What is GYSR?
GYSR is an open platform for yield farming and token distribution. It makes yield farming easier, more accessible, and safer for both the creator and the investor. To learn more, read our intro article on Medium.
What is competitive yield farming?
The GYSR staking contract implements bonus multiplier mechanics to reward users for long term commitments (time bonus) and project support (GYSR bonus). This works by increasing your share of the reward pool, thereby decreasing the currently claimable amount for other users.
This means that it is important to be aware of other users’ activity, funding schedules, and bonus configuration in order to maximize your rewards.
Why did my rewards go down?
If your claimable rewards went down, this is likely due to another user unstaking with a large bonus multiplier, reducing the overall rewards pool.
But fear not! You now have a higher proportion of the global share seconds, so you will see your claimable rewards increasing at a faster rate as more rewards unlock.
What happens when the funding schedule(s) end?
When the funding schedule ends, rewards will stop unlocking, and the claimable amount will gradually be depleted. You should check with the Geyser owner to find out if they will be extending the rewards with another funding schedule.
If the funding is indeed ending, make sure to unstake and claim rewards before that date!
Do I need GYSR token in order to participate?
No, using GYSR is totally optional. But it’s extremely important if you want to maximize your rewards!
How do I optimize my rewards?
There are a few factors to consider and there’s no single perfect strategy for everyone. Read more about various farming strategies in this article on staking mechanics.
Where does my spent GYSR go?
Spent GYSR goes to the Geyser creator as a source of continuous funding for that project.
Has GYSR vetted these projects?
No. The GYSR platform is completely open and anyone is free to use these tools. Please do your own research before investing in any project.
How do I learn more about these projects?
From the Geyser page, you can navigate to the Etherscan page for that project token. Here, there is typically a list of resources including website, community groups, and social handles.
Why should I use GYSR?
With GYSR, you can create our own yield farm with just a few clicks. Our core contracts are robust, audited, and battle tested. Skip the development time and save on audit costs.
Reach a new community of highly knowledgeable and active users and investors.
Benefit from continuous funding through GYSR spent on your yield farm.
To learn more, read this article on GYSR use cases and solutions.
Is there a cost to create a Geyser?
No, you only pay standard Ethereum gas fees for contract deployment.
What is the onboarding process for GYSR?
The Geyser creation process is completely open and fully self-serve. There is no application or approval needed.
See this tutorial on creating a new Geyser and please reach out in Discord or Telegram if you have any questions.
How can I test out GYSR?
The GYSR core contracts are also deployed on Ropsten to facilitate testing. Simply navigate to app.gysr.io and switch your Metamask network to Ropsten to start interacting with the test contracts.
Can I remove my locked funding?
No, the funding schedules are immutable by design! You are making an on-chain guarantee to your investors that a certain amount of rewards will be distributed over a specific time period. The GYSR staking contract enforces that commitment and intentionally provides no backdoor access.
So with that said, please be careful and double check your funding amount and time period before submitting!
Can I change a configuration setting?
The general settings for a Geyser (such as time bonus and token addresses) cannot be changed after creation. However, the start date, duration, and amount can be defined differently for each new funding.
How do I get listed on the discover page?
For now, you can send an email to firstname.lastname@example.org or reach out in Discord or Telegram.
In the near future, listing on the discover page will be fully automated
Can I extend my reward schedule?
Yes, the rewards period can easily be extended by simply adding another funding schedule. This will allow your users to continue farming without needing to migrate to a new pool. You should try to add this funding in advance (with a future start date) to guarantee to your users that the rewards will continue.
The GYSR staking contract supports up to 16 concurrent funding schedules, which allows for a lot of flexibility in designing and adapting your incentive program.
What kind of tokens does GYSR support?
GYSR supports any ERC20 token for both rewards and staking. This includes standard N decimal tokens, non-divisible tokens, elastic tokens, interest bearing tokens, and rebasing tokens.
Note that currently GYSR does not support staking tokens which remove a fee during transfer (this effectively creates a non-uniform rebase). This capability will be added in the next version of the core contracts.
If you have any questions on compatibility of your token mechanics with the GYSR staking contract, please reach out.
The Geyser Factory is a smart contract that can be used to configure and deploy Geysers. The contract receives information about the rewards earned by yield farming the Geyser and what token needs to be staked in order to earn those rewards. In addition, the time based multipliers can be configured via the Geyser Factory as well.
