Where did the ETH Go?
Last updated
Last updated
Early adopters of Legacy hire builders by donating ETH and delaying gratification by waiting X amount of days to harvest the rewards of their builders. This section talks about how the donated ETH is being distributed within Legacy ecosystem to support the protocol. ETH Re-distribution during 🏗️ Builders Phase:
65% of ETH: Allocated to the PayDay pools to reward Legacy stakers who decided to support the protocol by locking portion of their monetary energy in exchange for shares.
31% of ETH: Allocated to the decentralized Legacy Buy & Burn smart contract. This contract uses ETH to purchase Legacy from the WETH/LEGACY pair on Uniswap v3, and subsequently burns all acquired Legacy.
4% of ETH: Reserved for Genesis. There are no expectations for this portion, which may potentially be used to further support the protocol in various ways.
ETH Re-distribution after 🚧 Builders Phase:
Once the no new builders will be created. This, in turn, will result in no more new ETH flowing into the protocol from builders. In order to continue rewarding stakers Legacy will distribute fees coming from trades that happen inside of WETH/LEGACY Uniswap V3 Pool. This pool will collect 1% from each trade and collectedFees will be sent to all those who decided to stake their Legacy. In addition Legacy will remain open for future ETH deposits. ETH deposits are going to be redistributed among Legacy protocol stakers. This is great as it allows future protocols to reward Legacy stakers even after the Builders Phase.