HomeCoinsGET Protocol (GET)GET update August ’20 — What’s mined is yours | by Olivier...

GET update August ’20 — What’s mined is yours | by Olivier Biggs | GET Protocol | Aug, 2020

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Olivier Biggs

We’re back! It’s been another month filled with new events, artists and developments behind the scenes. Here’s what’s covered this month.

Announcing GET liquidity mining
GET Liquidity mining is coming. Get your GET ready.

Monthly recap: New events & new signings
New events and organizers are being added left and right.

Website update: ‘What we’re working on’-page
More transparency, more insight.

Development update
Frans Twisk is back again to show a new feature.

We are very excited to announce GET liquidity mining. This is a logical and beneficial addition to our current tokenomics, based on both the continuous growth of the GET protocol, as well as the successful results of similar projects with other projects.

Liquidity has and will always be a crucial component for our protocol. In order for it to thrive and process the millions of tickets which we expect it to process, we require a deep and dependable provision of liquidity.

What is happening

Starting on October 1st, we are introducing liquidity mining to GET Protocol.

A periodic reward in GET will be issued to those offering liquidity to the GET/ETH pool on Uniswap.

From October first, those providing Liquidity in the GET/ETH Liquidity pool will be rewarded proportionately to the percentage of their provided liquidity.

For those not sure what the hell this combination of words means, here’s a decent explainer video for how liquidity pools work.

It’s important to state that if all of this seems very complicated or weird, it is probably not a good idea for you to participate. It does require some understanding of liquidity pools and their rewards and risks. It is also in no way required — it doesn’t matter to the protocol if a few larger providers participate, or many hundreds. The system will find an equilibrium. If you would however like to learn more, a good place to start is this blog, which explains the workings of Uniswap.

Why is this happening?

We are introducing this mechanism for several reasons, in order of importance:

  1. Significant, sustainable liquidity is a crucial component of the protocol, especially as more and more events take place and new ticketing companies begin using the protocol in their own markets. (Please check out the GET tokenomics if this doesn’t make sense.) The rise in popularity of these mechanisms is a great opportunity for us to gain organic liquidity of the token without having to resort to sketchy market makers, of which we have never been fans.
  2. This move also opens the doors to potential further decentralisation of certain elements of the protocol, for example the buyback mechanism. Pending positive results and technical developments, this could be a great way to automate parts of the protocol’s processes in a transparent way in the future.
  3. Added liquidity (not just volume) is needed to provide traders a comfortable way to take larger positions of the GET token. This move kills the ‘nice project, too bad no liquidity’ argument of potential GET traders.

We will be monitoring and sharing our findings about the effects of adding liquidity mining to the protocol + token.

The GET-ETH pair on Uniswap at the time of writing. Click on the image to check it out.

Wait, no nodes?
Indeed, at least not right now. We are not ruling out the need for nodes in the future — however the current development of the protocol benefits much more from improved liquidity, as explained above.

We wholeheartedly feel that going with a strategy that rewards liquidity providers in a way that actually benefits the protocol is better than going out of our way to construct a situation where we require nodes, simply for hype reasons. This way we can incentivise and reward GET holders in a way that actively helps the project grow and move forward.

How will it work?

Full details will follow in the coming weeks, but in short, the process is as follows:

  • Step 1: Provide liquidity to the GET/ETH pair.
  • Step 2: Periodically, the GET Protocol will add GET to the GET/ETH pool. This will raise its GET balance, proportionately rewarding those providing liquidity.
  • Step 3: Liquidity Providers in the pool will earn both on fees and the added rewards.

That’s it. There is no necessity to register anywhere or claim your rewards.

Full details such as rewards and timing will be provided before Friday September 14th.

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