Tinlake Worklock - Our first experiment with Liquidity Rewards
The Tinlake Worklock was our first experiment with liquidity mining. The program was established on March 30, 2020 as a way to incentivize investment into the very first Tinlake Pools. We named it the Tinlake Worklock because Radial (RAD) rewards were granted for Dai to be locked in on Tinlake to perform work. Dai locked, RAD rewarded. We did not think of fancy yield farming or liquidity mining back then.
Though long term investors will be incentivized to participate in Tinlake pools because of their yield alone, in the short run this incentivization will encourage participation in Centrifuge at this early stage – when the perceived risk may be higher to a potential investor.
In this first try of our rewards program, Centrifuge has rewarded so far 515,624 RAD to 47 investors, for a total investment of over 2 million Dai in Tinlake pools!
There has also been: 5 pools financing 102 assets (30-60 day terms on assets) 3 Asset Originators (two of which spun a second pool and all will continue using Tinlake):
Paperchain (Music streaming royalties)
ConsolFreight (Shipping invoices)
Harbor Trade Credit (Trade finance for Flight Simulators)
We hope that investors use their tokens to participate in Centrifuge Chain governance as well as by staking towards validators to participate in chain security. We are proud that these initial contributors to Centrifuge are among the first token holders and are empowered to operate the system.
Like described in the blog post there is more RAD to be given out to investors in pools.
Do we immediately receive the RAD after a pool is closed in which a investor took part?
Tobi, you are required to hold DROP/TIN tokens for any of the pools for at least 60 days after which you will be able to claim your RAD reward on an ongoing basis however long you keep holding the tokens you will receive more rewards. You are free to do with these tokens as you wish including staking them and voting with them!
correct. you need a CentChain address and will claim it connecting your ETH address with your CentChain address. details will be announce soon and before the first RAD can be claimed (meaning the 60 days are over)
The claim functionality will come in the next chain upgrade so you’ll have to still wait a little bit to see how all this will work. Rewards are already being accrued though, the launch of the claim functionality won’t affect the RAD awarded.
two weeks ago I started to invest in the ConsolFreight 4-Tinlake pool, the new Tinlake v3 and the pool look both pretty solid so far.
Regarding the Radial Rewards Program I have two questions: how many RAD-reward can I expect after 60 days based on the declining curve? Is the curve still dependent on the first 5 million of DAI invested, which should be rewarded with 1 million of RAD-tokens?
Welcome Christian! We are rolling out the claim function and UI in the next chain upgrade. This means you will have to wait a little bit to be able to claim those (investments already earn interest and you don’t need to worry about missing out on them for now!) We will be pushing an update that will start showing these in the UI soon and will notify you. The current reward rate is approximately 0.1 RAD/60 days.
Is that per DAI invested? Meaning that the new pools with 1 RAD/DAI are rewarding 10 times the amount of RAD? Sad for those in the ConsolFreight pool if so…
You can check the RAD Rewards blogpost for more information. The starting reward rate for 1 DAI locked for 60 days is 0.25 RAD. For 1 DAI worth of assets locked for 60 days the reward starts at 0.1 RAD, as @lucasvo mentioned.
I am not sure what you are referring to regarding “10 times the amount of RAD” - maybe you can clarify that.
5 pools financing 102 assets (30-60 day terms on assets)