Argo Community Farming Event Announcement
Stake $CRO and use your staking yields to purchase $ARGO at discounted VC prices
Introducing our new innovative pre-launch event — Community Farming
Ever since the first day of our [REDACTED] inception, building a strong community has always been a #1 priority for us. We firmly believe that our early supporters should and will be fairly rewarded.
As such, we have decided to forgo the traditional VC private raise and decided to allocate an additional portion of token supply to our community at VC prices, through an innovative launch mechanism — Community Farming.
What’s in it for you, you ask?
This is the only time in the lifespan of Argo that you will be able to acquire the $ARGO tokens at exclusive prices, from a price of $0.00003 to $0.01 per $ARGO. You will be able to farm $ARGO at up to 1875x discount from the public sale IDO price.
Yes Argonauts, you heard it right. For the first time ever, you get to be the VC behind Argo.
TL;DR is below for all you busy people.
Article overview
- What is the Community Farming Event
- Why join Argo Community Farming Event
- Timeline of the CFE & How to Join
- Post-Event $CRO Flow to Auto-compounding Vaults
- Fees & Vesting Schedule
- FAQ
1. What is Community Farming?
Argo Community Farming allows early supporters of Argo to earn an attractive amount of $ARGO tokens by staking CRO in Argo’s Community Farming Vault.
For our early supporters, we are giving you a chance to farm $ARGO at exclusive pre-public launch prices. We have set aside 15 Million $ARGO for this farming, equivalent to 1.5% of supply, and the Community Farming event will last for a month.
How does it work exactly?
To farm $ARGO tokens, you will need to stake CRO within the Argo Community Farming Vault. $ARGO will be emitted on a per block basis, hence the earlier you stake CRO on Argo, the more $ARGO tokens you will be able to earn. The amount of $ARGO farmed will be determined by the size of the participant’s CRO staked and the duration of farming.
On the backend, Argo has enabled the infrastructure for CRO staking directly on Cronos which was previously not possible. A portion of the CRO staked during the Community will be staked on the Crypto.org Chain for two reasons:
- Generating Argo’s Warchest (Protocol-Owned-Liquidity): All CRO staking rewards will be routed to Argo’s treasury to form our initial Protocol-owned-liquidity
- Kickstart the initial CRO-bCRO pool on our DEX partner (Refer to post-event section below): CRO deposited during the community farming event will be redirected into the CRO-bCRO pool to kickstart initial liquidity.
2. Why should I join the Community Farming Event?
- Acquire $ARGO like a VC — Farm $ARGO at very attractive yields even before public launch
The Community Farming Event is the only time you will be able to farm $ARGO at a very attractive APR even before the public launch of the $ARGO token. For the first time ever, you get to be the VC behind Argo.
2. Airdrop — Qualify for Argo Treasure Chest Key Airdrop
- What is the Argo Treasure Chest: Argo Protocol has a Treasure Chest filled with $ARGO tokens which will be accessible to all holders of the Argo Treasure Chest Key (CRC-20 Token), 6 months post-mainnet launch. The treasure chest grows in proportion to the TVL of Argo Protocol. The larger the TVL of Argo Protocol by the end of the 6 months period, the larger the amount of $ARGO rewards each Treasure Chest key holder will get.
- How to get the Airdrop Keys: Majority of Argo Treasure Chest Keys will be airdropped to early adopters and participants of the Community Farming Event. 50% of the Treasure Chest Airdrop tokens will be distributed to the top farmers of the event (by staked CRO and duration of stake) and the remaining will be distributed across addresses that meet minimum criteria.
We will have a separate article explaining all about the Argo Treasure Chest Key Airdrop.
3. Timeline of the Community Farming Event
When will the event start?
The event will start in early April (ETA: Early/Mid April 2022), and will last for 1 month.
We are finalizing our smart contract Audits and once the Audits are fully completed, we will kick-off the event. Make sure to follow Argo’s Twitter, Telegram, and Discord for the latest updates!
How can I participate?
- If you have CRO on Cronos:
Get your CRO ready to farm delicious $ARGO tokens at the start of the Event. Remember, the earliest CRO stakers will earn massive amounts of rewards right off the bat (up to 1875x discount on public sale prices)
2. If you have CRO staked on Crypto.org Chain:
Get started with the 28-days unstaking/unbonding period asap!
Once Argo Mainnet is live, you will have your CRO ready to participate in the Community Farming Event. Liquid Staking will go live immediately after the Community Farming Event and you will be able to liquid stake your CRO moving forward.
4. Post-Event Transition to Auto-compounding Vaults
What happens with my funds after Community Farming is over?
Once Argo Community Farming is over, you will continue to have full custody of your staked CRO in the Community Farming Vaults.