The Geyser Factory is immutable to ensure that Geyser creators maintain full control over their assets and distribution, we maintain no ability to upgrade or alter any Geysers that have been created. If we want to make changes to future Geysers, a new Geyser Factory can be deployed to ensure all new Geysers will have upgraded functionality and features.
Finally, we're able to query the Geyser Factory for Geysers that have been created through it. We use this as a security mechanism to make sure that any Geyser users are interacting with through our web app are legitimate ones created by the Geyser Factory, rather than ones that have been tampered with and deployed on their own.
Geysers are smart contracts that can be created by anyone through the Geyser Factory. Once deployed, yield farmers can stake in the Geyser and earn rewards over time. Any Geyser can have one staking token and one reward token. Both have to be ERC20 tokens, but they can be different from each other or the same. Some example use cases of a staking token might be a liquidity token from Uniswap, a token representing funds that have been loaned to a DeFi project, or the reward token itself to create an exponential earning cycle.
When a user unstakes, they earn rewards in proportion to their stake in the Geyser. In the simplest case, if a user's stake represents 10% of the total amount staked in the Geyser, they'll receive 10% of the available rewards. However, Geyser creators can define time multipliers that incentivize staking for longer. That multiplier is applied to a user's stake and their reward amount is adjusted to reflect their updated staked amount.
Finally, $GYSR can be used to further multiply a user's stake in the Geyser. Importantly, each Geyser keeps track of how often $GYSR is applied during unstaking. As more people use $GYSR during unstaking, the Geyser will deflate the multiplier. If $GYSR has low usage in a Geyser, then the multiplier will inflate. This keeps the usage of $GYSR at a healthy level so that its value reaches equilibrium across all Geysers that have been created.
We wanted to build a way to enable power users of Geysers and maximize yield farming. $GYSR is an ERC20 token that users can apply when unstaking from a Geyser. Their stake in the Geyser is multiplied based on the amount of $GYSR applied. The more $GYSR applied, the larger the multiplier. All of the $GYSR spent to maximize their returns are sent to the Geyser creator as a way to fund their continued support of the project.
$GYSR is universal. There is a single ERC20 contract defining the $GYSR token and that token is applicable to all Geysers and yield farming operations on those Geysers. Holding $GYSR will give investors the opportunity to apply it at a moments notice on any of their stakes held in a Geyser and make the most of their yields.
$GYSR's utility across all Geysers effectively makes it a yield farming index. Investing in $GYSR is equivalent to investing in all yield farms provided by Geysers.
Because $GYSR is universal to all Geysers, we had to design a mechanism to make sure the multiplier made sense in environments where the reward tokens were worth $0.01 or $100. Obviously 1 $GYSR shouldn't multiply them equally. To deliver this capability, $GYSR multipliers are defined by how often $GYSR is used in during unstaking. When more people are applying $GYSR, the multiplier is reduced. In fact, when 100% of unstakes have $GYSR applied, the mutliplier is reduced to 1x, meaning it no longer becomes valuable to use $GYSR since everyone is doing it. When fewer people are applying $GYSR, the multiplier increases to incentivize more of its use.
In addition, the benefits of applying $GYSR diminish as a user spends more during an unstake. We apply a logarithmic curve to the multiplier function of $GYSR application such that it costs more and more $GYSR to get smaller and smaller multiplier returns when applying a large amount. This ensures that $GYSR whales can never multiply their rewards by so much that it disproportionately affects the rewards that others can earn from a Geyser.
As an example, if a Geyser's $GYSR usage sets the current multiplier rate at 1 $GYSR = 2x, then it would cost 100 $GYSR to reach 4x, but 1,000,000 $GYSR to reach 8x. The returns diminish significantly when applying massive amounts of $GYSR so that the system remains fair for small investors and whales.
The full definition of these formulas and mechanics can be found in our whitepaper.
The Fountain is a new flavor of the GYSR core yield farming contract, which implement non-competitive staking and reward mechanics.
Similarly, the Fountain smart contract can be created by anyone through the Factory. It will be configured with one staking token, one reward token, and a specific set of time bonus parameters. The creator can then fund the Fountain to incentivize participation.
Once deployed, yield farmers can stake and earn rewards over time. These rewards will be highly predictable, friendly, and non-competitive. This may be preferred to the original Geyser staking contract if a project's community is typically more hands-off.
COMING SOON: 2021 Q1
The original GYSR whitepaper describes the background, theory, and design of the core contracts and platform.
The GYSR core contracts were thoroughly audited for functionality, safety, and security by Pessimistic (formerly SmartDec). Their final report can be found here.