enjoi Posted October 7, 2022 Share Posted October 7, 2022 What is cJEWEL and sJEWEL?cJEWEL adopts the benefits gained from the veToken model developed by Curve, and combines that with a method for fee sharing and subscription-based locking. cJEWEL is the name for the governance token in Crystalvale, and sJEWEL is the equivalent for Serendale. (cJEWEL and sJEWEL are functionally the same)Key differences from xJEWEL:Users must lock up JEWEL in the Jeweler contract for a period of time of their choice (between 7 and 1095 days) in order to receive cJEWELJeweler fee sharing will work more like how LP staking works in the gardens (claim rewards separately from interacting with cJEWEL)cJEWEL can be used to activate premium features such as experience buffs (feature to come after cJEWEL launch)cJEWEL Formula and ExamplesThe amount of cJEWEL earned is governed by the following formula:where MAX DAYS is 1095, and the minimum number of days to lock is 7Example:Keal has 50,000 JEWEL and wants to deposit them in the Jeweler. He decides to deposit for the minimum locking period of 7 days and receives ~320 cJEWEL.Rolando doesn’t have the same means as Keal, but he decides to make up for that by depositing his JEWEL for longer. Not willing to be outdone by Keal, he decides to get 320 cJEWEL of his own by depositing ~960 JEWEL for a year.Takeaway: You don’t have to have the most JEWEL to have the most influence with this model.Jeweler InteractionsThis model changes the way the user will interact with the Jeweler, see below for the functions you could call:createLock — (Only available if you have 0 cJEWEL) Takes a selected amount of JEWEL to deposit and days to lock and gives back cJEWEL based on the values chosenincreaseAmount — Allows you to add more JEWEL to your deposited balance and receive more cJEWEL based on the remaining locking schedule for the existing balanceincreaseUnlockTime — Allows you to receive cJEWEL by extending the unlocking period of your existing JEWEL balanceclaimReward — Allows you to claim any pending fee-sharing rewards from the JewelerupdatePool — Will update the rewards available to everyone with cJEWEL by pulling in fees from the Fee Collector contract (this is also called whenever anyone deposits, extends unlocking periods, claims rewards, or withdraws)withdraw — Allows you to withdraw your entire JEWEL balance from the Jeweler if your locking period is expiredemergencyWithdraw — Allows you to withdraw before your locking period is expired, but with a 50% penalty (which is burned). The withdrawal penalty is only applied to the principle of the staking, not the rewards.Jeweler Rewards and Fee CollectorIn order to include fee sharing with the veToken model, a different methodology was necessary.Rather than selling cJEWEL to get more JEWEL than you put in based on a ratio, here rewards are accrued and claimed in the same way that the Gardens works with receiving and claiming LP rewards. The only difference is that the rewards coming in vary depending on what fees have been paid since the last reward pool update.For more detail on all of that math, see this article.Benefits to Holding cJEWELGovernance will utilize the cJEWEL balance of users for voting on proposalsThe cJEWEL system is much more resistant to bad actors who want to just buy up votes and dump their voting power immediately afterThe system awards those who are long term on the project with more voting power per locked JEWELRewards will come by way of fee sharing, but also regular airdrops can be implemented thanks to the safer timelock nature of cJEWELSubscriptions will require that you are holding a certain amount of cJEWEL in order to gain access to a benefitExperience bonuses, access to premium features, discounts on fees, etc., are all being considered for this systemAdditional DetailscJEWEL tokens will be soulbound to the wallet that generates themYou may hold your cJEWEL after the locking period has expired and still receive rewards and governance powerAll cJEWEL is burned when withdrawing your locked JEWEL balanceSubscriptions may require extending your locking period if it is below a minimum thresholdSubscriptions use your “available subscription balance,” which is the total amount of cJEWEL you own minus the cJEWEL requirements of each of your subscriptionsSubscriptions do not change your cJEWEL balanceWhile the maximum locking time allowed is 3 years, it is expected that most users will use locking periods of 1 year or lessJeweler 2.0 was originally published in DeFi Kingdoms Official on Medium, where people are continuing the conversation by highlighting and responding to this story.View the full article Link to comment Share on other sites More sharing options...
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