Earn points

The Points Program goes live at the launch of the protocol and rewards users with points for minting, staking, and locking $MONEY and certain LP tokens that support the protocol. Additionally, users can earn points through the Referral program.

As long as you can read this, the Points Program is still live! Visit https://app.defi.money/portfolio to begin!

Summary

• Points are gained every epoch

• You can earn 2 different kinds of points, each contributing separately to your final score: points and veCRV points

• Each epoch is 3 days

• At the start of every epoch the points reset, and your final score for the Points program is determined by your points in the two categorize across all epochs

• You can earn points by maintaining an open $MONEY loan, and staking/locking $MONEY and certain LP tokens

• You can gain multipliers through staking over time, or get the max multiplier immediately by locking

What are points?

Points are a way to measure a user's contributions to the protocol during its launch phase. Points can be gained through activities available on the app, with the final score being calculated at a yet to be determined point in the future. The activities consist mainly of using the protocol and providing liquidity to key pools that benefit the protocol.

There are two different kinds of points, each contributing separately to your final score for the whole program:

• Points: these are earned through staking/locking $MONEY, or by providing liquidity to a select few liquidity pools listed on the /portfolio page, and then staking/locking the LP tokens.

• veCRV points: these are earned by having a balance of at least 1000 veCRV and farming regular points at the same time

Both kind of points are earned per epoch (same epoch for both). Your final score of the program is affected by your share of the total amount of points earned by all participants, for each epoch separately. This means that earning the same amount of points at two different epochs might not lead to the same score in those two epochs, as it will fluctuate depending on activities and points earned by other users which varies. But in general, the earlier you start, the higher your final score will be, as you will have been active in more epochs.

Epochs last 3 days and always start at 12:00 UTC every third day.

You will also notice that there are multipliers for different activities that will affect how many points you earn, so for example instead of earning 1 point per 1 $MONEY staked, you could be earning twice as much after fulfilling some condition. Note that the multipliers are visible on the /portfolio page and might be different per pool.

How to earn points?

At launch there are 3 ways to earn points:

• Maintaining an open MONEY loan: earns 5 points per $MONEY loaned per epoch

• Staking $MONEY: earns 1 point per $MONEY staked (with a multiplier that increases up to 2x over time)

• Staking LP tokens: earns 10 points per LP token staked (with a growing multiplier up to 2x or 3x depending on pool)

Staking and locking

Staking $MONEY and LP tokens earn you more points over time, as the multiplier increases each epoch as long as you continually stake.

Users also have the option to lock rather than staking directly to maximize their multiplier immediately. A locked balance immediately receives the maximum time-based staking multiplier. Also note that users can only choose to stake or lock with tokens in their wallet. It is not possible to e.g. convert a staked balance directly into a locked balance, in that case you have to withdraw your tokens first before locking them.

If you consider locking $MONEY or LP tokens from one of the $MONEY pools, keep in mind that if you need to repay your loan for whatever reason, you have to buy $MONEY from the market as you cannot withdraw locked $MONEY for 10 epochs (30 days) from the time they were locked.

Withdrawing

Any balances that are staked can be withdrawn any time. If you only partially withdraw, your remaining staked balance will have their multiplier reset to the starting value.

For locked balances, you can only withdraw them after 10 epochs have passed (30 days, the same amount of time that it would take to get the maximum staking boost multiplier).

At the end of the points program, locked balances will automatically be unlocked for everyone.

Example 1:

1. Alice stakes 100 LP tokens.

   • The base rate for LP token staking is 10x

   • The maximum staking multiplier for this specific LP token is 2x

2. Alice is now earning points at a base rate of 10x, with a staking multiplier of 1x. 10x * 1x = 10x

3. After 3 epochs, the staking multiplier has increased to 1.3x. Alice's overall multiplier is now 10x * 1.3x = 13x.

4. After 10 epochs, Alice has reached the maximum staking multiplier of 2x. Her overall multiplier is now 10x * 2x = 20x.

Example 2:

1. Bob locks 500 MONEY.

   • The base rate for MONEY staking is 1x

   • The maximum staking multiplier for MONEY is 2x

2. Bob is immediately earning the maximum staking multiplier. His overall multiplier is now 1x * 2x = 2x

3. Two epochs later, bob stakes 1000 MONEY. Bob is still earning a 2x multiplier on his locked MONEY. He is now also earning 1x on his staked MONEY.

4. Four epochs later, Bob wants to withdraw his money. Because six epochs have passed since he locked, he is only able to withdraw the 1000 MONEY that he staked.

5. Another four epochs later, Bob is now able to withdraw the 500 money that he locked.

How to earn veCRV points?

Points come in two categories: "normal points" are earned by all accounts and with the same terms for everyone, and veCRV points are earned only by accounts who also have at least 1,000 veCRV on the Ethereum network (on the same address) at the start of the epoch and are earning regular points at the same time. Here's what sets them apart:

• Accounts with >= 1,000 veCRV at the start of an epoch and are earning regular points also earn "veCRV points" in that epoch

• Base rate for veCRV points is 0.66 veCRV points for every regular point earned

• Earning veCRV points does not affect the rate at which you earn normal points

• At the end of each epoch, veCRV points receive a "boost multiplier" similar to how Curve's boost system works

There is therefore no downside to farming veCRV points, as it doesn't affect the rate at which you earn normal points, it only adds another set of points which adds to your final score of the points program. An account's veCRV balance at the start of an epoch is the balance used for all veCRV points calculations throughout that epoch. Changes to the veCRV balance during an epoch have no effect until the following epoch. Also note that you cannot lock CRV mid-epoch to affect your veCRV points earning in that epoch, you will see that effect at the start of the next epoch.

