Roadmap and Monthly Update [April 2022]
Highlights for Q1 include Pylon’s acquisition of Glow, the Mineral Grade scoring system, and more no-loss pools on Pylon Gateway
Pylon Protocol has seen a number of fascinating developments over the first quarter of 2022, spanning a wide range of events including Pylon’s acquisition of Glow, the adoption of MINE loyalty scores as part of the “Mineral Grade” scoring system, staking features and fixes, and new Pylon Gateway pools.
Pylon to Acquire Glow Yield
The most notable update is the strategic move for Pylon to acquire Glow Yield, including its core development team and its set of forthcoming dApps.
This acquisition would better position Pylon to ship products quicker with a growth in team size, while also bringing a string of Glow products under its belt, such as a no-loss savings-and-lottery (Glow Lotto) and a content creator patronage platform (Glow Creators).
New upcoming dapps with Pylon branding will aim to foster mainstream adoption of UST with attractive “no-loss” products across various sectors, fast-track integrations with Pylon’s yield redirection SDK, potentially look to cross-chain solutions for yield source diversification, and amplify Pylon’s value proposition of capital preservation via deposits.
Drawing from the fixed token swap structure employed in the FEI-RARI merger, the current circulating supply of GLOW tokens will be absorbed by MINE in a GLOW-to-MINE fixed swap. This will better align long-term incentives between Pylon and Glow communities.
Upon the passing of this proposal, both teams will work expeditiously to ensure a smooth transition and onboarding process, including the rebranding of all Glow product lines under the Pylon brand, documentation updates regarding tokenomics and team composition, and the release of the GLOW-to-MINE fixed token swap upon code audits.
Governance poll #23 on whether to proceed with this acquisition is currently in progress. All MINE stakers are encouraged to vote. For more context on the acquisition or if you have any questions or comments on the proposal, you can voice your thoughts here on the Pylon Forum.
A First Look at Pylon Creators
The Glow team earlier this week provided an exclusive first look into Glow Creators, which will be rebranded into Pylon Creators.
Pylon Creators is a Web3 platform for key opinion leaders, artists, musicians, actors, and other influencers to leverage their personal brands and communities in order to develop sustainable creator economies. Artists team up with Pylon to launch NFTs, no-loss pools, and social tokens.
This platform will allow viewers and fans from all backgrounds to support their favorite creators by purchasing NFT collections or donating into no-loss pools, which may unlock additional access, perks, and benefits.
Inspired by Pylon Pools on Pylon Gateway, Pylon Creators will feature no-loss Creator Pools. With this feature, content creators can open new conduits of growing their fan engagement and monetization streams.
Fans can deposit UST in a given Creator Pool in return for exclusive access perks and airdrops of subscription NFTs. The yield generated from the pools serves as recurring revenue streams for creators. After any designated terms/lockups (or none at all), users can retrieve their initial UST deposits without any payment of principal.
Simply put, think of this as an extension of Pylon Gateway where instead of crypto projects you’ll have creators from all kinds of verticals such as popular culture, gaming, music, TikTok, YouTube, streaming, and beyond.
In terms of how this benefits MINE stakers, there will be more information released in the Pylon Creators documentation. In short, all primary and secondary fees from the sales and trading of Creator NFTs will accrue back to the Pylon Treasury. MINE governance stakers will also gain special access privileges including priority on whitelists, discounts, and airdrops.
The Mineral Grade
The Mineral Grade is a MINE staking loyalty scoring system that aims to provide a consistent, measurable standard to incentivize long-term governance staking by using time-series data and quadratic functions to determine a user’s holistic score.
In practice, this scoring system can be used to grant different tiers of token allocations on Pylon Gateway and/or other benefits including more or less airdrops, staking rewards, governance voting power, and so forth.
This system has been introduced by the PylonBoard team and sponsored by Sayve Protocol, and has been put to practice for the Sayve Swap IDO prefund, where users with higher Mineral Grade scores had better token allocations.
In governance poll #22, MINE governance stakers voted in favor of adopting some version of the Mineral Grade staking system, which will be implemented in accordance with the vxMINE mechanism introduced by the Glow team. Keep posted on next steps regarding the integration.
The post introducing Mineral Grade can be found here on Medium and on the Pylon Forum.
Update on Staking Issue
After the new unstaking feature in mid-February went live, a couple of stakers noted that there seemed to be an issue with MINE staking amounts appearing incorrectly or diminishing over time. The bug has since been fully addressed and all MINE is accounted for.
To shed further clarity on the issue, after the rollout of the MINE unstaking feature, the developers discovered a calculation error: MINE balances appeared larger on the Pylon WebApp display than were the actual numbers on-chain. To be specific, the calculation error was that the staking rewards per wallet were calculated as a share of the total balances of MINE staked without subtracting the MINE tokens currently being unstaked.
For a detailed twitter thread addressing the issue at length, check out the following:
MINE governance staking rewards and buybacks, which were halted until the staking issue fix, have finally resumed on a weekly basis.
In April alone so far, over 6.4M MINE was bought from the market and redistributed to stakers. An equivalent amount was also added as liquidity for the MINE-UST pair, while the remainder of the UST continues to accrue in Pylon’s community treasury.
New Pylon Gateway Pools
New NFT project launches on Pylon Gateway have included NFT raffle pools for LunaBulls and TerraBots.
LunArt Protocol released three Pylon Pools for their native governance token ($ARTS) with a minimum entry requirement of 10K MINE staked.
Willisch Finance, a team of veteran handmade ice cream makers exploring the intersection of delicious confections and crypto, has also launched three Pylon Pools for WCOIN.
ARTS and WCOIN airdrops for MINE governance stakers are incoming.
Exclusively for MINE stakers, Sayve Protocol launched Sayve Swap, providing an exclusive prefund allocation for MINE stakers based on amount and duration of MINE held, measured by the Mineral Grade scoring system.
A couple of forthcoming projects that have passed the due diligence vote for their own respective Pylon Pools include Rango Exchange, which will launch their pools in May. Other selected projects that have been posted in the Pylon Forum for extended community due diligence include Angel Protocol, Void Protocol, Proteus Finance, and Terrnado Cash.
If you want to learn more about existing projects and ongoing applications or provide feedback to projects on facilitating initial token distribution on Pylon Gateway, please check out the full listing of new projects under the “Project Application” section on the Pylon Forum.
New Discord Channel
There is a new Discord channel for Pylon Protocol community members. Join here: https://discord.gg/knm8mtRR
As for other social media channels, make sure you follow @pylon_protocol on Twitter and join the Telegram group here to keep synced with the latest protocol updates.
