❓FAQ
For all your pressing questions!
The team is available in the Telegram Official Group to answer questions, so please reach out if they're not answered here!
What is NFT-based timeshare ownership?
Also referred to as vacation club memberships, an nft-based timeshare ownership is a system in which owners receive a specific allowance of points each year rather than a fixed week. Owners then use these points to exchange for accommodations at a variety of in-network resorts.
Why Binance Smart Chain (BSC)?
Owing to the high gas fees and rising ethereum prices, decentralised finance (DeFi) has been increasingly difficult, slow and painful for small retail investors. BSC serves the role of enhancing the existing user experience for DeFi users given that it is EVM (Ethereum Virtual Machine) compatible and has a block time of approximately ~ 3 seconds. Meaning to say, BSC transactions are faster and cheaper while still maintaining the ability to interact with smart contracts.
Getting Started
1. "What is ZAP IN?"
Claim & Reinvest (ZAP IN) is the method best suited to provide stability for both the platform and your underlying investment. By boosting liquidity, the 50/50 strategy reduces price volatility and helps MyUSD stay above the peg. When you Claim & Reinvest (ZAP IN) your MyUSD rewards in the Farm or Boardroom, it automatically sells 50% of them for $USDC and provides USDC/MyUSD LP. After, simply deposit your LP Token in the Farm.
2. "APR is much higher in the Boardroom than in the Farm USDC/MyUSD LP. Why would I not just invest everything there?"
The Farm APR is linear and prints 24/7, regardless of MyUSD's relation to the peg. Boardroom, on the other hand, prints only when MyUSD's TWAP is above 1.01. Therefore, it may not always be that an investor gets a higher return from the Boardroom than from the USDC/MyUSD liquidity pool.
Terms and Mechanisms
1. "What is an expansionary epoch?"
This is the amount of MyUSD that is printed by the protocol per epoch in order to increase the total circulating supply and reward NFT holders. The main difference between MyBricks 2.0's Protocol and the previous projects is that the expansion rate is calculated based on a sustainable percentage of the total value that is staked in the Boardroom. The protocol, in theory, would be able to absorb 100% of the inflation without the need for new users to join the project and consequently, it would finally bring longevity to a Seigniorage Protocol. Please refer to the Boardroom for more details.
2. “What is compounding in the context of MyBricks 2.0?”
Earning a return on gains you've already made from previous periods is what is commonly referred to as compounding.
Albert Einstein once said: “Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn't, pays it”. While some people question whether the quote was in fact from Einstein, the power of compound interest is unquestionable. After staking your ROCKS in the boardroom, you have the option to increase exponentially your gains by providing liquidity to USDC/MyUSD. Please refer to Farm on how to provide liquidity.
Boardroom
1.“Once Bonds are emitted, does the Boardroom stop printing MyUSD until we are above the peg ($1) again?”
Staking ROCKS will give you MyUSD rewards when the price of MyUSD is above the peg (USDC), but not when it is under the peg.
This means that the TWAP (Time-weighted average price) at the Boardroom has to be at 1.01+ at the end of the epoch to print.
2. “What happens if I interact with the Boardroom in any way?”
Any interaction with the boardroom will reset both timers. That's 3 epochs (24 hours) to withdraw your MyUSD rewards, and 6 epochs to unstake your ROCKS (48 hours).
3. “Does it matter at what point during an epoch I stake my ROCKS?”
No. As long as you stake, at any time, before the end of an epoch, you will get a potential print.
4. "If I remove my ROCKS from Boardroom without first collecting my MyUSD, will it be lost forever?
No, it will still be there to collect whenever you need it.
5. "The Boardroom APR dropped because we're in a 'debt phase.' What does this mean?
A debt phase takes place during the expansion epochs that start after a contraction period where there are still Bonds to be redeemed.
65% of the Expansion during the Debt Phase is allocated to the Treasury Fund to prepare for the Bond Redemption. This amount is still reserved whether or not Bond holders are redeeming Bonds or not.