During the epoch, all veCRV points are earned with a 1x "boost". At the end of the epoch, we calculate a multiplier for every user based on their earned points as a percentage of the total earned points.

Boosting

You can boost veCRV points earning through choosing one of the three boosters (Convex, StakeDAO or Yearn). As they are the top 3 veCRV accounts, they cannot directly farm veCRV points. Instead, their veCRV is made available to use via "delegation", allowing other accounts to farm veCRV points using the delegate's balance in order to enhance their boost multiplier. In exchange for using a delegate's veCRV, users give a flat fee of 5% of all earned points to the delegate. The fee is applied immediately as the points are earned.

Accounts still require the 1,000 veCRV requirement to use a delegate. You can change your delegate choice at any time. The choice takes effect at the start of the following epoch.

For most users with smaller veCRV holdings, it makes more sense to choose a booster than "solo" farming using your own veCRV holdings.

veCRV points multipliers

Multiplier calculations only occur at the end of the epoch. The boost multiplier is calculated similarly to how Curve calculates gauge weight boost - your max boostable percentage of the points is directly related to the percentage of the veCRV that you control. For users farming veCRV points via delegates, the final boost calculation is done by adding together all points earned using that same delegate. The math used for veCRV boost via delegates differs slightly from veCRV boost for solo farmers, in order to give an advantage to solo farmers. This is intentional so that "small" veCRV holders might still have some reason to farm without a delegate (rather than everyone just using Convex for example).

Multiplier math for veCRV points

veCRV points calculation is based on the vePRISMA model.

1. Users receive the maximum multiplier of 2.5x on veCRV points earned up to their max boost percent (MAX_BOOST_PCT). This is also referred to as the "max boost period".

2. For points earned beyond the max percentage there is a linear decaying boost period (DECAY_BOOST_PCT). For users farming with their own veCRV the decay period is 4x the size of their max boost period. For boost via delegates, the decay period is 2x the size of the max boost period.

3. Points earned that exceed the decay period receive no boost.

Example:

With the following parameters:

• MAX_BOOST_PCT: 10%

• DECAY_BOOST_PCT: 200%

Alice has a max boost percent of 10. In one epoch, she earns 40% of the points. As a result:

• She receives a 2.5x multiplier on 25% of her points (10% of the total).

• Next the boost decay period is applied. With a max boost percent of 10 and a decay boost percentage of 200, this means the decay period lasts for 20% of the total points. Thus, on 50% of her earned points the boost bonus linearly decreases from 2.5x to 1x.

• For the final 25% of her points, she receives a 1x multiplier.

Calculating Max Boost Percent

Delegates

• A delegate's maximum boost percent is calculated as:

TOTAL_BOOST_PCT = max(DELEGATE_VECRV_BALANCES) / VECRV_TOTAL_SUPPLY 
DELEGATE_VECRV_PCT = delegate_veCRV / sum(DELEGATE_VECRV_BALANCES) 
DELEGATE_MAX_BOOST_PCT = DELEGATE_VECRV_PCT * TOTAL_BOOST_PCT

In English:

• The sum total of all delegates' max boost percentage is the same as the largest delegate's percentage of the total veCRV.

• Each delegate's percentage of this max boost is equal to their percentage of the total veCRV held across all delegates.

As an example:

• Convex has 30% of the veCRV, StakeDAO has 20% and Yearn has 10%. In total, delegates control 60% of the veCRV.

• Convex is the largest veCRV holder with 30%, so the total max boost percent between all delegates is also 30%.

• Yearn has 10% out of 60%, so 10/60 = 16.66% of the delegate veCRV.

• Yearn's max boost percent is then 16.66% * 30% = 5%

Solo Farmers

To calculate the % of epoch points that a solo veCRV farmer receives max boost on:

NON_DELEGATED_VECRV = VECRV_TOTAL_SUPPLY - sum(DELEGATE_VECRV_BALANCES) 
NON_DELEGATED_PCT = NON_DELEGATED_VECRV / TOTAL_VECRV 
MAX_BOOST_PCT = min(ACCOUNT_VECRV * 25 / NON_DELEGATED_VECRV, NON_DELEGATED_PCT) 

In English:

• Solo farmer max boosting is based on the user's % of the total veCRV, excluding delegate veCRV.

• We apply a 25x multiplier to each solo farmer's veCRV balance, so that the amount required for a meaningful boost isn't impossible to reach.

• Solo farming max boost is capped at the sum of the non-delegated veCRV percent.

As an example:

• Alice has 0.05% of the total veCRV.

• Convex, StakeDAO and Yearn collectively have 70% of the veCRV.

• Alice thus has 0.05% / 30% = 0.1666% of the non-delegated veCRV.

• Alice's max boost percent is then 0.1666 * 25 = 4.165%