Dear Suipearl users,
If you were one of those who participated in the bootstrapping phase of Suipearl, we would like to express our gratitude and inform you that the PRL & OSTR farming has concluded at 1699600500000 UNIX Timestamp (or at Friday, November 10, 2023 7:15:00 AM UTC). This signifies the successful completion of the mission to distribute all 10,000 PRL to early users.
And now, we will conclude all the accomplishments we have achieved and discuss the next phase with even more ambitious goals.
Fair launch is the team's top choice distribution model because we did it with sacabam.fun - the meme project on Sui Network. So, we're doing the same thing to kick off Suipearl, a yield aggregator project, by giving away all 1,800 PRL and 7,200 OSTR to early users through the genesis farming in just 45 days.
OSTR is designed in a really specific way. It's the escrowed token of PRL and cannot be transferred. To convert from OSTR to PRL, users need to pick how long they want to wait. The longer they wait, the more PRL they can get (up to 90 days to convert 1:1 from OSTR to PRL). This design makes PRL a super deflationary token because any excess PRL tokens during the vesting period will be burned forever.
Some key metrics of PRL token after 45 days of farming:
Max supply: 10,000
Burned PRL: 1,434
Total supply (Max supply - burned PRL): 8,566
Circulating supply: 1,987
So basically, this means that there won't be any more PRL available for free earning in the future. If someone wants to get his hands on some PRL, he'll have to buy the token on the market.
We also note that Oyster Vault (a contract that holds deposit fees from the genesis farming campaign) has accumulated $3,200 worth of various crypto assets, including USDC, USDT, SUI, wETH, other stablecoins, and SCB tokens. Our initial plan is to use the funds from Oyster Vault as rewards to distribute to PRL holders after the genesis farming period. Additionally, a portion of the funds will be used to buy back and burn SCB tokens.
We also successfully implemented 03 yield optimizing strategies in Offshore. These strategies are built on top of Scallop and FLowX Finance, helping users with auto-compound rewards to increase the APY on Sui Network. This idea really works, as evidenced by Suipearl TVL ranking #12 on SUI according to DefiLlama stats. As of now, the TVL in these strategies is $356,900 and the total yield earned for users is $4,115. We want to emphasize that these earnings are actual yields generated by Suipearl strategies for users. This also means that Suipearl doesn't need to pay out any PRL rewards to incentivize users to deposit funds into these strategies. Users deposit based on their actual demand.
At the beginning of Suipearl, we announced that 75% of funds in Oyster Vault will be given to PRL holders, and the remaining 25% will be bought back and burned as SCB. However, we estimated that we would get at least $1 million TVL in the genesis pools to farm PRL and OSTR. With a 4% deposit fee, this would bring us around $40,000 in Oyster Vault. The initial estimate may not match the actual number of users adopting this kind of yield optimization platform, resulting in unnecessarily high APR in PRL farming but fewer users actually deposited to farm PRL (less than 250 holders according to Suivision).
Also, we've noticed that there is no such tools for DAO (similar to Snapshot) on Sui that supports creating proposals, a voting system, and calculating voting results. So basically, what this means is that Suipearl is going to turn into a DAO where all PRL holders can have a say in the important protocol improvements that haven't been made yet.
So, after careful consideration, we have decided to reserve 137,642,282,329 SCB tokens, which is equivalent to $448, for burning purposes, house enhancements at the Aquarium, or other useful purposes. Any chosen direction should bring benefits to the SCB project and community. The remaining $2,752 worth of various tokens will be entirely exchanged for SUI tokens. These SUI tokens will then be allocated as farming rewards for PRL/SUI liquidity providers in 90 days through the Farming as a Service offered by Flowx Finance. This action can increase liquidity for PRL and also make use of PRL tokens indirectly held by users (they simply need to pair PRL with SUI to participate in the farming campaign).
The new farming for PRL/SUI LP is set up as follows:
Duration: Nov 11, 2023 14:00:00 UTC - Feb 09, 2024 14:00:00
Farming reward: 4,300 SUI
To earn SUI rewards, users are required to deposit PRL/SUI
We think this is the best choice for the PRL token within a 90-day period. Plus, these 90 days give us plenty of chances to carry out different initiatives aimed at making the Suipearl protocol even better. We'll do things like increase the TVL, try out new farming strategies, bring in lending and leverage farming, and ramp up our marketing efforts to grow the community. This will help show the "real yield" and true value of the Suipearl protocol in the PRL, the token that controls how the protocol works and has a very limited supply.
SuiPearl is a yield aggregator for the Sacabam meme project. With SuiPearl, users can enhance their yield earnings by utilizing various farming strategies on the Sui network.