Draft of Upgrade of the Boardroom

Combining the proposals and suggestions initiated on RABBIT and CARROT by community, the Rabbit Finance team wrote this Draft, which made a number of upgrades and adjustments to the Boardroom and CARROT’s gameplay. We hope that through the participation of the community, the Rabbit Finance ecosystem will be stronger and the RABBIT can be more robust.

Publicity Period: 2021/07/20–23

The mechanism is designed as follows, and everyone is welcome to discussions and please offer suggestions. After publicity period, max. 5 most valuable suggestion will be rewarded with 1000 RABBIT each. Please send your suggestion to

support@rabbitfinance.io

Launch of veCARROT

The Boardroom launch veCARROT and the Tunnel. veCARROT is the equity token of CARROT, the Tunnel is the exchange channel of these 2 tokens.

The mechanism design is as follows,

1. CARROT synthesize veCARROT

CARROT holders can synthesize CARROT to veCARROT anytime at the current price.

2. veCARROT retrieve to CARROT

veCARROT can be retrieved to CARROT in a ratio of 1:1, when the Boardroom Treasury has enough balance.

3. Senario of veCARROT

To avoid CARROT global burn

the veCARROT, which is 1:1 to CARROT, will not be burnt when deflation happens.

Arbitrage between CARROT and veCARROT

Synthesize CARROT to veCARROT when CARROT price is lower than 1 BUSD, and retrieve it back when higher than 1 as long as there is enough in the Treasury of the Boardroom balance. Then you get profit from arbitrage between CARROT and veCARROT.

Example,

Steven bought 100 CARROT when the CARROT price was 0.9 BUSD and exchanged it for 100 veCARROT at a cost of 90 BUSD. One day later, the price of CARROT came to 1.1 BUSD, the Boardroom completed the inflation, and the Boardroom Treasury has a balance in CARROT. Steven retrieved it with 100 veCARROT and obtained 100 CARROT. At this time, Steven sold CARROT to get 110 BUSD, completed this arbitrage and got 20 BUSD profit.

Participate in the Garden, stake and NFT farming

Will support veCARROT to participate in the Garden pool farming, staking and NFT farming, please stay tuned with follow-up announcements.

Launch of veRABBIT

The Boardroom will launch veRABBIT and function of lock up. Lock RABBIT up to get veRABBIT, which is lock time weighted equity token of RABBIT. CARROT Inflation reward will be released to the veRABBIT staking reward pool, which will be distributed according to the staking proportion.

The mechanism design is as follows,

1. Adjustment of Rebase rule

Rebase frequency adjusted to 1 time every 24 hours, inflation index is 80%, deflation index remains the same.

CARROT burnt amount = (1–24-hour weighted average price of CARROT) * current circulation of CARROT

CARROT Inflation Amount = (24-hour weighted average price of CARROT-1) * current circulation of CARROT * 80%

2. What can veRaBBIT used for?

Share reward: stake veRABBIT to the Boardroom reward pool to get CARROT inflation reward.

Governance: a community governance mechanism will be released to support holders of veRABBIT participate in voting on major issues.

3. How to get veRABBIT

We provided short term, mid term and long term locking plans, the longer RABBIT is locked, the more veRABBIT you can get.

4. The parameter of how to obtain veRABBIT

The range of locking has been set as follows: the minimum period is 7 days, the maximum period is 365 days, and the maximum multiple is 8x.

Example,

Steven chooses to lock 10,000 RABBIT for 7 days, and the calculation is:

The amount of veRABBIT he gets = 10,000 RABBIT * [1 + {Locking period 7 days *(Maximum Multiplier 8–1) / maximum staking period 365 days }]

Same for other programs.

5. What is Treasury Balance

The Treasury Balance is the amount available to the Boardroom for veCARROT to retrieve CARROT. When CARROT inflation is issued, the veRABBIT reward pool and the Treasury will be distributed at 8:2. 20% is put into the Treasury Balance for holders of veCARROT to retrieve CARROT on a first-come-first-served basis.

Note: If you fail to perform the retrieval operation in time, please wait for the next inflation before performing the retrieval operation.

Start of Community Governance

Community Governance Voting system will be added, and major upgrades and adjustments will be decided by users who hold veRABBIT. Allow users to participate in the construction of the project.

Sheer Leveraged Yield Farming Pleasure