The Spindle is a new first-of-it’s-kind contract designed to add value for Rope holders. Let’s go through how the Spindle works.
The Basics
Users will be able to deposit 4 pairs of UNI V2 LP tokens to the Spindle:
ETH-DAI
ETH-USDC
ETH-USDT
ETH-WBTC
The Spindle pools funds and uses it to farm UNI, the UNI is sold and ROPE is market bought with the yield. Users using the Spindle then yield ROPE.
At any time, you can send your accumulated ROPE yield to the HopeBooster. Once your ROPE yield is in the HopeBooster, you can choose to redeem the ROPE or leave it staked to earn a bonus multiplier on the HOPE you are farming in the seasonal pools.
The more ROPE you accumulate in the HopeBooster, the higher your multiplier will be. But it will cap the boost at 2x. You can claim your ROPE from the HopeBooster at any time, but it will cause your multiplier to be reset. HOPE can be claimed at any time without affecting the multiplier.
Players will receive the following multipliers based on how much ROPE they have in the HopeBooster:
0 ropes = x1
5 ropes = x1.25
10 ropes = x1.5
55 ropes = x1.75
100 ropes = x2
This is designed to discourage whales from getting all the HOPE, keeping the game fair for smaller players. This is always a core principal we try to focus on. So players will reach a 50% bonus with 10 ROPE in the HopeBooster but need 100 ROPE to get a 100% boost.
The Spindle is always on. There’s no need to unstake and restake between seasons, in any of the pools. Whatever configuration you decide upon; your yield of ROPE and HOPE will continue in the interim between seasons.
Confused? Good! It’ll all make sense when you get in the Spindle.
Concept for Spindle
The core anons at ROPE want to innovate and add value for plan trusters. We believe diverting this yield to a fully distributed coin is a way to add value for ROPE holders and speculators. People who feel particularly risk off can choose to stay in stablecoin pairs and farm in the Spindle to get yield on a token without inflation. This should add more value for farmers looking to farm something in these trying dust bowl times.
A 10% angel share is diverted to the treasury within the Spindle. The multisig treasury is used to pay our hardworking devs and dope artists (season 2 soon bros). Unlike similar projects, we have no VCs, no deep pockets backing us, so we have to figure out a way to continue covering operating expenses.
Future Yields?
Ok yes, UNI farming ends during November but we have thought this through. Our crack team of degenerates will continue to seek out yields and when the time comes to switch pools, the community will be involved. The goal will be to continue seeking more risk-adverse farming options with decent yields, and low IL risk.
If you have a project working on a yield farming solution without IL risk, or minimal IL risk, reach out to us on Telegram or Twitter.
Start Weaving Rope
The Spindle is now live on rope.lol
The anons appreciate the massive support from the community, we *literally* couldn’t have done it without all of you ❤
