Resonate NOW LIVE!
To summarize, here’s all you need to know for Launch Day
The Resonate webapp is now live on five separate networks! You can access it at app.resonate.finance on any of these five fantastic chains.
- Mainnet, Optimism, Arbitrum, Fantom, Polygon
This is my first time hearing about Resonate, what is it?
Resonate splits apart the interest and principal components of a yield-bearing position. Those who hold tokens which may be deposited into yield-bearing systems can receive an instant, upfront payment on the present value of that future yield, in exchange for locking their tokens. An ideal solution for traders who want to receive guaranteed and consistent yield farming rewards for staking tokens or providing liquidity. For those who want to purchase the Yield Futures, or the rights to future yield, Resonate places them in a position where they can do so at a discount to the expected future value of the interest. For protocols wanting to reduce their burn rate, this discount can offer a better way to incentivize providing LPs.
Benefits of Resonate
There’s a number of good reasons. Let’s start from the perspective of a Purchaser, whose profile is most likely to fit that of a protocol treasury, DAO or enthusiastic long-term investor. These include:
- Align incentives: offer upfront incentives to tame mercenary capital and create positive feedback loops. Leverage Resonate to lock-in liquidity providers, creating benevolent cycles within your ecosystem, all while stabilizing levels of liquidity.
- Regenerate your treasury: pay upfront to secure long-term income. Utilize Resonate to replenish your native token, or perform a synthetic swap and diversify your holdings.
- Reduce your emissions: decrease your burn rate by paying out upfront. Incentivise lockups to offset your existing emissions schedule and reduce sell pressure.
- Leverage your stablecoin farming without liquidation risk: multiply the earning power of your stables by utilizing the leased capital of Issuers.
Now, let’s have a look at it from the perspective of an Issuer, whose profile is most likely to fit that of a retail trader/investor, an institution or a whale.
- Upfront, guaranteed payout: provide liquidity confidently, secure in the knowledge that you’ve already been rewarded.
- Guarantee your interest rate: receive the expected value of future cash flows upfront, ensuring that market conditions are no longer a consideration.
- Protect your portfolio: Take upfront payments as stablecoins to hedge against future market volatility.
- Power resilience to changing market conditions: powered by Revest FNFT technology, positions in Resonate remain liquid throughout lockup, allowing you to take liquidity as-needed on any NFT marketplace.
Are there fees?
A 5% fee on the upfront payment and a 5% fee on interest claims, which may be made continuously throughout the life-cycle of the interest-bearing FNFT, are charged. Of these fees, 15% flows back to $RVST stakers. Resonate will have a token in the future. We believe in rewarding early-adopters.
Tutorial Videos
- Create a pool — Getting started
- Become a simple issuer — Receive upfront payments!
- Become a simple purchaser — Boost your yield!
Resonate Documentation:
Resonate Resources:
- Resonate Pamphlet — for whenever you need to explain what Resonate is and how it works to a friend
- Resonate Flowchart — the even more simplified version!
Pool Incentives Program:
To further jumpstart the use of Resonate, we’ll be offering a rebate-based system for the first six weeks of our operation — during that period, you can earn 1% of the revenue that every Resonate pool you set up brings in. Pools charge 5% of the upfront fee and 5% of the interest produced by the yield future — so you can receive 0.05% of both of those! Judgment of eligibility will be left up to the Revest Finance team to prevent spamming and bad-faith actors: if it appears that you have spammed pool creation in an effort to edge-out competitors, you will not be considered for this initiative.
Claiming this rebate will require self-reporting of pool activity via a form that will be released via official channels once the initiative has come to an end, so if you’d like to participate in this program, keep an eye open!
Launch Partners — Active Pools
Velodrome — Optimism
Velodrome will be offering a yield of 5% as upfront bribes to VELO/USDC liquidity providers to lock their liquidity for 1 month — equivalent to an APR of 60%!
Velodrome has committed to initially deploying 1,000,000 VELO to this Resonate Pool, which is projected to catalyze an increase of $450,000 in TVL.
