Jan 24, 2022
Agora Launch Roadmap
Metis’ 2nd Highest Platform TVL | $60M TVL ATH in 5 Days
Thanks to you, our amazing community of Agorians, Agora DeFi hit a TVL ATH of $60M within just 5 days of the money market going live.
Not only that, we are now officially the second highest TVL platform on Metis, and our contract holds the 3rd highest amount of Metis on the chain.
$60M in 5 Days — 2nd Highest TVL Platform on Metis!
And despite the market downturn, our TVL has held up considerably well, showing the continued interest and adoption of Agora as the default money market for the Metis ecosystem.
This is just the beginning.
Since day 1 our focus has been to build the best money market and beyond on Metis.
We are a fair launch protocol with no VCs, privates, or team allocation, so that Agora can be owned by the community that uses it.
Because we are a fair launch, we’re not beholden to VCs and private investors who’s incentives may not be aligned with those of the long term success of the protocol.
To that end, we are making some adjustments to the token launch timeline to ensure that the platform has the best chance of long term success for both users and token holders.
{1} Autocompounding LPs as Collateral (By Jan 28)
A money market needs TVL (liquidity) to be efficient and useful. Whilst we have done well to capture a significant amount of the single asset TVL on Metis, the next big opportunity is to integrate the major LPs as collateral. Not only that, we will go one step beyond to utilise autocompounding LPs as collateral, meaning those staking will earn APY from autocompounding returns as well as from borrowers on the money market. This will be rolled out this week with 10M in liquidity mining rewards. An article with details and a walkthrough will accompany the launch.
{2} Liquidity Mining Unlocks (Launch week)
This is will mark when the AGORA tokens have launched and begin to enter circulation. To accommodate the release of autocompounding LPs, this release has been pushed from a tentative EOM January to the mid of February.
{3} Liquidity Pool Farm Live (Launch week)
As tokens enter circulation we will have an LP farm which incentivises users to provide to the Agora-Metis LP. We are still ironing out the details as to which AMM this will be hosted on. We will likely run multiple farms out of the LP farm token allocation.
{4} Stake for Platform Fees (Launch week)
When you stake AGORA in the money market, you receive kAGORA in return which is your receipt token for what you’ve staked. At launch, we will have a “dividend” market which allows you to stake your kAGORA in order to earn platform fees. Platform fees, which come from the protocol’s reserve factor, will be used to periodically buy AGORA off the market and then supplied to the dividend market as rewards. The more the TVL grows, the more fees paid to AGORA token holders!
{5} Agora Bonds (Post launch)
We are working hard to implement bonding as a sustainable way to encourage and hold liquidity. This will allow our LPs to sell their LPs to the protocol in exchange for discounted AGORA, and for Agora to own its own liquidity as an asset.
{6} Agora Airdrop to Metis holders (Post launch)
The airdrop has always been intended to serve two functions. 1) to incentivise Metis holders (actual ecosystem participants) to come and use Agora, and 2) to get Agora into a wide distribution of wallets.
As such, details of the airdrop are as follows:
4% of the AGORA supply will be claimable by Metis wallets on an equal basis, via a claim and stage process. The supply will initially be staked in Agora itself.
The snapshot has been taken to prevent gaming and wallet creation.
Airdrop rewards will be distributed to everyone gradually on a vesting schedule, rather than dumped onto the market in one fell swoop, beginning in earnest once the AGORA token has been successfully released to the public.
An airdrop vesting schedule has been selected to optimally align the incentives of the platform and users, and result in a positive outcome for everyone involved, even if it requires some hard-fought patience.
Air-dropped AGORA will already be staked, and the intention is that new users come to use the platform by borrowing, supplying or staking their kAGORA to earn platform fees rather than withdraw.
We will release dedicated articles on each of the above subjects closer to their respective launches.
