CRYPTO NEWS & DATA SPACE

CRYPTO NEWS & DATA SPACE

GOVI Staking V2 is now LIVE!

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CVI is happy to announce a new version of GOVI Staking, available on both Arbitrum and Polygon. This new version has major benefits to the new GOVI stakers as well as to the long-term CVI supporters such as lower fees, stable staking rewards in GOVI, Buyback, Auto Compounding, and GOVI treasury.

After analyzing the CVI platform’s first year of activity we’ve come up with incredible numbers that show that it is indeed getting attraction. We have had over $130 million in trading volume and generated over $1 million in fees that were distributed to GOVI stakers. However, as the collected fees are dependent on the platform usage, they were inconsistent throughout the year, which in turn made GOVI staking APY unstable and unpredictable.

Given the above, we are happy to introduce stable staking rewards to the new GOVI staking V2. This means the CVI platform will be distributing 28,000 GOVI (14,000 on Polygon and 14,000 on Arbitrum) to GOVI stakers every week. Once users stake their GOVI into the new GOVI staking V2 contract, they will receive xGOVI, which represents their share of the staking pool, and accordingly, receive their rewards.

Instead of the platform fees, GOVI stakers will now receive GOVI as staking rewards. The platform fees that were previously distributed to GOVI stakers will now be used to:

  • Buy GOVI on the market
  • Fund GOVI Treasury

85% of the platform fees that were until now distributed to GOVI stakers, will be collected and used to buy GOVI tokens on the market, which in turn will be distributed to the CVI traders, liquidity providers, and GOVI stakers in the form of open positions and staking rewards.

The remaining 15% of the platform fees are going to be sent to the new GOVI treasury, to be used for the CVI ecosystem’s further growth and development.

It is well known that compounding reward tokens can significantly increase returns. Therefore, GOVI stakers will have their GOVI rewards automatically compounded within the CVI platform.
One of the benefits of the auto-compounding feature is that users won’t have to claim and re-stake GOVI rewards on a regular basis to increase their rewards, which will save the community time and network fees.

Please note, that GOVI V2 staking is not available on Ethereum network. Therefore, users that currently stake GOVI on Ethereum will have to unstake their GOVI tokens and bridge them to Arbitrum or Polygon in order to benefit from the new staking rewards. If you have your GOVI tokens staked on Polygon, simply unstake them from GOVI staking V1 and stake them into the new GOVI staking V2 contract.

In case you are not familiar with the process of bridging your tokens from the Ethereum mainnet to Arbitrum, we have prepared an easy step-by-step guide that can be found here. Moreover, all users who have their GOVI staked on Ethereum will be airdropped 0.005 ETH to their addresses on Arbitrum to cover the network fees.

As part of this tokenomics upgrade, we have decided to stop distributing GOVI rewards to the COTI- ETH LPs from both Uniswap and SushiSwap, redirecting those tokens to GOVI stakers, and the CVI platform users.

We are very excited about these new upgrades that are bound to benefit all GOVI stakers and community members, and it’s just the beginning of a very fruitful year for the CVI community!

SOURCE: https://cviofficial.medium.com/govi-staking-v2-is-now-live-3b7211d0069

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