Liquidity Mining and Migration
Bootstrapping the Mother Of All Pools
A key part of establishing Alpaca is to bootstrap initial liquidity for the Mother Of All Pools so that the pool debuts with a strong asset base. To accomplish this, Alpaca includes a liquidity mining period running from 12am UTC on November 13 through at least 6pm UTC on November 26. This period will conclude with the Migration, which will take place as soon as the community determines after the minimum liquidity mining time passes.
As part of the fair PACA distribution (no premine!), PACAs will be distributed to the liquidity miners who contribute liquidity to the pool ahead of the migration.
Continue reading for more details!
Liquidity mining ⛏️
Liquidity mining in Alpaca consists of users depositing Uniswap LP tokens, committing the underlying assets to the MOAP once the Alpaca Migration occurs. In exchange, the liquidity miners will receive PACA tokens according to a pre-determined emission schedule.
MasterRancher
We know that most liquidity providers are currently on Uniswap. In order to make it easy for existing liquidity providers to help found the ranch and bootstrap initial liquidity, we’re making it super easy for a Uniswap LP to migrate over to greener pastures over at the ranch via the MasterRancher contract. Just deposit your Uniswap LPs in MasterRancher, and we’ll handle the rest. You’ll be raising alpacas in no time!
Since the liquidity mining period overlaps with the UNI token mining period, Uniswap LPs will automatically be staked to earn UNI. That UNI will be harvested and sold for WETH at the time of the Migration and contributed to the MOAP, where it will be shared pro-rata between all liquidity miners. That means you get to mine UNI while you mine PACA!
Note: to ensure a sustainable bootstrapping process, deposits cannot be withdrawn until after the migration. After the migration, deposits can be freely redeemed at will. There is an emergency unlock functionality if needed.
Liquidity Mining Bonus
Since the initial participants in any new app take the largest opportunity cost, we’re distributing initial tokens to the founding ranchers. 1000 PACA per block (10x bonus to reward the initial ranchers for taking on additional risk) will be minted and distributed pro rata to anyone staking their Uniswap LPs in MasterRancher.
Supported Uniswap Pools
MasterRancher accepts the following Uniswap LP Pools for Alpaca domestication:
Panda Bit : WBTC-WETH
Circle Cow: USDC-WETH
Ducky Dai: DAI-WETH
Tether Tiger: USDT-WETH
Paca Party!: PACA-WETH (2x rewards, yummy! 🥩)
The Migration 🗽
After an initial ~2 week liquidity mining period to gather our PACA posse, we will all go on The Migration. The Migration will automatically establish the ranch by creating the MOAP and move contributed liquidity over from Uniswap to Alpaca.
As a reward 🎁 for the hard working liquidity miners 💪, a bonus of 50% of the existing PACA at the time of The Migration will be minted and deposited in the pool, where it will be shared by all the migrating ranchers. If the alpacas don’t convince you to join up, surely that will!
Getting Started
Liquidity mining begins at 12am UTC on November 13. In the meantime, MasterRancher is accepting predeposits with the PACA emission rate set at effectively 0 until the start of liquidity mining.
Head on over to your preferred Alpaca front-end to start mining today!
Ensuring a Fair Distribution
Some initial PACA has been harvested as part of production verification. A small amount, together with a loan of ETH from the devs, will be used to create the PACA-WETH Uniswap pool for the community. The remainder will be burned before the start of liquidity mining.
Remember, there is no premine — this is an alpaca farm, not a whale farm!
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