DeFi Leverage protocol Gearbox liquidity boot solution "Cider 'ed" details
原文标题：《 三分钟了解 Gearbox 创新的流动性引导方案 》
Original author:Overkoalafied
The DeFi way
If you've been paying attention to Gearbox governance lately, you've probably seen some ideas on how best to channel mobility for the GEAR token and implement portability. If you haven't been paying attention, you've come to the right place!
Recently, [GIP-31] passed the Cider 'ed Mobility Initiation Program, [GIP-35] finalized parameters, and [GIP-36] added GEAR/ETH LPs LM rewards. In simple terms, the Cider 'ed liquidity is a one-sided GEAR/ETH Curve V2 LP auction mechanism in which both GEAR holders and ETH holders can participate separately.
The goal is to match current sellers with new buyers and auction them before trading begins, potentially smoothing out market conditions. In any case, this is a transitional mechanism before the official opening of trading.
Timeline and mechanics
Here is the expected timeline for Cider 'ed's liquidity plan, which, given the nature of the multi-signature trade, may be extended by 1-2 days in case of any slow signing. Once the first phase of the Cider 'ed Liquidity Plan (in this case, GEAR deposits) is opened, all subsequent phases will automatically occur until FairTrading ends.
Audit: December 5 to December 11
The contracts have been audited by ChainSecurity. The report and findings are posted on the appropriate forum topic. Cider is not a complicated contract, it's very simple -- so the audit is quick and the results are comfortable. If you are reading this article but do not see the audit link in the forum topic, please wait a little while, the audit report and code will be open source before you begin.
Multiple Signature Transaction: ~ 12/12
Once approved, the multiple signatures can prepare the necessary transactions on December 12. This may take +1-2 days in case of any slow signatures.
Cider 'ed launches: 12/13
Cider 'ed liquidity guidance campaign can be launched on 13 December. At the same time, the first stage of GEAR deposit will begin:
GEAR supply period: December 13th to December 14th
For the first two days (48 hours), anyone who currently has a GEAR token can deposit a GEAR token into a Cider contract. According to the proposed rules, the minimum token supply is 120 million GEAR and the maximum token supply is 160 million GEAR, which is 1.2 to 1.6 percent of the total supply and 12 to 18 percent of the supply in circulation. There is no minimum deposit, you can send 10,000 GEAR or 99,000 GEAR or more, depending on your own decision.
So what happens next? I'm glad you asked, because what's next is...
ETH Supply period: December 15 - December 16
Over the next two days, anyone can provide ETH to the Cider contract. According to the proposal, the minimum supply is 2,000 ETH and the maximum is 3,000 ETH. Again, there is no minimum deposit, you can send 0.1 ETH or deposit 1000 ETH. Please note that if the minimum total is not reached, then the official multi-signature Wallet has the right to step in and is prepared to draw 400 ETH from the DAO vault within the last hour in support of the program.
Note: If you deposit your funds into a Cider contract (GEAR/ETH), you cannot withdraw your LP tokens (or get an early refund if unsuccessful) before the end of the fair trade phase -- this will require a waiting period of approximately 6 days.
Now we have GEAR and ETH, which means...
Liquidity Creation event: December 16
This is where the Cider contract starts doing something!
It will bootstrap all GEAR tokens it receives and pair them with all ETH it receives. But to do so, it must verify that the minimum GEAR and ETH deposits (as described above) are being met. If the minimum requirement is not met, all funds will be refunded and the DAO will need to determine a new path. As long as the minimum requirement is met, a Curve V2 liquidity pool is created and the assets provided by the user are "counted" into LP tokens in the corresponding proportion.
How is the price calculated? In terms of average supply, no matter which side you enter from, you will "buy or sell" GEAR tokens in the range of $0.015 to $0.030, with the final price depending on the total amount in the contract at the end of Phase 2. Since the ETH deposit occurs after the GEAR deposit, the range of ETH depositors is closer together. For example:
In the first phase, 150 million GEAR tokens were deposited by the participants, so once the ETH deposit phase begins, you don't know how many ETH will be deposited into the contract (but the limit is 2,000 -- 3,000 ETH), but assuming the end is successful, The GEAR token should be traded in a range of $0.016 to $0.024 ($1200 at ETH).
Fair Trade Period - December 17 to December 22
Once the liquidity pool is filled, the GEAR token can be traded, but only through the 0xcider contract. The GEAR token is still not transferable for a few days.
Also note that LP participants have not been able to adjust their positions at this stage, i.e. they will not receive their LP tokens until the fair trade ends. A higher fee will be charged for selling the GEAR token to the liquidity pool over the next 6 days, this fee will initially start at 25% and decrease linearly to 0% over the next 6 days, and no fee will be charged for the purchase.
These additional transaction costs will accumulate in a multi-signed 0xcider contract and they will be distributed linearly to the LP over a 4-month period.
Official trading date: December 23
GEAR tokens can be fully traded on December 23 (the previous restrictions are lifted), of course, how to keep LP in the future, GEAR's solution is still liquidity mining, and there is an incentive, which is the accumulated fees during the previous fair trading.
Why this new approach?
Make no mistake, Cider 'ed is a new system, so it's only natural to wonder why Gearbox DAO voted to use this system instead of the other common ways.
The original goal was to create liquidity for the GEAR token in the most efficient way possible, and the benefits of the Cider'ed approach were to limit dilution, allow for price discovery, and redesign the token offering in a way that benefited LP.
Documentation for the Cider 'ed method", which provides more context, ultimately targets buyers and sellers of new tokens, who often pay extremely high gas fees to price tokens.
With the Cider 'ed approach, fees are spread out over time, allowing fees to be reused as liquidity mining rewards. The price range still allows for some level of price discovery, and DAOs don't need to sell a lot of their own tokens and further dilute supply.
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