Upgrading Our Farms
"As Jones DAO continues to grow as a protocol, we must make these necessary changes to bring our stakers the best of the best in DeFi."
Introduction
Greetings Jonesies!
We here at Jones DAO strive to always use the bleeding edge of blockchain strategy and tools. One of those is our novel multi-layered yield strategy which exist because of our LP farms. You see, the jonion has many layers but always starts life at a farm. As Jones continues to mature as a protocol, we will likewise continue to upgrade and maintain our existing products such as these LP farms.
Our V2 Farming Contracts
These new contracts introduce a few key benefits that are necessary for us to bring Jonesies the best strategies going forward.
Those benefits are as follows:
- Dynamically Promoted Emissions
- Structure Implementation for veJONES
- Advanced Vault Strategies
Without these in place, we won’t be able to grow Jones to its full potential in a timely manner!
*Note: the contract migration will require a quick and easy action from our farm participants which if uncompleted, will prevent you from earning rewards from the new contract.*
Dynamically Promoted Emissions
Now Jonesies, we like the farm emissions just as much as you do, but without an adjustment decreasing our emissions, our future roadmap simply will not work. At the moment, emissions follow a fixed schedule that was set out at the inception of the protocol to provide for 3 months of runway. The current emissions schedule is quite rudimentary and is extremely dilutive. Reducing emissions on the farms makes each JONES token more rare.
You like value, don’t you anon?
Our new emissions schedule will scale back the APY on the current farms a bit, but will still yield very comfortably.
You may be asking “Mr. Jones, what about the JONES-USDC pool?” To that we respond that unfortunately we are deprecating the JONES-USDC pool in favor of moving that TVL to our other farms. It is our lowest TVL farm and simply serves to dilute the Jones supply further with our highest emissions to date.
Structure Implementation for veJONES
Yes, you heard right Jonesie - this upgrade will lay the groundwork for our implementation of veJONES.
One of the requests we hear the most from the community is, “Wen ve?” The time is coming very soon. With the new upgrades to the farms, the gauges for vote escrow can be properly scoped and furnished for the near future. Check out this article for a refresher on the boost mechanism for veJONES stakers.
The final implementation will contain these elements as well as some fresh additions which we will expand upon in an upcoming piece. Join our Twitter and follow along in our Discord to stay notified and educated!
Advanced Vault Strategies
The concept of advancing our vault strategies via this upgrade is highlighted by the flexibility we will now hold to mix-and-match incentives in farms with vault performance. Our vault strategies will have a greater impact.
Let’s say for example that we wanted to boost performance on the gOHM vault relative to the performance of the jgOHM - gOHM farm. One simple action we could take is to lower the emissions toward the farm! Why, you ask? Well the reason being that if less people are incentivized to keep their gOHM in the farm, they might as well do one of two things:
- Put the rest of their funds in the gOHM vault.
- Put their gOHM in Dopex SSOV’s which Jones can use to diversify their epoch strategies.
Both are beneficial to Jones’ vault strategy!
What We Need From the Community
Read this section carefully
If you are a participant staking in the farm, we just request one simple action from you. Sometime in the beginning of May, we will implement the new contracts. When this occurs, we will need you to unstake and claim rewards for your staked LP tokens in our farms, and then re-stake them back into the updated farm. If you do not follow this migration process, you won’t be earning any reward from the old contracts.
Simply put, all you need to do is unstake, claim, and re-stake your tokens.
After that you will be completely settled up and everything should be exactly the same as it was before, albeit with the beneficial upgrades we previously mentioned.
Closing Thoughts
As Jones DAO continues to grow as a protocol, we must make these necessary changes to bring our stakers the best of the best in DeFi. We also need to make sure that our strategists are well equipped with tools that will make the most impact for the tokens that you put into our vaults. Through this V2 Farm Upgrade, we are happy to be taking a giant leap forward in that direction.
Join the Jones DAO community now to stay up to date on our upcoming releases and partnership announcements. We’ll be hosting AMAs, previews, and sharing plenty of alpha: