id: 149
period: 3
title: CompX - Farm Rewards with Lock Weighting
author: Kieran Nelson (@xxiled-plastic-cat)
discussions-to: xGov-149 - CompX - Farm Rewards with Lock Weighting by xxiled-plastic-cat · Pull Request #149 · algorandfoundation/xGov · GitHub
company_name: CompX Labs
category: dApps
focus_area: Defi
open_source: No
amount_requested: 200000
status: Final
Abstract
At CompX we pride ourselves on bringing innovative solutions to the Algorand DeFi ecosystem. Our auto-compounding farms give users new strategies to earn higher yield in a more efficient manner. To further enhance our auto-compounding farm product we want to introduce a mechanism where users can yield additional rewards on top of the farm APR and the auto-compounding bonus.
Team
Development Team
Kieran Nelson - Development Lead
Former Algogator.finance CEO
Full stack development
12+ years development experience
Ronan Clooney - Smart Contract Specialist
smart contract development experience from CompX and Algomint
Guarev - Front end Developer
Responsible for front end development across CompX and Algomint
Experience with Algorand
Details about the team’s experience with the Algorand protocol and any previous projects built on it.
Total team experience
Highly experienced using Algorand sdks
Previously built and repsonsible for 5 applications on Algorand - Algogator, Algomint, xBacked, Meld Gold, X-NFT
Combined 7 years experience creating dApps on Algorand
Well versed in Algorand smart contracts
Present Proposal
We propose to create a mechanism that gives CompX the ability to add targeted rewards to our auto-compounding farms and rewarding users with additional yield if they hold their position in that farm for a specified amount of time. However, these lock up periods are not mandatory and users can exit their positions at any time however they will forfeit an amount of their additional rewards based on the time left in the lock-up period for the farm position.
Development plan
Creation of reward payout mechanism tied to function of users time within a farm position
Front-end changes to allow for review of additional rewards and lock up periods
Update to back end databases to allow for multiple farms of the same type with different lock up period to allow more diverse strategies for users.
Test on staging via testnet to gather feedback and implement further changes if necessary.
Smart Contract audit
Benefits for the community
Giving the community different avenues to gain further yield on their tokens empowers users with more options and strategies for their DeFi. Additionally incentivising our auto-compounding farms leads to additional transaction volume for Algorand blockchain as a whole.
Additional information
None