Liquis is currently underway with its Pre-Launch Program, awarding early adopters of its liquid wrapper with a share of protocol governance. The program is in a warm-up period meaning that users can deposit either LIT or BAL-20WETH-80LIT already but reward emissions won’t begin until August 2nd. As noted in our documentation, the Pre-Launch Program will run for 28 days with four discrete periods ending on August 30th.
This post focuses on another program running in parallel: the Liquis Launch Partner Program. Liquis has set aside 10% of its governance token supply to be allocated to other DeFi projects committed to helping bootstrap our liquid wrapper. We’re proud to share that a number of teams have already pledged their support.
In an effort to onboard other projects either already involved in the Bunni ecosystem or interested in making the jump with Liquis, we’d like to share more details about how to participate.
Committing Capital
The Liquis Launch Partner Program is not a fundraising effort. Instead, it is meant to reward partner projects that commit to acting as early adopters of the protocol.
Liquis launch partners will receive 100,000 LIQ for every $10,000 they commit to the program. While this LIQ would be vested over the course of four years, launch partners will have access to its full voting power on day one. Their vesting will begin upon protocol launch and Liquis will retain the ability to clawback unvested LIQ in the event of an unsatisfied commitment.
In the case that the Launch Program goes undersubscribed, the remaining LIQ would be returned to the Liquis treasury, also to be vested over the course of four years.
Bootstrapping Liquis
Partner projects can satisfy their capital commitments to Liquis in one of three ways, or any combination thereof.
1. Minting liqLIT
liqLIT is our liquid wrapper for Bunni governance power, or veLIT. Users can mint it by depositing $LIT, $oLIT, or the BAL-20WETH-80LIT pool token into Liquis. Partners who go this route would be expected to make their committed deposit within one month of the protocol launching - so, by the end of September. Those that see through this commitment during the Pre-Launch period would also be eligible for the rewards allocated to that program.
Please note that existing veLIT positions cannot be converted to liqLIT.
2. Supporting vlLIQ
LIQ is the governance token of Liquis. Holders who lock LIQ in exchange for vlLIQ can vote on how the protocol’s veLIT is allocated across Bunni gauges. Liquis launch partners can commit to a specific budget to be spent on incentivizing vlLIQ holders to vote in favor of their target Bunni gauges.
This budget is to be spent within the first six months following protocol launch.
3. Contributing to ImmuneFi
ImmuneFi is the leading bug bounty platform for DeFi. Liquis launch partners who choose this option would be contributing funds to a multisig controlled by Liquis contributors for the sole purpose of making bug bounty payouts. Partners should anticipate that any non-USDC assets provided to meet such a commitment would eventually need to be liquidated in the event of a payout.
Set Up for Success
In less than 24 hours, and without rewards being live yet, Liquis has already attracted ~462,000 in veLIT-equivalent deposits. We’re looking to continue this momentum by onboarding launch partners over the coming weeks.
If you want to learn more about Liquis, check out our public resources:
And please feel free to contact us either on Twitter or Discord!