Harp - Profit Sharing Liquity Frontend is going LIVE

Purpose

Harp is a decentralized Liquity Frontend. We are very strong supporters of the Liquity Protocol and believe deeply that decentralized financial products are critical to ensure the future is more fair, free, and open! For these reasons we have developed Harp, and plan to maintain it, to be open source and to offer added incentives for Liquity Protocol interactions.

Overview

Harp is powered by the Liquity Frontend Program, meaning it receives an LQTY reward relative to the amount of Stability Pool stakers, staked through Harp. We decided to build a unique incentive mechanism to allow Harp Stability Pool stakers to share in the rewards that the front-end generates by creating the Profit Sharing Pool. Please note the Harp codebase is UNAUDITED, use at your own risk.

  1. User stakes LUSD in Harps Stability Pool Proxy
  2. Per block they earn STRING which they can claim
  3. STRING can then be staked in Profit Sharing Pool
  4. LQTY is sent from Liquity to the Profit Sharing Pool based on Harp Stability Pool deposits and Harp Stability Pool Proxy deposits
  5. LQTY is distributed to STRING stakers proportionally

STRING Token: Whats a Harp with no String?

STRING is an erc20 token launched by HarpDAO, an incubation of AngelDAO. The token utility is to be an incentive for Liquity participation via the Harp frontend. By staking STRING you can earn in the frontends kick back based on your portion staked in the Profit Share Pool.

gSTRING Token: The Governance STRING Token

gSTRING is the Governance STRING Token. It will be used to vote on HarpDAO treasury proposals and acts sort of like an LP token.

gSTRING can only be earned via staking STRING into the Profit Share Pool. It is minted 1:1 to the amount of STRING staked after deposit fees. Profit Share Pool withdraw amounts will require an equal amount of gSTRING in the wallet to the withdraw amount requested, gSTRING is burnt 1:1 with the amount of STRING withdrawn from the Profit Share Pool. gSTRING will be used to vote on HarpDAO proposals and is meant to act as proof of participation mechanism.

Profit Sharing Pool: Earn on the success of Harp

The Profit Sharing Pool creates the utility for STRING. It receives 10% of all LQTY given to the front-end as a kickback and distributes it to STRING stakers.

We believe that this will offer a fair system and win win for the operators and the front-end users. As opposed to other front-end systems that take a cut of all kickbacks, we allow users to share a earn on the success of the front-end.

Farm: Rewarding Liquidity Providers

The Farm is a place where users can stake their Uniswap LP tokens with given pairs. The pairs will be for gSTRING/ETH and gSTRING/LUSD.

We decided to create the Farm as an additional way to distribute STRING and reward liquidity providers. This will establish incentives for gSTRING to have liquidity in a decentralized way

We chose to use gSTRING as the platform pair of choice as it displays that the user has participated in Harp and is stakeholder in Harps performance.

HarpDAO

Harp will be maintained and developed by the HarpDAO. The DAO will be in the form of a Gnosis Safe. The funds will used on further developments of the platform. The DAO will be governed via multi sig. The multi sig holders will comprise of Harp maintainers

Launch Plan: May the fourth be with you!

We plan to go live for Harp May 4th and will announce on Harp Socials, AngelDAO Socials, and the official Liquity Discord.

Become unstrung and learn more about Harp:

Read our Docs for an in-depth introduction to Harp including tokenomics and the Contract Addresses.

Keep up to date

Follow on Twitter:

@HarpFinance
@AngelDAOorg
@LiquityProtocol

Distributed systems investment collective.