Welcome to the seventeenth installment of the GYSR newsletter! We use this publication to keep the GYSR community and wider web3-ecosystem up-to-date with GYSR-related news - “GYSR Goss”, if you will. If you would like more information or are interested in getting involved, please follow our official Twitter account, join our Discord, grab a task off our Dework board, and take a look at our website.
Summary
v3 has officially launched!
Consensus 2023
Pool party
Platform metrics
GYSR v3 officially launches
🥳 GYSR v3 has officially launched! GYSR v3 is the latest major release, delivering 9 new and upgraded modules to bring the mechanism count up to 20, while also introducing key upgrades to the core incentives protocol and a large expansion to the fee system. All considered, this means new powerful capabilities, more flexibility, better interoperability, more use cases, and improved tokenomics. Here’s a quick hit list of deeper dives into what v3 has to offer:
Webapp Updates
The v3 release features a large upgrade to the GYSR webapp, to provide a user-friendly, clean, and intuitive interface to the latest core protocol. This will allow projects to configure, launch, and manage their own incentive mechanisms with zero code.
The webapp also includes a set of fully pre-built and tailored interfaces to let end users interact with some of the most popular mechanisms and patterns.
Streaming payroll - “Stream”
The Stream is a tool for trustless continuous payments to project contributors. Easily manage project budget and set ongoing payment rates per user. Users can claim earned rewards at any time.
Multi token rewards - “Waterfall”
Waterfalls allow users to stake an ERC20 or ERC721 to earn rewards. Projects can reward many ERC20 tokens simultaneously within a single pool. This extends the functionality of use cases such as liquidity mining, protocol fee distribution, governance rewards, and art & music royalty routing, to multiple payout tokens.
Bond sale - “Reservoir”
The Reservoir mechanism enables users and projects to efficiently exchange assets at dynamic rates set by a bonding curve. This lets projects acquire permanent protocol owned liquidity and lets users acquire project tokens at a discount.
Core Capabilities
As a reminder, GYSR uses a modular pool architecture where the staking logic and reward logic are each contained within a swappable building block. This means that the 9 new and upgraded modules shipped with v3, allow for a total of 20 possible unique incentive mechanisms.
New Use Cases
These new and upgraded mechanisms mean that users now have access to a much wider range of use cases that GYSR serves! At a high-level (reach out for more info!), some of these use cases include:
Liquidity mining
Token distribution
Productive NFTs
Protocol fee distribution
Token vesting
Governance rewards (ERC20)
Governance rewards (ERC721 NFT)
Uniswap v3 liquidity mining
KPI options streaming
Payroll
Bond sale
Continuous token auction
Fixed price payments
Constant rate yield farm
Protocol updates
Additionally, we’ve incorporated some important upgrades to the core protocol contracts as part of the v3 build, improving on flexibility, extensibility, and interoperability.
v3 Tokenomics
The overall v3 tokenomics upgrade includes a large set of changes to protocol fee system, governance process, and staking mechanics. Learn more here.
Testing
On the testing front, we engaged the GYSR community for extensive end user testing. This beta testing was a 4-week effort where a select group of users got early access to the v3 platform, ran through a series of detailed tests to exercise individual pieces of new functionality, and provided feedback on the new mechanisms and UI.
Additionally, v3 includes a large expansion of the automated test suite, as this grew to 3,048 test cases. Check out the v3 core contracts and test suite here.
Security Audit
Safety, security, and reliability are an ongoing focus for GYSR, and as always, we have taken a multi-faceted approach to this mission for our v3 release. All of this work culminated in a full audit of the v3 smart contracts by Dedaub. This thorough security review and hardening process took place over a 2+ month period and you can find the final audit report here.
We have also updated the GYSR bug bounty program on Immunefi to focus on the latest v3 smart contracts.
Read more about GYSR’s approach to safety and security here.
Consensus 2023
In April, the combined GYSR and Passage team traveled out to Austin for the world’s largest, longest-running and most influential gathering that brings together all sides of crypto, blockchain and Web3. We’re happy to report lots of excitement about the GYSR + Passage integration and also our upcoming v3 capabilities from partners, projects, builders, and everyone else we talked to!
Fun fact: The NFT conference pass at #Consensus2023 was powered by Passage Protocol! Learn more about it here!
Pool party
Since last time, we have had 3 new pools deployed and many re-funded on the GYSR platform! This includes 1 new pool on Mainnet and 2 on Polygon.
To shout out some more specific updates, Asuran deployed a Geyser on Polygon for token staking, while FARM launched a Fountain on Mainnet. Additionally, DOWN deployed a Geyser on Polygon so that users can earn real yield in the form of $APESYN for staking LP tokens for the $DOWN/$CASH 1% pairing on the Satin.exchange DEX.
Additionally, the Unibright community continues to use GYSR as an innovative solution for proxy staking. As consumers of our own tech,, the GYSR holder pool continues to chug along, redistributing global protocol fees on Ethereum each month, and we have also extended our liquidity mining programs on Polygon and Optimism!
Know someone who might want to join the pool party? Check out our renewed referral bounty and help them help you.
🤖 Looking for an easier way to find out about new pool funding? Head over to our Discord server to see our funding bot!
Platform metrics
GYSR continues to see an active user community, with growth across Mainnet, Polygon, and Optimism! We just surpassed 4.5M GYSR spent since launch! Learn more about why that’s important here.
As a current snapshot of our metrics, our 6200+ users to-date have transacted over $1.53B (with a B) and the protocol has distributed over $26M in rewards across 489 pools.
The focus for Q3 is going to be evangelism & adoption, so look out for upcoming opportunities to get engaged!
Talk soon - we have a lot of building to do 🛠️