Reaper Farms — Fantom
The Byte Masons will be offering a yield of 5% in OATH as upfront bribes to sFTMx holders to lock their tokens until 7.5% is generated in yield.
They have committed to deploying $200,000 worth of OATH to this Resonate Pool in $50,000 tranches. Each tranche is projected to catalyze an increase of $1,000,000 in TVL.
Party Finance — Polygon
Party has committed to running two concurrent programs through Resonate.
The first program will consist of two Fixed-Term Resonate PFI/USDC QuickSwap LP pools. These pools will offer either 3.5% or 7.2% of the deposit upfront for locking the LPs for either 3 or 6 months, respectively. This program is expected to catalyze a TVL increase of $3.6 million.
The second program will consist of three Fixed-Return Resonate PFI/USDC QuickSwap LP pools. These will be fixed-return pools, offering 8%, 10% or 12% upfront, but locking the principal until 0.1% less than the upfront payment(s) is generated in yield.
Each of these five pools will be allotted a deployment of $32,000 in PFI, funded by Party Finance.
MaiaDao — Ethereum
Maia has committed to creating a stETH-ETH LP pool on Resonate.
Maia will offer a 3% yield in the form of an upfront bribe to stETH-ETH liquidity providers, in return for locking their liquidity for a term of 12 months. This offering is projected to catalyze a TVL increase of $1.67 million.
Maia has committed to an initial deployment of $50,000 USDC.
Pools coming online soon!
CrowdSwap — Polygon
Crowdswap has committed to creating four USDT/CROWD LP pools on Resonate, followed by an initial deployment of 1,500,000 CROWD (~$145,000) split evenly amongst these four pools. This offering is projected to catalyze a TVL increase of over $1.18 million.
- 10% yield in the form of an upfront bribe to USDT/CROWD liquidity providers, in return for locking their liquidity for a term of 1 month.
- 20% yield in the form of an upfront bribe to USDT/CROWD liquidity providers, in return for locking their liquidity for a term of 2 months.
- 25% yield in the form of an upfront bribe to USDT/CROWD liquidity providers, in return for locking their liquidity for a term of 3 months.
- 35% yield in the form of an upfront bribe to USDT/CROWD liquidity providers, in return for locking their liquidity for a term of 4 months.
This pool will be available in the near future!
LandX — Mainnet
LandX has committed to creating two pools on Resonate: a USDC pool that earns yield in xUSD, and a xBASKET pool which earns its yield in xBASKET.
LandX will, subsequently, send an initial deployment of $100,000 to these two pools. LandX will offer an upfront payout of 10% and 5% in the form of a bribe to USDC and xBASKET stakers, respectively; in return for locking their liquidity for a term of 12 months. This offering is projected to catalyze a TVL increase of $1 million.
This pool will be available in the near future!
Spirit Swap — Fantom
SpiritSwap will be offering a yield of 6% as upfront bribes to MIM/USDC liquidity providers to lock their liquidity for 1 year.
SpiritSwap has committed to deploying $10,000 worth of SPIRIT to bribe entry into a MIM-USDC SLP pool on Resonate. This is projected to catalyze an increase of over $160,000 in TVL within SpiritSwap, upon whom the Beefy Finance farm they will be utilizing is built.
This pool will be available in the near future!
QiDao — Polygon
QiDao will be offered an up-front return on deposits of MAI, which will be locked for a set term. More information regarding the specifics of this pool will be provided in the near future.
Plutus DAO/GMX — our adapter for plvGLP is well under way and should be live shortly.
Resonate Source Code
For all of you software nerds out there, our source code is now readily available to the public. We welcome external code review, and our bug bounty through Immunefi will be live in the next few days.
Security of Resonate
Security has been at the forefront of our focus during the development process of Resonate. Here is a quick summary of the steps we have taken on this front:
- Audits: Two formal audits by BlockSec and Zellic. These audits are available for viewing.
- Bug Bounty: held a pre-launch bug bounty which has already produced fruitful responses and an Immunefi bug bounty starting after launch
- Additional: Next-gen fuzzing by PwnedNoMore and informal audit by the lead developers of Badger DAO