It’s hard to believe two months have passed since Gainify launched, but here we are! Let’s review S2 and dive into what’s in store for our Gainers.
Season Two
Season two brought a ton of excitement to Gainify in many ways. We crossed some major milestones, including:
- 100k Market Cap
- 200k Market Cap
- 30k TVL
- 10k Transactions
- 300 Holders
During season two we launched and completed four farms + 1 surprise stake pool:
- Stake GAIN-ALGO earn GAIN + ALGO (Tinyman)
- Stake GAIN-ALGO earn GAIN (Pact)
- Stake GAIN-ALGO earn SQUAD
- Stake GAIN-LINK earn LINK
- Stake GAIN earn GBAG
We were also pleased to host a 2h long Algorand Builder Roundtable with representatives from Inu Moo, OG Squad, Gully, Ponchik, Algo Cluckers, Flipping Algos + special appearances from Governor Hat & Rich Flairs. If you haven’t listened yet, click the link above and enjoy the banter.
We deeply appreciate the support we’ve received and will continue to build off the momentum you’ve all provided us!
Season Three
Perhaps our biggest development for season three is the launch of a farm on Tinyman. This has been requested in our Discord since we launched, and we’re stoked to provide this option to our loyal farmers.
The Tinyman farm goes against the grain of our seasonal farm deployment with the farm running for 90 days. We did it this way to relieve impact on the Tinyman team, and to align with their expectations for hosting farms. But don’t worry, we’ll still have a variety of seasonal farms on Cometa!
The Tinyman farm will offer some of the largest APRs on the site, with 25k GAIN emitted to liquidity providers each day. It’s also atypical in that no time lock is required to claim rewards. We hope our farmers enjoy the new styling.
Stable Summer
Our seasonal theme for S3 is “Stable Summer.” It’s called that because of the frictionless farming option offered by Tinyman, and also the rollout of a new market driven LP: GAIN-USDC.
Starting June 21, Algofam can provide liquidity to GAIN-USDC on Tinyman and earn GAIN + ALGO by staking their LPs on Cometa. This new LP will bolster our stable TVL, and give our farmers an opportunity to pair their GAIN with one of the most in demand ASAs out there.
But Wait, There’s More
GBAG has been an exciting experiment in the Algorand ecosystem. When we created Groceries Wit Bag, it was spontaneous but not without thought. While we allocated exactly zero tokens to the Gainify team, we have been staking and earning them just like you!
With GBAG staking and claims wrapping up in season 3, we wanted to provide some benefit for GBAG holders and a way to earn more beloved plastic bags. Our third farm of S3 is stake GAIN-GBAG Tinyman LPs & earn GBAG.
This farm will be a whopper as we continue to work on distribution of GBAG, with it emitting 2.9% of the entire GBAG supply (200M). This GBAG allocation was earned by the Gainify team by staking in the original pool.
NFD Segments
We have seen some creative uses of segments within the Algorand ecosystem and noticed the warm reception to minting them. NFDs are a wonderful addition to the Algorand ecosystem and we are throwing our hat in the ring with a premium root address of gain.algo.
Starting June 29, public segment minting of gain.algo will open. The price to mint a segment will be $18.50 worth of ALGO, and we have a special bonus for the first 100 minters. Each of the first 100 minters will receive an airdrop of 500k GBAG + a bonus of 1,000 GAIN each.
We’ll use 50% of the revenue generated from segment minting to market buy GAIN and pair it with either USDC or ALGO to form a LP. Gainify will host these LPs in our designated liquidity wallet. The remaining value will be used to recoup the premium NFD minting cost (~2,000 ALGO) with leftovers held in the Gainify treasury.
We believe <yourname>.gain.algo will be an in-demand segment, as it is a premium root and offers creative opportunities within the <yourname> element. We have minted a NFD to giveaway and “i.gain.algo” to sell outright. Keep an eye out for the NFD giveaway soon.
Change The Game
The Gainify team was excited to hear we were accepted to enter the Algorand Foundation sponsored “Change The Game” hackathon. Gainify was entered in the DeFi track and competed against 15 other teams. The panel of judges included a variety of well-known names in the Algorand ecosystem.
The first round of presentations took place Tuesday, June 18th. Husq from the GAIN team was up and ready to go at 4:15a local time and presented to the panel of judges. Interested parties can view the pitch deck used in our Gitbook.
The presentation was well received with Gainify taking home third place in the competition! This earned the team $3,000 to support the project and a trip to Decipher. While Gainify won’t be presenting, we’ll be there to rep the green and black. Networking and getting to know other builders are key objectives of the trip.
GBAG
Groceries Wit Bag is now off and running. The stake pool ends in our third season and we’ve already seen fantastic use of the meme token.
GBAG now exists in 12 LPs spread mostly across Tinyman with one on Pact. The GBAG/ALGO pair has consistently offered between 60–190% APR on either DEX. We’ve seen GBAG used as incentives for segment minting, providing liquidity, and handed out via air + loot drops. GBAG is certainly realizing its identity as a “do what you will” type token.
Burning GBAG has become a popular past-time. With over 50M GBAG burned already, the Gainify team is set to burn so much plastic we might increase global temperatures. We are running a burn match through the fourth of July, but will blow past the original goal of 5M. Look for the burn of all burns during the holiday weekend.
Record
- GAIN price = $.00068 (1.8x from S2 launch)
- Total trading volume = 1.04M ALGO (+680k)
- 1 ALGO = 197 GAIN (-285)
- GAIN market cap = $71,129 (+$32k)
- GAIN TVL = $19,346 (+$3,935)
- Holders = 303 (+107)
- GAIN Liquidity Pairings = 6 >$100 (+3)
- Segments minted = 2 (baseline)
- Twitter impressions 28d = 61.5k (-14k)
- Twitter followers = 592 (+236)
- Discord members = 218 (+70)
Wrapping Up
We learned some lessons in season two and will build off that experience as we move forward. Some key takeaways from S2:
- The GBAG distribution pool had major effects on the GAIN price. We never intended for the GBAG LP to be bought up so dramatically, taking the token from .19c to over $56 a piece. This caused an inflated APR and valuation of GBAG; and while the GAIN price soared as people piled in, it suffered the consequences thereafter. We want Gainers to drive liquidity as it benefits the ecosystem and that’s where our focus will be from now on (no single asset stake pools for the time being).
- Overall the GAIN-LINK farm was a success as it has carried over $1,000 TVL for its duration. Piggybacking off of the PEPE & GORA farms, we’ve learned that if the farming reward is an in-demand asset, people are comfortable providing GAIN liquidity.
- Not having a stable pair has caused our TVL to drop alongside the massive crypto market dump that’s taken place the past week. We hope that by rolling out a USDC pair this will help prevent a snowball effect of dwindling TVL as the market moves down.
Based upon the influx in liquidity, increase in GAIN price + social media followers/members, we consider S2 to be a success. But we’re also cognizant of Algofam’s expectations, and going forward we’ll take a more measured approach to the up & downside of incentivizing GAIN liquidity/staking.
Thanks for reading & enjoy stable summer!
