As Ebisu gears up for mainnet launch, we’re excited to introduce Koi. Koi will represent and track how much a user has contributed to the Ebisu protocol.
As of April 30th, 2024, Epoch 1 of Ebisu’s Koi campaign will be live to the public marking the launch of Ebisu’s pre-deposit vaults.
The Koi fish is a symbol of prosperity and good fortune, and also a homophone for “love” in Japanese. We acknowledge a market-wide fatigue towards points —know that Ebisu is sending love alongside every Koi you earn <3
Koi Campaign Structure
Ebisu’s Koi campaign will consist of multiple Epochs, each lasting ~1 month. Epochs will be focused on incentivizing different actions users can take to support Ebisu, ebUSD, and our partner protocols.
The first Epoch will focus on LRT pre-deposits on Ethereum mainnet and select L2s.
The next Epoch will begin once Ebisu and ebUSD are live on Etherum mainnet. Future Epochs are designed to encourage actions like
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Depositing LRTs to mint ebUSD
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Maintaining debt positions
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Depositing ebUSD in to the Stability Pool
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Borrowing on lending markets
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Staking LP tokens
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…
Epoch 1
How to Participate
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Visit Ebisu webapp https://ebisufinance.com/points
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Connect wallet
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Deposit LRTs
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weETH (Etherfi)
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ezETH (Renzo)
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rswETH (Swell)
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rsETH (KelpDAO)
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pufETH (Puffer Finance)
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Tweet out participation in Ebisu Epoch 1
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Pre-deposits can be withdrawn at any time
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Pre-deposited LRTs can migrated as collateral into the Ebisu protocol upon mainnet launch
Pre-Deposit Vault Koi Formula
1656 Koi will be allocated to users per ETH per day the LRT remains in the pre-deposit vault.
If the LRT is withdrawn, Koi accumulation halts.
FAQ
What is Ebisu?
Ebisu Finance allows users to borrow dollar-denominated credit against liquid restaking tokens (LRTs) via a decentralized stablecoin.
ebUSD is Ebisu’s overcollateralized stablecoin that gives users access to a stable store of value while generating yield through EigenLayer AVS rewards and Ethereum staking rewards.
See “Introducing Ebisu & ebUSD” for more information!
Which L2s are supported in the Koi Campaign?
Visit the Ebisu webapp to view supported L2s.
Where will Koi be displayed?
They are shown on the Ebisu webapp once you connect your wallet. Koi will accrue in real time.
What can I do with Koi?
The Koi campaign is designed to encourage active participation in areas of Ebisu’s ecosystem which matter most, as well as to align with users who will contribute to Ebisu’s long-term success.
Koi will play a role in decentralised governance. Stay tuned🎣
Can I lose my Koi?
No. You will not lose any of your Koi if you withdraw or sell your LRTs. Though, if LRTs are withdrawn from the pre-deposit vault, Koi accumulation halts.
Can I transfer my Loyalty Points?
No.
How to farm Koi?
The Koi campaign is only geared towards long term participants and users of the Ebisu protocol. If you intend to farm Koi for any other reason do not participate in this campaign, you will be disappointed.
What jurisdictions are restricted from participating in the Koi program?
Abkhazia, Afghanistan, Angola, Belarus, Burundi, Central African Republic, Congo, Cuba, Crimea, Ethiopia, Guinea-Bissau, Iran, Ivory Coast (Cote D’Ivoire), Lebanon, Liberia, Libya, Mali, Burma (Myanmar), Nicaragua, North Korea, Northern Cyprus, Russia, Somalia, Somaliland, South Ossetia, South Sudan, Sudan, Syria, Ukraine (Donetsk and Luhansk regions), United States, Venezuela, Yemen, and Zimbabwe.