Synthetix Staker & Synth Trader Aelin Pool
November 1st, 2022

Synthetix Staker & Synth Trader Distribution

The Kwenta treasury will distribute the owed 35% (109,680.55 KWENTA) of the initial supply to Synthetix stakers and Synth traders per kip-13, via a 2-week pool on Aelin starting on November 1st and ending on November 14th.

Any addresses that are eligible for this Aelin pool and participated in the earlier Kwenta Aelin pool will automatically receive their allotment without the need to participate in this pool. You'll get your allocation distributed directly as escrowed KWENTA at the launch of the token. No further action is needed.

As per KIP-34, eligible addresses can claim their veKWENTA tokens by sending 31.91 sUSD per veKWENTA they are eligible for, to the Aelin pool on Ethereum Mainnet (L1).You can only deposit into this pool once, so make it count!

Eligibility can be checked directly on the Kwenta dashboard and help on how to participate can be found here.

Once the 2-week period is closed, the eligible addresses will have a mandatory 48h window to accept the deal after the pool closes. Eligible addresses that participate in the pool will receive a virtual token (veKWENTA) which can be redeemed for escrowed KWENTA (eKWENTA) on the platforms staking page. The virtual veKWENTA token will not be stakeable and cannot be used in governance; the virtual token must be redeemed for eKWENTA to be used in the Kwenta protocol. eKWENTA can then be staked and used in governance.

On the 13th day, the Aelin pool will conclude and any unallocated tokens will be distributed to pool participants relative to the proportion of tokens participants acquired. Lono clause receipients will still be eligble for unallocated KWENTA distribution.

The eKWENTA redeemed from this Aelin pool will be locked for a period of one year with a burn-to-vest model where 10% is immediately vestable. However if vested, the remaining 90% that is locked will be returned to the treasury. This penalty depletes linearly over a year, where 100% of the allocation will be vestable without penalty at the end of the period.

During the vesting period, eKWENTA tokens can be staked using the Kwenta platform for protocol rewards as well as be used to vote in Kwenta governance.

Launch Kwenta Token

The KWENTA token will be claimable/tradeable after the closure of the Aelin pool. This concludes the token launch. vKWENTA & veKWENTA both become redeemable on Kwenta for liquid or escrowed KWENTA (eKWENTA).

We’ve partnered with Optimism to allow bridging of veKWENTA to layer 2 Optimism, where they will need to be exchanged for KWENTA on the platforms staking page.

Liquidity Mining Program

KIP-26 outlined a one-month liquidity mining program for the KWENTA/ETH pair on Optimism Uniswap v3. This program will help ensure there is ample liquidity to trade KWENTA. Kwenta will incentivize full-range liquidity. This initiative will go live once KWENTA becomes redeemable.

Incentivized Uniswap Pool (OΞ)

  • Pool: KWENTA/ETH

  • Fee Tier: 1%

  • Amount: 0.25% of the initial supply (783.43 KWENTA)

  • Start:  Token Launch

  • End: 1 month after token launch

  • minPrice: 0

  • maxPrice: infinity

Council Nominations

The first Kwenta Council nominations will be held on Discord this month, and KWENTA token holders will be able to vote on Snapshot on a new Elite Council once the token goes live. Kwenta utilizes a delegative governance structure, where a council of 5 representative members vote to make decisions by voting on KIPs on behalf of KWENTA token holders. See KIP-24 for more details.

Join the Kwenta Community

If you haven't already, join the Kwenta community on Discord.

To be the first to learn about new updates to Kwenta, follow us on Twitter.

To trade synthetic assets and futures, visit Kwenta.

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