FNX daily Uniswap mining rewards will adjust down to 1000 FNX.
We introduced our Uniswap Liquidity Mining program during the DeFi Summer. It was a critical part of our token price appreciation during that time. We reached almost $1.5 million in liquidity at its peak. For that, we’d like to thank all of our liquidity providers and FNX token holders for making this program a great success!
We introduced our Uniswap Liquidity Mining Phase 2 here and we will maintain an FNX/ETH liquidity pool for as long as we are building on Ethereum, which we expect to be a long time! As previously announced, however, while the Uniswap Liquidity Mining Phase 2 will continue on indefinitely, we will from time to time revise the mining reward amounts.
You can continue mining FNX using the interface located at https://liquidity.finnexus.io/.
In accordance with the suggestions of our community of FNX token holders,
the daily FNX mining reward will be adjusted to 1000 FNX, starting from 14:00 UTC+0 on 30th October 2020.
Previous accumulated mining rewards for V2 of our Uniswap mining will not be affected, and the participants do not need to do anything to get the new rewards. The smart contract will simply be adjusted to reflect this lower emission rate.
With the overall deterioration of DeFi markets in general, we are directly responding to our community’s request to reduce the inflation of FNX supply. This inflation reduction will allow us to redirect these FNX incentives to other initiatives like the launch in earnest of our FinNexus Protocol for Options (FPO) on both the Wanchain and Ethereum mainnet coming up in November. We will also be changing the mechanisms of these FNX rewards to discourage farm-and-dump mining behavior. So stay tuned for updates about these updates to FNX tokenomics in the coming weeks!
We would also like to provide a final reminder to those still staking their UNI-V2 tokens in our Uniswap Liquidity Mining Phase 1 rewards contract. Please withdraw your rewards and corresponding UNI-V2 tokens out of that contract AS SOON AS POSSIBLE! We will be removing the user interface (UI) for that smart contract from ‘Mining Phase V1’ here on 30th Oct 2020.
Thank you for your support in providing FNX liquidity on Uniswap.