fairness in how rewards are distributed.
What’s in it for LPs?
The initial gauges focus on the WETH/USDC and WBTC/USDC markets via PancakeSwap DEX, in addition to WETH, WBTC, and ARB markets LP’d via OrangeFinance. There’s a total of 50,000 SYK emitted weekly. LPs can earn rewards directly tied to their liquidity contributions, and as market conditions change, reward distributions can be adjusted accordingly.
The first launch includes the following gauges:
- WBTC/USDC [PancakeSwap]: 3.25k Base Reward
- WETH/USDC [PancakeSwap]: 3.25k Base Reward
- OrangeFinance WETH/USDC [PancakeSwap]: 3.25k Base Reward
- OrangeFinance WBTC/USDC [PancakeSwap]: 3.25k Base Reward
- OrangeFinance ARB/USDC [PancakeSwap]: 2k Base Reward
Distribution tokens will be split evenly, with 50% SYK and 50% xSYK. Voting on reward distribution begins on Monday (7th October 2024) at 6PM UTC. Voting Cycles are weekly, and rewards for PCS gauges will be distributed via Merkl after a 7 day period. Rewards for Orange finance vaults will be retroactively distributed by Orange directly to their users.
This system is designed to meet the needs of both the protocol and its liquidity providers, ensuring that rewards are distributed where they are needed most.
Stay Tuned for More
A UI walkthrough for Reward Gauges will be published soon, providing a step-by-step guide for the community on how to use the new feature.
For more details on how Reward Gauges work, visit our documentation.
About Stryke
Stryke is a decentralised options protocol that focuses on maximising liquidity and enhancing gains for option buyers while minimising losses for option writers—all in a passive approach.
Stryke employs option pools that enable anyone to effortlessly earn yield. The protocol provides value to both option sellers and buyers by ensuring equitable and optimised prices for options at various strike prices and expiries, achieved through our proprietary, cutting-edge option pricing model designed to mirror volatility smiles.
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