Introducing Basic Lock & Lock Plus!
The Adamant Team is excited to announce a new way to lock ADDY with our Basic Lock & Lock Plus features!
As many Adamant users can remember, our original lock feature allowed users to lock ADDY and in return, earn performance fees in WMATIC and ADDY from those withdrawing early from the vesting schedule. These ADDY earned were available for withdrawal immediately.
The boosted contract introduced a few months back still earns ADDY, but rather than being readily available for withdrawal, it is autocompounded into the boosted lock contract. As well, this new boosted lock earns extra ADDY from the Furnace and our buyback program.
Many users have mentioned how they’d like to have access to their earned ADDY immediately so we’re introducing the Basic Lock as a nice middle-ground for those interested in locking. (The current boosted lock will be renamed to “Lock Plus” and still be available for new locks.)
The Basic Lock
The Basic Lock feature is a new lock smart contract that will exist alongside our current boosted lock. It is very reminiscent of the original lock contract at Adamant: basic lock users will have the ability to lock ADDY and earn performance fees (WMATIC) + early withdrawal penalty fees (ADDY). Both of these tokens will be available immediately for withdrawal.
How is the Basic Lock different than Lock Plus?
The Basic Lock:
- DOES NOT earn ADDY from ADDY buybacks
- DOES NOT earn ADDY from the Furnace
- DOES NOT autocompound your ADDY rewards
- DOES earn WMATIC rewards
- DOES earn ADDY from the early withdrawal penalty
Boosting and the Basic Lock:
- Boost points have a 50% multiplier compared to the Lock Plus (i.e. you’ll need twice as many ADDY locked in the Basic Lock to get the same number of boost points in the Lock Plus)
- Max boost of 100% - the same as Lock Plus
The Lock Plus contract is our current boosted lock feature. Users lock ADDY and earn performance fees (WMATIC) + early withdraw penalty fees (ADDY) + buybacks (ADDY) + Furnace (ADDY). The WMATIC is available for withdrawing, but all ADDY is autocompounded back into Lock Plus.
Those in the current boosted lock will not be able to move to the “Basic Lock” until their lock period has expired. If you are in the current boosted lock you do not need to do anything to continue receiving its benefits.