After months of development, the Gainify App (G-App) is set to launch in Season Eight. Let’s dive into all the offerings and learn about Algorand’s next great application.
What is the Gainify App?
The Gainify App offers self-serve farms and pools for project owners & end users. This means anyone can setup a farm or pool for ASAs + LPs. Farms exist on many platforms in Algorand (Tinyman, Pact, CompX, etc.), but only one service provider offers permissionless farm/pool creation; that being Cometa. Now there is a second option.
The construct of permissionless farm & pool creation is critical for growth in decentralized environments. It takes time and networking to deploy farms in permissioned environments. Whereas in the construct of the G-App, both seasoned and new projects alike can offer high APRs to entice new users to farm/stake and subsequently join their communities.
G-App Features
- Permissionless farms & stake pools
- Supplement primary rewards with GAIN, USDC, or ALGO
- Linkable farms & stake pools (ended pools easily accessible)
- Farms & pools will have clickable links to the project’s website/socials
- Flat rate deployment costs
- No time-locks
- Intuitive UI with variable sorting methods
- Real-time reward accruals displayed on the interface
- Deposit boosts available to gain.algo segment holders
- Responsive team available to provide help or service in a spam free environment
What benefits does the G-App offer Gainers?
There are a variety of benefits for GAIN & gain.algo NFD holders. Here’s an overview:
- 5% of the quarterly revenue the G-App earns will be used to market buy & burn GAIN tokens. These buys & burns will happen at random periods through a quarter, with announcements each time it happens.
- 10% of the quarterly revenue the G-App earns will be distributed to gain.algo NFD holders. Our earliest supporters (snapshot minters) will receive a moderately higher allocation than those that came after them.
- gain.algo v3 NFD holders will receive a deposit boost of 20%. So if you have a gain.algo NFD set as your primary address, and deposit $100 worth of a token/LP, the G-App will credit you as having deposited $120. This, along with the second point, combine to provide unparalleled utility to our NFDs.
- The G-App will be home to all of our seasonal farms & pools that don’t run on Tinyman. Without having to pay to deploy farms or pools, we’ll be ultra creative in the eligible LPs & pools that come every 30 days.
- Premier access to the launch of VERTEX — $XVX (more on this later)
Revenue sources for the G-App include the creation fee for launching a farm/pool, platform fees charged when people enter/claim/withdraw from a farm or pool, and advertising on the site. Revenue streams will be in ALGO & USDC.
Associated wallets will be published in our gitbook and quarterly revenue reports will be produced so Gainers can verify the legitimacy of the allocations detailed above.
Why should anyone launch a farm or pool on the G-App?
First would be the cost to deploy. On the Gainify App, creators pay a flat rate of $10 USDC with boost enabled, or $20 USDC without. This contrasts to the fee structure of Cometa, which is 100 ALGO + 1% of the reward token.
By not requiring creators to pay a % of the reward token, they can offer those tokens in their farms or pools. This is a net benefit to everyone.
Second would be the service environment. Our team will respond to inquiries and service requests from project owners & users in a timely manner. This is a stark contrast to most farming or staking sites. Additionally, our community channels will be protected from spam and inappropriate posts. Projects deploying on the G-App can have confidence their farmers and stakers are operating in a safe environment.
Third, farms and pools will have a dedicated page. Projects will be able to directly link to their offerings. Anyone who has deployed on other farm/staking sites understands the value of this feature. Additionally, farm/pool creators can input links to their website, discord, and X that show on the G-Apps UI. This allows prospective stakers to easily research projects.
Fourth, we’re happy to provide GAIN as a supplemental farm reward for vetted, up and coming Algorand projects. We have a construct for this program in place, and are happy to discuss it with your team. Slide in our discord or X DMs and drop a message about it.
Finally, the G-App was made without any debt, VC equity, or reliance on welfare via xGOV/TDR. By deploying on the Gainify App, you’re supporting an organic Algorand project that stands on its own feet. If you want to see more projects like ours in the Algorand ecosystem, then utilize the G-App to its fullest potential and give confidence to prospective Algorand builders.
Why should anyone farm or stake on the G-App?
There are few single asset staking sites on Algorand, let alone those that are offered in a permissionless environment. For users who prefer to stake rather than provide liquidity, the G-App is a superb option.
For gain.algo v3 NFD holders, you receive a deposit boost on eligible farms and pools across the site. Why not use the G-App and make your stack 20% bigger?
Users can review the available farms & pools and easily link out to creator provided websites. This includes the projects website, discord, and X profile. This should make vetting new tokens quite easy.
Timelocks don’t exist on the Gainify app. So you’ll be able to enter/claim/withdraw at any point you’d like.
You can always bookmark the dedicated farm or pool page that you’re staked in, so you can easily navigate back to it; even after it has ended.
