Two types of incentives will be provided for the FAssets launch on Songbird: DEX pool incentives in $SGB and a retroactive airdrop of rFLR incentives.
These will be distributed bi-weekly for specific activities involving redeeming FAssets or adding collateral to FXRP pools. These incentives will later expand to include FDOGE and FBTC pools on Songbird upon launch.
DEX pool incentives
DEX pool incentives in $SGB will be provided by Flare Labs on both Enosys and BlazeSwap. The distribution of SGB will occur at the discretion of the DEXs, either as $SGB or $WSGB. Enosys and BlazeSwap will calculate and distribute these incentives differently to liquidity providers (LPs) and traders; we encourage users to reach out to the respective DEXes for any inquiries.
The initial target APRs are based on the assumptions outlined below but may be subject to change.
Incentivized pairs (Current live pairs highlighted)
Incentive amounts for each pool are calculated based on our target Total Value Locked (TVL) for each FAsset, using the SGB price of $0.015 as of the publication date, December 18, 2024.
For example:
- exUSDT / USDX: With a target TVL of $100,000 and a 30% APR, this pool will run for 14 weeks. Approximately $9,423 will be distributed over the program’s duration, equating to around 628,205 SGB/WSGB.
- FXRP / USDX: With a target TVL of $50,000 and a 70% APR, this pool will also run for 14 weeks. Approximately $8,076 will be distributed during the program, which translates to about 538,461 SGB/WSGB.
Testing for each FAsset is designed to last a maximum of 8 weeks, with a total duration of 14 weeks (including an incentivized wind-down period) to complete the process from start to finish for all three assets.
Please note that these figures are estimates and may vary from actual amounts. This information is intended solely as an example of how to calculate rewards for participation in these pools.
rFLR incentives from the retroactive airdrop
A total of $260,000 in rFLR is earmarked for the retroactive rFLR incentives on Songbird. These incentives will be distributed bi-weekly on Flare Portal across FXRP, FDOGE, and FBTC based on system collateral utilization, asset size, and volume.
What is rFLR? Learn more on our rFLR guide.
Calculation & payout period
rFLR incentives will be distributed every 2 weeks starting Monday, December 16. The valuation for the amount of rFLR for distribution is calculated at the beginning of each 2-week period. Testing for each FAsset is modeled to last a maximum of 8 weeks with a total duration of 14 weeks from start to finish for all three assets. $37,142 will be paid out in rFLR every 2 weeks. If the test of a particular FAsset exceeds 8 weeks, Flare Labs may provide additional incentives.
Incentives criteria in-depth
rFLR incentives will be distributed for two activities:
1. Providing $SGB to collateral pools.
- 20% of the total rFLR will be dedicated to this activity.
- Rewards distributed to collateral providers (agents will not be incentivized) who are staked to an agent maintaining a consistently healthy collateral ratio over the incremental reward period.
- The relative size of each stake compared to the total collateral in pools for FAsset (excluding agents’), and its duration will be considered.
- A snapshot of stakes will be taken randomly once per hour (approx. once every 3,600 blocks on Songbird).
2. Redeeming FAssets
- 80% of the total rFLR incentives will be distributed to participants who redeem FAssets when the total minted lots exceeds 75% of the total lot capacity (per FAsset). Rewards will be distributed through a lottery system of 50 rewards:
- 1st Place: $10,000 USD in rFLR
- 2nd-49th Places: $400 in rFLR
- Every time you redeem an FAsset, you will receive a number of lottery tickets based on redemption lot size and the reward multiplier from the table. You can view the number of tickets you’ve accumulated on the tables available on the Minting platforms.
- Please note: The Distribution method can be changed as this is a dynamic test. Please refer to the minting platforms for timely updates.
Currently, you can mint FXRP and FDOGE using this site during the Songbird test: https://fasset.oracle-daemon.com/sgb.
You can also mint here: https://fassets.au.cc/
NOTE: The above incentive program is sponsored by Flare Labs as an independent initiative to support the continued development of its FAssets protocol. The details of the task will be updated dynamically, so please refer to any participating partners’ social channels for details.