VIP Pools ☄️
Last updated
Last updated
Most farms die out as users do not see a purpose in holding the native tokens. Only way to promote holding is by giving users a reason to hold.
In this case, the reason to hold $LUNA and $NOVA are the VIP Pools benefits. To take things to the next level, users will need to STAKE a specific amount of native tokens in a special pool to be eligible for the VIP Pools. The tokens staked are also subjected to the standard harvest lock schedule.
To better elaborate, please look at the following example:
Assuming I want to stake in the VIP LUNA-BUSD pool, which has a VIP Requirement of 100 NOVA. In order to stake in that pool, I need to stake 100 NOVA tokens into the special VIP NOVA pool (the 1st pool on https://www.lunadefi.com/vip) before being able to stake in that VIP pool. For both the special VIP NOVA pool and the VIP LUNA-BUSD pool, it obeys the standard harvest functionalities that our farm has. However, for the special VIP NOVA pool, it has a 7 days withdrawal lock, counting from the time you last deposited NOVA tokens!
Basically, you can think of the 'Special VIP NOVA' pool as a sort of entry pass to the VIP pools, and the 'VIP Requirement' you see on VIP pools actually refer to the minimum amount you need to have staked in that 'Special VIP NOVA' pool in order for you to gain access to it! Well, why this system? Why is there a need to stake my NOVA tokens into a 'Special VIP Pool' in order for it to be counted under the VIP requirements? It's pretty simple. Firstly, the normal VIP pools of other farms have 1 inherent flaw. The normal VIP pools that are done by other farms track your VIP holdings through your wallet holdings of the token, which means that there is a loophole where users just get the necessary tokens in order to deposit into the VIP pool, then they dump the token, and wait until the time when they want to withdraw or harvest, then get the necessary tokens again to do so, which defeats the purpose of the VIP pool. With Luna Finance, this is not possible, as once you stake your NOVA tokens to prove your VIP requirements, it is locked for 7 days, and hence there is no possibility for a loophole. Problem solved. Secondly, with our system of VIP pools, VIP users get to farm on their VIP tokens instead of just holding it in their wallet to prove the VIP, which is far more convenient, and the user actually gets to benefit from it, as opposed to VIP pools of other farms, where their VIP tokens are just cast aside in their wallet with no real application, thereby losing tons of opportunity cost. Second problem solved.
Get your hands on the limited edition NFT through a bidding system using our native tokens. More information regarding this will be released soon!
