ToxicDeer
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Platform

Boardroom

  • Epoch duration: 6 hours.
  • Stake of XDSHARE into Boardroom will lock XDSHARE for 8 epochs (48 hours).
  • Reward lockup 4 epoch. However, every time a user claims rewards or stakes more funds, the unstake lockup will be reset to 8 epochs (48 hours).
  • You can not claim rewards during contraction or upcoming contraction phase.
  • During the expansion phase (DEER TWAP >= 1.001 USDC): Up to 2.0% / 4.0% supply is minted and distributed:
40% to Boardroom
40% to DAO Fund
10% to Insurance Fund
10% to Marketing Fund
Expansion rate based on DEER supply:
5,000,000 or less: 3.5% Cir.Supply
After 5,000,000: For each and every 25% increase in Cir.Supply of DEER after 5,000,000 the max expansion rate will be reduced by 2% (See table below for detailed information)
There is a 2% tax fee per stake. The unstake fee is 0% during expansion, and 5% on contraction period. These fees will be used to buy back DEER (to Insurance Fund).

Orientation to Boardroom Staking

Epoch number refers to the current epoch in which ToxicDeer protocol is in.
  1. 1.
    Next Seigniorage indicates a countdown timer to the next epoch. (Each epoch duration lasts for 6 hours)
  2. 2.
    APR refers to the simple returns in USD value relative to the amount of XDSHARE staked (USD value)
Note: APR fluctuates from time to time and is dependent on certain factors such as: - Price of DEER - Price of XDSHARE - Amount of XDSHARE staked in Boardroom (Locked Value)

Multipeg Boardroom

Information about ToxicDeer's new Boardroom
  • Multipeg boardroom:
Mechanism: Stake $XDShare to get $DEER and $TDEER when the tokens are above peg.
+ No deposit fee and withdraw fee
+ When withdrawing from the Boardroom, the entire reward will be burned.
  • The old Boardroom:
Since then Multipeg Boardroom is activated. The old Boardroom will cease to be effective immediately. The role of the old Boardroom at that time will be only for Withdraw.
During Withdraw time:
+ Withdraw fee = 0
+ Lock up will be removed
Note: When Multipeg Boardroom opens, users will need to withdraw $Xdshare from the old Boardroom and deposit into the new Boardroom which is Multipeg Boardroom.

Boardroom on Contraction Periods

Boardroom will not mint any DEER (NO REWARDS ON BOARDROOM) while TWAP < 1 USDC
​

Bonds

XDBOND (bond tokens) are available for purchase when DEER falls below the 1 USDC peg. For starters, the exchange rate for DEER to XDBOND is 1:1.
Every new epoch on contraction periods, XDBOND are issued in the amount of 3% of current DEER circulating supply.
XDBOND are available for redemption when DEER goes above the 1 USDC peg.
To encourage redemption of XDBOND for DEER when DEER TWAP > 1.1 and incentivize users to redeem at a higher price, XDBOND redemption will be more profitable with a higher DEER TWAP value, of which XDBOND to DEER ratio will be 1:R, where R can be calculated in the formula as shown below:
R=1+[(DEER(twapprice)−1)∗coeff]R = 1+[(DEER(twapprice)-1)*coeff]
Where coeff = 0.7
Example:
  1. 1.
    When DEER = 0.8, burn 1 DEER to get 1 XDBOND (XDBOND price = 0.8)
  2. 2.
    When DEER = 1.15, redeem 1 XDBOND to get 1.105 DEER (XDBOND price = 1.27)
Contrary to early algorithmic protocols, XDBOND do not have expiration dates and this greatly reduces the risk for bond buyers
XDBOND TWAP (time-weighted average price) is based on DEER price TWAP from the Previous Epoch as it Ends. This means that DEER TWAP is real-time and XDBOND TWAP is not.