Recently, we’ve been inviting our community to stake their $GAMEFI on Hermes. It’s an amazing opportunity that comes from our partnership with MaiaDAO. However, we realize there are community newcomers who may not know about this awesome opportunity. It’s time we discussed Hermes, staking, and bribes in detail to help you make the most of this amazing opportunity. So keep reading to learn how you can earn more $GAMEFI!
What are Liquidity Pools?
A liquidity pool is a pool of cryptocurrencies or tokens which are locked in a smart contract. They are then used to facilitate trades between the assets on a decentralized exchange (DEX). Many decentralized finance platforms use automated market makers (AMMs), which allow assets to be traded automatically through the use of liquidity pools, making them permissionless.
Staking on Hermes Protocol
When holders decide to stake, they secure weekly rewards depending on the volume of the pool they staked in and the share of their stake in that volume. This is why exciting projects’ liquidity pools also have high APRs, which creates a positive feedback loop.
The better job we do at meeting our community’s expectations, the more trust and excitement we generate around our project and staking pays off well for everyone involved.
Bribes on Hermes Protocol
Hermes allows us to get people excited about our project on board and participate in creating liquidity. $HERMES holders can influence the flow of liquidity through votes. Voters who have locked up their $HERMES tokens receive $veHERMES, which represent voting rights on the platform. Voters can vote weekly on which liquidity pools emit the highest values of rewards that are paid in $HERMES. By offering bribes to the $veHERMES voters that vote for Revenant, we ensure adequate liquidity is in place from a third party. In Revenants’ case, that would be toward our $m.USDC/$GAMEFI LP pair.
What does it all add up to?
To make it all clear, take a look at this example situation. Let’s say holders this week decided to stake 10,000 $GAMEFI in total. If one owned 10% of that total share, that is, if a holder staked 1,000 out of that 10,000 pool total, they would get 10% of the weekly rewards. Revenant refills these rewards weekly every Thursday.
That covers the staking. Now for the bribes.
Hermes gives a certain amount of $HERMES every week that goes towards projects that holders vote for. Increasing the share of votes for a project means taking a larger slice of that cake home every week. One way to ensure that is to deliver on our project’s promises faithfully.
Another method is to offer bribes, which are additional incentives that go towards those who lock up their $HERMES tokens and entrust Revenant with their vote.
In short, you can choose to only stake with Revenant or you can go one step further and vote for us to double your rewards. Either way, we’re making sure it’s worth your while!
Liquidity pools are the key to facilitating the crypto market and decreasing market volatility. Hermes Protocol by MaiaDAO is the latest solution that brings us very close to a truly decentralized, efficient, and low-cost exchange service, all while supporting the Revenant community. Stake with Revenant and collect your bribes on Hermes!