As time goes on, and more projects realize the value of deploying on the G-App, users will see a variety of farms and pools that offer high APRs from new + established ASAs alike. The G-App will be home to “the next big thing” and offer users entrances they won’t find elsewhere in the ecosystem.
Finally, our environment was developed by seasoned Algorand professionals. The Gainify app is well-tested, secure, and operates without hang-ups. Users can have confidence that when they enter a farm or pool, that they’ll be able to retrieve their stake + rewards without issue.
Fee structures
There are two types of fees charged in the G-App.
- Creation fee of $10 or $20 USDC
- Platform fee of .33 ALGO for each (non-compounding) user action on the site
The creation fee is charged when someone deploys a farm or stake pool. If creators choose to have deposit boost enabled, they will pay a $10 USDC fee. Creators can opt to not include their farm or pool into the deposit boost program, but then the cost to deploy doubles to $20 USDC. There is a standard network cost of 1.5 ALGO that is charged for the creation of the farm/pool application, and that is paid in addition to the creation fee.
As the deposit boost for gain.algo NFD holders is significant at 20%, project owners can choose what works best for them. If they opt to not include boosting, gain.algo NFD holders will still benefit on the back end through higher quarterly revenue.
The platform fee could be seen as controversial, but the reality is this — freely accessing high APR farms & pools has done little to ensure longevity or sustenance of ASAs. While timelocks can be provisioned on sites like Cometa, this just leads to a much higher sell-off when the timelock expires. There are a variety of recent examples that can be reviewed to verify this.
By removing timelocks and requiring users to pay for the entrance/claim/withdrawal of farms & pools, we introduce game theory to farmers and stakers whilst removing prolonged sell-offs associated with timelocks. Now, farmers & stakers can enter & claim as much as they like, but there is a cost basis to consider.
For context, it would take over 93,500 user actions for Gainify to break even on the cost of the app’s development. It’s neither easy, nor cheap, to create an app such as ours.
At launch, the dollar cost of a single platform fee will be around $.05. For some perspective, the average cost of a ETH tx is currently around $.58. The G-App platform fee is 12x cheaper than that.
Finally, by requiring users to pay with ALGO to interact on the G-App, this creates demand for our favorite L1 asset. A recent X interaction spoke to this point and we agree with the assessment. As standard network fees are so low, this leads to less market demand for ALGO. Conversely, the fee structure of the G-App creates demand for ALGO.
The platform fee was diligently created to ensure no one is paying exorbitant amounts, but it is a factor to consider when claiming their rewards. Users will be able to enter a farm/pool, make one claim, and withdraw all for under 1 ALGO total cost (~$0.15). But, if users want to claim multiple times per day or week, then they have to weigh the benefit of that activity.
Succinctly, we’re shifting a fraction of the cost to operate permissionless farms & pools from projects who provide the APRs, to the users who earn the APRs.
Development
The G-App was a collaborative project between the Gainify team and three developers. Our Design Lead Banklezz created the aesthetic of the app. Our Tech Lead Joe oversaw the implementations of both the front & back end. Project Lead Husq created the construct with input from the entire team.
Leo, a well-known figure and established developer within Algorand, wrote the smart contract from scratch. He teamed up with two front end developers to finalize the site. Those developers are Allan Diamante & Ulrik. You might recognize these developers from their work with Rxealms.
The three developers and Gainify team worked on internal testing before pushing it out to a group of long-time GAIN community members, a representative from the Algorand Foundation, and partnered project founders.
All in all over a dozen seasoned Algorand users used every possible wallet and medium to test the G-App and try to break it. We discovered a few bugs along the way, but fortunately it’s held up strong!
What wallets can you use on the G-App?
- Pera
- Defly
- Lute
- Exodus
- Kibisis
What is VERTEX?
$XVX — Vertex is a native token of the Gainify app. It was created to help stimulate network activity, attract new users, and offer high APRs to farmers. Vertex has a very low supply (5,000) and measured release schedule.
Tokenomics:
- 1,000 (20%) to initial LPs of GAIN & ALGO.
- 3600 (72%), or 300/month emitted via farming & stake pools for 1 year.
- 400 (8%) to team & promotions
Vertex has a dedicated launch article which you can find here.
Conclusion
The Gainify App exists to connect projects with users. Anyone can setup a farm, and anyone can enter it thereafter. This is the design and appeal of decentralized, permissionless environments.
The GAIN token was created to stimulate activity in the Algorand ecosystem. With the launch of the G-App, GAIN continues to realize its thesis and improve our beloved ecosystem. With over 40,000 swaps, ~2M ALGO volume, and two dozen farm/pools under our belt, the warm up is complete and now we move into the realm of applications.
The team behind Gainify continues to build and follow through on what was promised at GAIN’s inception. We look forward to opening this chapter of our book, and invite you to join us once again.
