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Meteor LBE
*Disclaimer* If you currently hold purrADA you need to redeem it right now on https://lbe.minswap.org/. Otherwise, it will be worthless!!!
1) What wallets are supported?
Nami and CCVault. Yoroi will not work, you need to restore your Yoroi wallet by inputting its seed phrase in Nami or CCVault.
2) I get an error saying “we only support single-address wallets”, what do I do?
That is a current technical limitation of the LBE Site. In CCVault, you need to go to Settings and enable “Single Address Mode” in order to use the LBE tool. Nami users will not need to do this though.
3) I put in ADA but I do not see any purrADA in my wallet or on pool.pm
Please note that the network is extremely congested at the moment. Once you have signed the transaction, it might take a while for it to go through. It is possible it doesn't go through right away or after a few hours, then please try it again after a day or two. Please be patient.
4) What is purrADA? What is the policy ID?
purrADA is the token we use to track the share you own of the MIN/ADA pool. You need to KEEP this token until the end of the Discovery Phase (which will be on March 4th). Then, you will be able to turn in purrADA for ADA/MIN LP tokens that represent your share of the MIN/ADA pool according to how much the ADA you supplied is of the total pool. You can swap it for the ADA you put in initially any time, but there is a fee on the last 2 days if you want to withdraw your ADA by turning in the purrADA.
Policy ID of purrADA is: 97747aa3c33fdfe4b5faa7bb8b4534932c6d980cb13c14c5a547e7ca
5) What does the 25% fee on the last 2 days of Discovery Phase mean?
To prevent last-minute price manipulation, if you swap purrADA for ADA on the last 2 days (March 3nd & 4th), there will be a fee of 25%. This means, if you had deposited 100 ADA and had gotten 100 purrADA in return, if you redeem the 100 purrADA during the last two days, you will only redeem 75 ADA effectively because of the 25% fee.
6) Is there any benefit to joining the discovery phase earlier in the window or is all the same as long as it’s before the deadline?
No economic benefits at all. However, because of congestion, waiting until the last minute to send ADA might be a risky endeavor. It also benefits the entire community if more ADA is committed early as the current price will be closer to the final price if not most people do not wait until the end.
7) So there are no incentive rewards for Providing Liquidity from march 8th-14th? if we are LP on ADA/MIN will we have to remove and re add on the 14th to get discovery phase bonuses?
From 8th March to 14th March you can Provide Liquidity and receive Liquidity Provider fees, but you can't Yield Farm. Starting 14th March, we will identify those staking LP tokens that they got during the second phase of the LBE (when you turn purrADA for the LP token) and they get the bonus over normal LP for the first 7 days of YF.
8) How does the bonus for LBE participants work?
We haven't revealed the exact mechanics. But the 110% to 200% bonus means that (please note, this bonus is essentially 1.1x to 2x, so in real numbers 10% to 100% more apr than normal apr), for instance if normal APR for staking MIN/ADA LP tokens in the Yield Farm is 200% APR, anyone who has gotten MIN/ADA LP tokens during the Encounter Phase in the LBE by turning in purrADA will get 220-400% APR.
Last modified 2mo ago
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