The time has finally come. Our LGE is confirmed for July 15th. You will be able to stake straight away. Since our latest articles, we’ve made staking with Ironclad easier and more rewarding! Now, there is just one place to stake your ICL tokens and claim your rewards, every time.
This simplification is especially beneficial for newcomers to Ironclad. Previously, you might have seen two different staking pools, which could be confusing. One pool was receiving oICL emissions, while the other wasn’t, and there were differences in how APY and APR were displayed. Now, it’s straightforward and user-friendly.
Speaking of newcomers to Ironclad, another exciting way we are onboarding new users to Ironclad is through Bitget staking. Bitget users can stake ICL alongside household tokens with billion-dollar market caps.
Bitget has over 25 million users in 100+ countries and we are pumped to introduce ICL to a massive global audience.
Changes to Reserve Factors
The Ironclad reserve factors have been increased to 20% across the board. This means 20% of interest paid by borrowers is now accruing to the Ironclad treasury. This revenue will soon be converted to WETH and MODE and distributed to ICL stakers. We’ve also bumped up the rewards multiplier from 1.2x to 1.5x over a six-month period.The Airdrop Date is Set
All of these updates are being put in place for the best possible protocol success over long time horizons. The airdrop is scheduled for July 19th. As a reminder, you will need MODE to redeem your airdrop as it will be in the form of oICL.
ICL Staking Updates
Ironclad offers users a straightforward Staking Module to stake their ICL to earn from protocol revenue. There will be one staking pool which will distribute rewards based on size of stake and maturity (time in the pool).
We previously proposed a compounding solution. However, after considering community feedback and evaluating scalability and user-friendliness, we believe that removing this refined offering is the best course of action.
To refresh your memory, here’s a quick breakdown of how it works:
The ICL Staking Module is based on the Cod3x Relic, offering time-weighted rewards to incentivize long-term staking. When you deposit your ICL into the ICL Relic, you start building maturity, which allows Ironclad to distribute time-weighted emissions, favoring long-term stakers.
Staking rewards come from:
- Lend Module Fees: Paid in WETH and MODE.
- iUSD Mint and Redemption Fees: Paid in iUSD and oICL.
- All future Dev Drops will be earned by stakers as well
For more details, check out the Office Hours recording with Charles and Yuvi from 06/27:
Revenue Sources Reminder
How does Ironclad generate revenue? There are two main sources:- The Ironclad lending module: The reserve factor on markets directs a small portion of borrow-side interest to the Ironclad treasury, this revenue will be aggregated into WETH and MODE and distributed to ICL Stake.
- The Ironclad CDP (Coming Soon): With the launch of iUSD, although stablecoin loans will remain at 0% interest, there will be a small mint fee for stablecoin minters, those fees will also accrue to ICL stakers.
Time-Weighted Maturity
The ICL Relic is programmed to record a user’s maturity and reward positions according to a multiplier. The ICL Relic rewards maturity will increase linearly over six months, at which point the max boost of 1.5x is reached.
