Two Weeks In!
Hello Mountaineers! It’s been two weeks since we’ve launched and we’re long overdue for an update!
First, some Altitude stats:
· 997 holders
· $2.5M in TVL
· $5.7M in Total Volume
· $608K in Total Liquidity
· 13.25M PWDR Minted
It’s a launch that we’re very proud of despite some launch day hiccups! Our first epoch is nearing a conclusion and we’ve taken a long look at what went well and where we can improve.
We’ve heard loud and clear that our slopes are creating too much sell pressure on PWDR. We have also heard loud and clear that PWDR-ETH Liquidity Providers need to be better compensated. There are three things that will occur naturally this upcoming epoch that will help here:
1) Flash Loan enablement. Our flash loan’s are built using tried and true AAVE technology. The fees collected by these loans will better help the entire ecosystem!
2) Stable Coin slopes APR will decrease (800% down to 400%)
3) The amount of available PWDR decreases (4M PWDR to be minted in Epoch #2)
But we we’ve decided we’re going revamp our Slopes further.
Introducing Slopes v2
The existing slopes contracts were rigid by design. We couldn’t change the APRs, fee structures, or even offer split pairs. We’re going to upgrade our slopes to allow us to have more flexibility here. All new partner slopes will be paired against PWDR and the existing RFI slope will be converted from RFI-ETH to RFI/PWDR at the request of the RFI community.
To make this change we need to invoke the emergencyClearance function. This is a function we intentionally built in to ensure no funds were to ever be trapped in the slopes. Once this function is called users will have 8 WEEKS to withdraw from the slopes.
The existing slopes will not emit rewards in Epoch #2. Users will need to unstake from Slopes v1 and stake into Slopes v2 in order to continue to accrue rewards during Epoch #2.
Staking fees into Slopes v2 will be waived up until 24 hours to the start of Epoch #2 to gives users ample time to unstake and restake.
We are incredibly excited to rebuild our slopes to ensure the Altitude ecosystem is more sustainable going forward!
Avalanche Enhancements
We’re working with our partners, Zero.Exchange, to seed our Avalanches with some ZERO. This will mean that our PWDR-ETH LPs that stake into the Avalanche will accrue both PWDR and ZERO.
We’ve got some other Avalanche enhancements on the whiteboard and will share as soon as we can!
Speaking of Zero.Exchange…
Altitude LGE ZERO Airdrop Enhanced
Everyone that contributed to the LGE was airdropped 5,000 ZERO per ETH contributed versus the original 500 ZERO per ETH. ZERO is currently running a liquidity mining campaign on Uniswap in advance of their mainnet launch where 100,000,000 ZERO will be available for mining from December 31st thru January 31st. Your ZERO was automatically airdropped to your wallet, but if you wish to participate in the ZERO UNI liquidity mining, please go to app.zero.exchange
Coming Soon…
We promise to push more updates more frequently! We’re in the process of finalizing another partnership but cannot announce details until it’s formally finalized!
We also are looking into the technical feasibility of another major enhancement that would change the game. More details on this in the coming days and weeks.
In the interim we do have more AMAs on the horizon, as well as, we’re pushing very hard to get on the DeFi Yield list which is a prominent high-yield farming list. If you haven’t already voted, please do so here: $PWDR | Voters | Defiyield.info
Finally, we think we’re overdue on a Meme & Sticker competition!! So stay tuned for the formal launch of that and the ability to earn some PWDR!
Stay in Touch
Have a good powder day! We wouldn’t be anywhere without our community and we think we’ve got some exciting times ahead!
~ Altitude Team
Twitter: https://twitter.com/AltitudeFi
Telegram community: https://t.me/AltitudeFi
Telegram news: https://t.me/AltitudeFiAnnouncements
Discord: discord.gg/FRwPgaP4ZC
Medium: https://altitudefi.medium.com
