Tapmydata Decentralized Liquidity Staking

–– 20 Apr 2021

TL;DR

  • New staking site is at https://liquidity.tapmydata.com
  • Staking programme begins on 1st of May 2021 – The Unix timestamp is 1619827200
  • Programme lasts for 90 days
  • Rewards are 200k TAP per pool every 30 days paid out with each block
  • Both TAP-ETH and TAP-USDT Uniswap pools are available
  • Rewards are based on your percentage of Uni-V2 LP Tokens in the staked pool so rewards will go up and down accordingly others enter or leave the pool

Important note to existing LP Providers:

If you are an existing LP provider you will already be eligible for rewards in April. The new staking mechanism requires you to add your LP tokens to the contract (see below for instructions). In order to give everyone time and a fair chance to add their LP tokens to the new staking pools, we are rewarding the April LP tokens for anyone in the pool between the 1st of April and then end of the 29th. This gives everyone 24 hours (on the 30th) to add their LP tokens to the new pool before the new pool starts rewarding.

Important: If you stake your LP tokens in to the new pools before the 30th you will lose out on April LP rewards.

Why have the rewards been reduced?

The rewards haven’t been reduced, in actual fact they have been slightly increased. Previously we were paying out 500k TAP per month but that was for all LPs, including us. Therefore, the amount actually being rewarded was less than 400k. We are now rewarding 400k but split between the two pools and only those that have actively staked. See below for how to do this.

Why split between two pools?

Choice and liquidity across multiple pairs. People can decide which pair they’d rather hold and stake or possibly they want to hold both.

What will happen to the liquidity in the current TAP-ETH pool?

We would hope it would stay more or less the same, there are big LP rewards going out at the end of April and we hope our valuable LPs will look to stake this additional TAP in to one or both of the new staking pools.

Initially, because liquidity in the USDT pool is much lower, we would expect this to rebalance and find an equilibrium as initially the USDT pool may return higher rewards due to the smaller total amount of liquidity.

Can I take my rewards out without withdrawing my liquidity?

Yes. This is the big benefit over the previous mechanism, you can see the TAP rewards ticking up in real time.

But Gas?

Yes. We know. Gas is out of control and it’s a real pain. We believe our LP rewards are just about as good as it gets anywhere currently and if the liquidity you stake isn’t a very small amount and you leave it in the pool for the duration the rewards should more than cover it. We make no guarantees though.

How to use:

For all operations, start by visiting liquidity.tapmydata.com

To earn rewards you first have to Add Liquidity to the pool and then you have to Stake Liquidity. Once you’ve done this you can Claim Rewards.

Adding Liquidity

  1. Connect your wallet (we suggest Metamask) by clicking Connect to a wallet button in the top right.
  2. Click Deposit next to the pool you want to add liquidity into.
  3. Click the Add TAP-ETH liquidity (or USDT if the USDT pool).
  4. Enter the amount of TAP and ETH or USDT.
  5. Click Approve TAP button.
  6. Click Supply.

Once you have added liquidity you will be able to see the Uni v2 LP balance.

Stake Liquidity

  1. With your wallet connected, from the main screen, hit the Manage button for the relevant pool.
  2. At the bottom of the screen, you will see your UNI-V2 LP tokens for the pool, if you do not see this you need to Add Liquidity first.
  3. Click Deposit UNI-V2 Tokens.
  4. Set the amount to Stake.
  5. Click Approve.
  6. Click Deposit.

Once you have your LP tokens staked, you will see “Your unclaimed TAP” and this will start to go up.

Claim Rewards

  1. With your wallet connected, from the main screen, hit the Manage button for the relevant pool.
  2. Next to Your unclaimed TAP hit the Claim button.
  3. Click Approve.

Your wallet will now receive the unclaimed TAP and your liquidity will still be staked in the pool.

If you wish to withdraw your liquidity the process is the same as staking but click the Withdraw button instead. When you do this you will receive your Uni-V2 LP tokens back as well as any unclaimed reward. You do not need to make a separate claim first.

Technical Details

Rewards factory contract is at:
0x13eaa8e6da06053c3cd609e179bee237c8cc100c

ETH rewards contract is at:
0x29Da98679d401ED8FC7474D192c04DB3e3c49695

USDT rewards contract is at:
0x60b07E2432e4cD572C157C121a810BfcA517C79f

These are the same reward contracts previously used by Uniswap and can be viewed on our Github here. The UI is a fork of Uniswap and can be viewed on our Github here.

Have questions? You can join the conversation in Tapmydata’s TelegramTwitter, and Discord to get involved! 

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