Early this week, the vaults of Cornucopia opened!
Here's the quick FAQ on the exciting new program:
Q: What is Cornucopia?
A: A year-long campaign to bootstrap liquidity for the Movement ecosystem and DeFi apps. The current vault phase is era 1 of Cornucopia. We will continue to have liquidity-bootstrapping events and vault campaigns once Public Mainnet Beta launches. There will be many more assets, teams, and protocols that liquidity will flow into. (See the full blog.)
Q: What assets are supported?
A: MOVE, BTC, ETH, and stablecoin assets.
BTC: LBTC (Lombard), stBTC (Lorenzo), solvBTC (Solv), wBTC
ETH: eETH (EtherFi), ezETH (Renzo) and wETH
Stable: USDC, USDT, USDe (Ethena), sUSDE (Ethena)
Move: stMOVE (Thunderhead), mMOVE (Meridian), gMOVE (Movernance)
Q: Where can I find vaults?
Q: How do phase 1 rewards work?
A: The current phase has caps and a set APR, which will be distributed in $MOVE. Users will also benefit from any points programs, and any fees generated from liquidity usage. For example, if somebody provides liquidity to LBTC or WBTC in the Lombard DEX vault, they would earn all fees generated, farm DEX points, and receive full $MOVE token rewards.
Q: How is APR calculated?
A: When vaults close on Feb 14, there will be a snapshot. Asset prices at this time will be used to calculate fixed rewards for the period. After this snapshot, the 8-week lockup will begin.
Q: What does the lockup entail?
A: It isn’t a lockup at the smart contract level. You can withdraw. But if you withdraw, you will forfeit all $MOVE rewards. For example, if a user deposits into a vault and after two weeks decides to withdraw their LP, they will forfeit their $MOVE rewards.
Clarification: Assets will be withdrawable after they are bridged to Movement. This is purely because of vault/bridging logistics.
Q: What happens after the 8-week period?
A: When assets unlock, users can unstake and bridge back or they can put assets in Movement DeFi apps. Additionally, they could potentially deploy into phase 2 of Cornucopia (more soon).
Q: How do I deposit?
A: You can use any EVM wallet that Concrete and Veda support.
Q: How do I get my rewards?
A: At the end of 8 weeks, there will be a 4-week linear unlock of $MOVE tokens. Users will have to connect their Ethereum wallets to their Move wallets to receive their $MOVE rewards. They will receive $MOVE rewards on Movement. You cannot receive rewards in an EVM wallet.
Q: Can I deposit $MOVE into the $MOVE vault?
A: This vault is for staked $MOVE. Please go to the following dApps and assets that are supported for obtaining staked Move and depositing: Meridian, Movernance, Thunderhead.