TLDR;

*The daily amount available for distribution will increase over time.

*The distribution can be called once on each chain per day.

*Triggering Daily will be possible by the community, and a different wallet will need to trigger it each day.

*You will need either an OG v2 Hodlr or Migration NFT to call the distribute function and some RISE.

*If you are the distributor for that day, you will receive an NFT signifying you managed to distribute rewards.

*The amount distributed on that day will go via the "normal" rewards mechanism, distributed to the RISE stakers using their share of veRise pool on that chain.

*The dApp site will allow you to trigger the daily distribution and see all the statistics around the wallets, transactions, and calculations.

That is the a high level overview. If you are interested in how we made these decisions and the in-depth technical details, carry on.

Goal

When sitting down to plan what would happen with the V1 Liquidity pool when it unlocks, Titan had one unequivocal message,

The pool belongs to the community, and we want it to do maximum good for the community, stakers, and those that have the vision to support the RISE mission and believe in EverRise's long term utility.

To that end, and considering current market conditions, we came up with a simple overarching idea. We will buy RISE with the V1 Liquidity pool and distribute it to the stakers. But as with all of these things, the devil is in the detail. We need to balance the various members of the community. We also know that the V1 Liquidity pool is outside the Kraken ecosystem, so we have some freedom to be novel in the distribution.

Buying the RISE

We have a single goal around buying the RISE to distribute. That is to get the most RISE we can with the v1 Liquidity we have. To this end, we will be doing the buys manually across the various chains (getting RISE at the lowest price across chains will have the side effect of balancing the pricing).

We will be doing it manually to avoid botting or gaming the system. We will target buying about 25-50 BNB worth of RISE per day. This will be done on the chains that provide the most RISE for the purchase on that day. However, this amount may go up or down depending on the market conditions.

We want to be as open and traceable with the community as possible while not telegraphing the entire strategy to get the most RISE. To this end, we will be purchasing the RISE from the public liquidity pools, from a clean set of wallets and publishing those. This will allow all transactions to be traced by the community to ensure all is done in an open and transparent manner. To aide with this we will add the current totals into EverStats.

Wallet address used for txns: 0x78b939518f51b6da10afb3c3238Dd04014e00057 (same on all chains)

Matching

After the RISE has been acquired, we will then match it, doubling the amount for the rewards.

Distribution

We had decided what would happen to the V1 Liquidity and how we would obtain RISE with it. We needed to determine how we would return it to the Stakers once the buying is complete. Given the opportunities from the broader market conditions, we want to get the RISE now to maximize the amount obtained.

As most stakers are staked on average more than one year, the distribution rate is geared to match their commitment. If we distributed the RISE to the stakers at the same pace that we obtained it, it would heavily reward short term stakers. As you can see from the staking average terms and statistics, this would disadvantage many of our long term holders.

After several spreadsheet streaming sessions (yes, the devs use game streaming tools to stream spreadsheets and do live math together). We believe we have come up with an exciting and novel method for distribution that weights the rewards more towards those that hold long term RISE stakes.

This dual Kraken system also allows us to hedge rewards against market volatility. The current Kraken buys more RISE when the market rate is lower and less as it get higher; although the value is similar. For the new Kraken the numeric amount of RISE distributed will remain independent of the market rate.

Daily Distribution Amount (Delta)

RISE can be distributed daily. The total amount available will be proportionally divided amongst the chains based on the percentage of the RISE staked on that chain. For example, if there is 60% of the total staked amount on the BNB chain, 60% of the daily rewards will be available for distribution on the BNB chain.

We are using a quadratic distribution of the RISE tokens. This will reward longer-term stakers and enable them to gain the most RISE for their stakes. The targeted end date is around 480 days from the start of distribution. Given the distribution formula for a chain

veTotal = Total ve Across all pools.

veChain = The ve of the chain we are calculating the rewards for.

For example, using the parameter settings of a = 10,500, b = 11, and c = 100,000 we will end up with a rewards distribution that looks similar to below

And the cumulative distribution of rewards will look like this (ending at approx 480 days depending on the total RISE we have obtained and assuming rewards are distributed every day)

Triggering Distribution

The contract is triggerable daily. The trigger function needs to be called on each chain individually. If a day is missed from being called, it will not roll over to the next day; instead, the length of time it takes the rewards pool to be emptied will increase.

The time of day that it is triggerable from will be:

Time = MidnightUTC +/- RandomFactor

The random factor will add or subtract up to 12 hours to the triggerable time, thus making the claim time something that can be checked daily.

To trigger the function, you will be required to hold either an OG Hodlr, Migration or Staking NFT. You will also be required to have 1000 RISE in your wallet; the RISE will be used for minting the NFT. The person who manages to call the function first on the day (and triggers the reward) will gain an NFT for that day, saying they are a reward distributor with the chain's name on the NFT.

Once the wallet address has claimed one NFT on the chain and distributed the rewards, your wallet address cannot be used again for claiming. Therefore every daily claim must be made with a unique wallet. With approximately 480 nfts per chain available for the period.

Balance

As said earlier, we will be distributing rewards according to the percentage staked on that chain. We will initially fill each chain's contract with the correct ratio at the time. We may need to rebalance over time if the staking distribution changes significantly. This will be achieved by bridging and the entire transaction set will be publicly visible on the blockchain. We will do this so that all stakers will be equally rewarded no matter which chain they are staked on, or the volume on that chain.

Lastly, we want to thank you again for trusting us through this journey. Better days are ahead.

With #EverRise, we all $RISE together.