Once MyUSD in treasury is sufficiently full to meet all circulating bond redemption, expansion rates will resume to normal.
6. "If we're in a debt phase, how long will it last until Boardroom continues printing as normal?"
The debt phase will last as long as is necessary to adequately pay back the outstanding Bonds debt. Please keep in mind that the DAO will also need to collect a little extra, as there needs to be a cushion to cover the bonuses when people redeem Bonds over the peg. There's no exact way of calculating how many epochs it takes since we don't know exactly when people will redeem their Bonds.
7. "At the end of the epoch, the Boardroom did not print MyUSD(s), and then no Bond(s) were issued in the BONDS. Why?
There is a balanced state "at peg" when MyUSD's TWAP is between 1.00 and 1.01, and this means there is neither contraction nor inflation.
Farm
1.“What will happen when all 7777 NFTs are sold? Will rewards stop?”
No, ROCKS will always print MyUSD in the Boardroom as long as MyUSD is above the peg.
2.“Why is ‘at-peg’ (TWAP between 1.00 and 1.01) the best time to provide liquidity?”
When MyUSD is pegged or close to being pegged to USDC, it is more akin to having exposure to a single asset (single staking) than to your traditional LP'ing experience, where you would run the risk of impermanent loss if one of the tokens went up in value and the other did not.
Contractions and Bonds
1. "When can I swap MyUSD for Bonds?"
Bonds will only become available following epochs in which the Time Weighted Average Price (TWAP) of MyUSD is under peg. This means that MyUSD's price would have to be under 1 $USDC for the majority of the previous epoch in order to trigger the BONDS to "open".
For example: If during the previous epoch, the ratio of MyUSD to USDC had been 1.2 for 5 hours, but dipped to 0.9 in the final hour, the BONDS will not open, as the TWAP would be higher than 1. Conversely, if MyUSD's price is at 0.9 that of USDC for 5 hours, but spikes to 1.25 in the final hour, the BONDS will remain open during the following epoch, since the TWAP is less than 1.
The BONDS will always open at the very beginning of a new epoch, and remain open for the entire epoch — The BONDS can not and will never open mid-epoch — and during epochs in which the BONDS is open, MyUSD will not be printed in the Boardroom.
2. "What is the formula to calculate the redemption bonus for Bonds?"
To encourage the redemption of Bonds for MyUSD when MyUSD's TWAP > 1.1, and in order to incentives users to redeem at a higher price, Bonds redemption will be more profitable with a higher MyUSD TWAP value.
3. "I expected Bonds to be issued, but there is none. Why?"
There is a balanced state "at peg" when MyUSD's TWAP is between 1.00 and 1.01, and this means there is neither contraction nor inflation.
An epoch has to end below the peg for Bond tokens to be issued.
4. "When can I swap Bonds back to MyUSD?"
You can swap it back again when the following two criteria are met:
1: MyUSD TWAP is above peg and
2. There is enough MyUSD in the treasury to cover the redemption.
5. "Is Bond right for me?"
Like anything else in crypto, obtaining Bonds is not a risk-free investment. Just like in the real world, you are purchasing debt from the protocol with the expectation that you will be redeemed at a premium in the future. To date, this has occurred after all contractions, but past performance does not guarantee the same future outcomes. Bond is ideal for those with a medium to long-term time preference, as it incentivises holding in exchange for potentially lucrative rewards. If you are looking for a quick flip or have a short-term time preference, Bond may not be the right option for you.
6. "When can I redeem Bonds for a bonus?"
BOND TWAP (time-weighted average price) is based on MyUSD price TWAP from the previous epoch as it ends. This means that MyUSD TWAP is real-time and BOND TWAP is not. In other words, you can redeem BOND for a bonus when the previous epoch's TWAP > 1.1
Troubleshooting & Tech Support
For all troubleshooting please head over to our Discord and post your question in the tech-support channel. You can also head to our Telegram and reach out to any Moderator.
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