The Community Farming Vault will start running automated auto-compounding strategies for you using liquid staking, which you will be able to earn compounded yield farming rewards, denominated in CRO.
Post-event Transition into Argo’s Auto-compounding CRO vaults:
- Half of your CRO will be used to mint bCRO: Half of your CRO staked in Community Farming will be used to mint bCRO at 1:1 exchange rate.
- Your CRO & bCRO will be used to form bCRO-CRO liquidity on DEX: The vault will take all the bCRO minted and the remaining CRO within the vault (which will be at equivalent proportion) to form the bCRO-CRO liquidity in our partnered DEX.
- Your LP tokens will be calculated for you: Depending on the amount of CRO you have staked at the end of the Community Farming Event (as a proportion of all CRO staked in the vault) you will get a pro-rata share of the bCRO-CRO LP tokens
- We will auto-compound your yield farming rewards for you: All rewards earned will be auto-compounded back to CRO to form more bCRO-CRO LP tokens
- You will be earning CRO Staking yields above all these: You will thus earn CRO staking rewards thanks to liquid staking bCRO token and auto-compounded yield farming rewards.
5. Fees, Withdrawal, and $ARGO Vesting
Fees
- Fees During Community Farming: There are no fees involved during the entirety of the Argo Community Farming Event. (No Deposit fees, No Withdrawal fees, and no Performance fees)
- Fees Post-Community Farming: Vault strategy management fees will be applicable— for auto-liquid staking and auto-compounding.
$ARGO Vesting
All farmed $ARGO will be undergoing a 6 months daily vesting schedule and is subjected to an early withdrawal penalty
Early Withdrawal Penalty
We want to align long-term incentives with early supporters and long-term CRO stakers of Argo Protocol. To incentivize long-term CRO stakers, we have implemented a tiny penalty for early withdrawals:
Penalty Calculation
The penalty is applicable only on unvested $ARGO rewards. Calculated by taking the minimum between 0.75 and (time left until unlock) / 6 months.
E.g. if there is 3 months left on your vesting period, the penalty is min(0.75, 3/6) = 0.50. Hence the penalty is 50% of unvested $ARGO rewards farmed. During the entirety of Community Farming, since the ARGO vesting has yet to begin, users who withdraw CRO from the community farming vault will forfeit 75% of $ARGO tokens farmed.
What happens to forfeited $ARGO?
- 50% of forfeited $ARGO will be burned.
- Remaining 50% $ARGO will be distributed pro-rata to all participants who did not withdraw CRO from the Community Farming Vaults till the end of vesting period. (Additional incentive to keep your $CRO staked on Argo!)
6. FAQ
Is Argo Protocol Secure?
Argo Protocol is currently undergoing an audit and will have all core smart contracts audited prior to any feature launch. That means all smart contracts relating to Argo Community Farming will be fully audited prior to Community Farming.
Does Argo Finance have my funds?
Argo Community Farming is non-custodial and you will retain full custody of all your CRO staked within Argo’s Community Farming vaults. A proportion of your funds will be immediately bridged to the Crypto.org Chain and staked.
Will I be able to withdraw my funds? Is there an unstaking period?
Yes, you will be able to withdraw your staked CRO at any point in time.
However, during the community farming event, all CRO withdrawn will go through the 28 days unstaking period. Upon any withdrawal initiated, Argo will unstake your CRO from Crypto.org Chain and you will be able to claim it back after 28 days.
We highly encourage all users who have staked CRO during the Community Farming Event to continue staking with Argo as withdrawals during Community Farming would result in forfeiting a certain amount of farmed $ARGO and have to undergo the 28 days unbonding period.
What are the Fees involved?
- Fees During Community Farming: There are no fees involved during the entirety of the Argo Community Farming Event. (No Deposit fees, No Withdrawal fees, and no Performance fees)
- Fees Post-Community Farming: 0.30% vault strategy management fee — for auto-liquid staking and auto-compounding.
TL;DR
- What is it? Argo Community Farming Event (CFE) is an innovative pre-launch event allowing participants to farm $ARGO at VC prices just by staking $CRO.
- How it works? Your $CRO staking yields will be used to purchase $ARGO at a price range of $0.00003 to $0.01 per $ARGO, the earlier you get in the cheaper you will be able to farm $ARGO at.
- Wen Event? CFE begins on Early-Mid April 2022 and will last for 1 month.
- Airdrops? Our first Argo Treasure Chest & Keys airdrop event will commence during the CFE. Participants of CFE can qualify for the airdrop.
- What happens to your $CRO when event ends? All $CRO will be transitioned into Argo’s CRO auto-compounding vaults and used to form the initial CRO-bCRO liquidity.
- Vesting schedule? Yes there will be a vesting schedule and penalty for early vesting, read vesting section for details
