It has been two weeks since we launched our first token, PANA on Aug 15th. We planned to have the launch on Independence Day of the largest democracy, India. The significance of the date indicates what we are trying to do as a protocol; expand insurance beyond the privileged classes, to everyone especially those who could never imagine having an umbrella of insurance.
The journey so far…
We initiated the PANA/USDC liquidity pool on Sushiswap with initial liquidity worth $40K. We set up 16 Staking pools as part of Phase 1, with free streaming of PANA at the rate of 50,000/day.
A couple of fun stats (as of 28th August 2022) that can describe Phase 1 launch are,
- Liquidity in the USDC/PANA Liquidity pool grew to $76.6 K
- Total value locked in all the Staking pools — $64.1K
(Please check detailed stats here, https://app.panadao.finance/#/tokenlaunch
The participation from the community has been outstanding with a lot of good feedback that helped us become better.
Next steps …
As explained in a previous article, (https://KARSHAPANA.medium.com/PANA-token-launch-989f73e8ee82), our launch plan includes 3 Phases, in which currently we are off to a good start in Phase 1 (free PANA streaming). The next step is Phase 2, where, both Staking and Bonding will be taking place simultaneously.
With the good reception of the protocol and a lot of engagement and interest from the community, we are now proceeding forward to the next Phase with a launch of Phase 2 on Sep 19th, 2022.
Will there be any change to Staking pools in Phase 2?
No. All the Staking pools will be the same and the reward rate of 50,000/day free PANA that is streamed to the pools, and the allocation to individual pools will also be the same.
However, there will be a parallel activity in the form of Bonding which will complement Staking and provide another way for participants to get PANA in the form of our governance token called KARSHA.
Phase 2 Bonding specifics:
1.Token to be received- “KARSHA” — our governance token.
Yes! It is the launch of our governance token, that makes Phase 2 different
2. Tokens to bond — PANA/USDC LP tokens
3. Price — KARSHA can only be acquired through Bonding and when Bonding, the discount will always be positive or zero compared to the market price of KARSHA. A zero-discount bond means the cost of acquiring KARSHA is identical to the market price.
4. KARSHA is a wrapped, staked version of PANA. So, it accrues rebase rewards and increases in the amount of PANA it represents over time.
5. Bond Vesting Period — 5 days; The KARSHA tokens are vested at the end of the 5th day from Bonding.
6. Staking — There is no manual Staking in the Bonding mechanism; Auto-Staking is implemented, which effectively means, immediately after Bonding, the PANA equivalent of your bond, gets staked.
7. Rewards — Rebase rewards are distributed at every rebase cycle (~8 hrs), based on the excess reserve and reward rate.
To know more about the Bonding Mechanics, please read https://docs.panadao.finance/basics/Bonding
The Phase 2 reward rate for Bonding will be the highest reward rate in the Staking pools without impacting PANA streaming rewards to the Staking pools.
So, effectively, the bonders get 3 advantages,
- They receive KARSHA — the governance token
- Rebase rewards that accrue to the KARSHA token
- The boosted rewards for Bonding for the Phase 2 launch
How are we trying to ease holders into our protocol?
We may have an important protocol, but if there are no participants, then it is of no use. So, with confidence, we decided to take a longer route. Now, that PANA tokens are being distributed widely, and the community building slowly and steadily, our next step as part of Phase 2 is to make the Bonding mechanism as familiar as possible
This way, when we launch Phase 3, it will be only Bonding. Staking will be stopped and then we will launch our Loss Ratio Peg innovation, which will maintain optimum liquidity of PANA in the liquidity pools
Finally, when all the ground work has been laid as part of these three launch Phases, the launch of Assurance NFTs should be simple and there will be no turning back for the protocol after that. This is when significant innovation begins to be released and we’re excited to work with the community on where Assurance NFTs take us.
As always, please join us in Phase 2 on Sep 19th, 2022 and keep holding on till we reach the destination together!!!
A Humble Mission to Serve the Underserved. A Bold Goal to Provide Insurance to Everyone.