Uniswap, Hard Fork Delay, & Other Updates

in #splinterlands5 months ago

Uniswap Updates

It has now been approximately three days since the DEC token was added to the Uniswap DEX and we are thrilled to see how much liquidity and volume has gone through the exchange in such a short time! We also wanted to take this opportunity to answer a few common questions that have come up.

You can find the original announcement post with more details about the Uniswap listing and LP rewards that Splinterlands will be providing here: https://peakd.com/splinterlands/@splinterlands/dec-is-on-uniswap

Many of the questions that have come up since the announcement have been around exactly how the LP rewards will be calculated. Whenever anyone provides liquidity to the Uniswap pool, they will receive a custom ERC-20 token in their Ethereum wallet that represents their contribution to the pool. When you remove liquidity from the pool, you send those tokens back to Uniswap in exchange for your funds.

This provides an easy way to determine the amount of liquidity provided by each Ethereum wallet address as a percent of the total at any point in time. You can see it at the following link which shows the current list of holders of the ETH-DEC Uniswap LP token: https://etherscan.io/token/0xf274d21e16cd7fa726585c6b12f817b81f7ced22#balances

We will be taking a snapshot of that list every day at approximately 2:00 PM ET / 18:00 UTC and using that to determine the total liquidity provided by each participating address over each 30 day period for land plot rewards and the full 90 day period for the raffle ticket rewards.

Calculating Rewards

At the time of writing, there is approximately $128,000 of liquidity in the pool in total. You can see at the above link that the Splinterlands wallet (0x547f5b802486e881d4805aa9605e3d67e52a8904) currently provides ~37.28% of the total pool. Since Splinterlands will not be taking any of the rewards, this amount should be subtracted from the total pool supply when calculating rewards.

After subtracting the Splinterlands portion, that leaves approximately $80,000 contributed to the pool from players. Assuming that remains the same throughout the full 30 day period (which started on Oct. 3rd, 2020 and will go through Nov. 2nd, 2020) then players will receive one free plot of land for approximately each $80 ($40 of DEC and $40 of ETH) worth of liquidity (representing 0.1% of the total) contributed to the pool over that time period.

The full retail price of each land plot will be $20, but even using the planned first presale price of $10 / plot, that provides a ~12.5% return on the funds provided to the liquidity pool per month, which comes to ~150% annualized returns. Please remember that this incentive will go for 90 days in total, so for each 0.1% of the total pool contributed over the 90 day period you will receive three free land plots in total - one each 30 days.

If that wasn't enough incentive, each 0.1% of the pool provided over the full 90 day period will also receive 100 free raffle tickets which will be tradeable tokens and can earn the holders some really valuable prizes. More details on the raffle will be available when the land presale details are announced in the next couple of weeks.

Receiving LP Rewards

Shortly after each of the three 30-day periods (but not before the first land presale goes live) the land plot rewards will be available to claim by anyone who has participated in the liquidity pool during the period. Plots will be represented by a fungible token that can be transferred and traded and will be available on the Hive Engine exchange.

Raffle ticket rewards will be able to be claimed in a similar manner shortly after the full 90 day period is completed.

Once again, many more details about the land presale plot tokens and raffle tokens will be available when the land presale details are announced in the next couple of weeks.

Risks

We also wanted to be clearer about the risks involved with providing liquidity to the Uniswap pool. When you provide liquidity initially, you are required to add an equal dollar amount of both DEC and ETH tokens based on the current pricing of the Uniswap pair. Then, as people swap DEC for ETH and vice versa, the amount of each token in the pool will change.

This means that the amount of DEC and ETH you will receive when you withdraw your liquidity from the pool may change significantly from the amount you put in. You will either receive more DEC and less ETH or less DEC and more ETH, depending upon the amount of each token in the total pool at the time you withdraw. Additionally, the prices in USD of both tokens may vary significantly between the time you commit your funds to the pool and the time you remove them.

As we mentioned in the original announcement post, Splinterlands does not assume any responsibility, nor can we issue any refunds for loss of funds or any other issues relating to the use of Uniswap or transactions on the Ethereum network. Please make sure you know what you are doing, and if you are unsure, please ask for help in the Splinterlands Discord server.

DEC Price Feed Update

Going forward, the price feed for the DEC token used within the game (primarily used for purchases of cards on the market) will be based on the price of the ETH/DEC Uniswap pair instead of the price on Hive Engine.

Due to its use of liquidity pools and the relatively significant amount of liquidity available, the pricing on Uniswap should be much less volatile than that on Hive Engine, which should help to alleviate a number of issues that have come up in the past.

Use of Credits for Market Purchases

Recently there have been a number of instances in which players are using Splinterlands Credits in order to purchase cards from themselves on the market with the sole purpose of acquiring DECs to then sell on various third-party markets. The use of Credits on the market is offered as a convenience to facilitate the purchasing of cards on the market from other players.

Going forward, any accounts found to be using Credits to purchase cards from themselves or from other accounts that they are believed to control will be blocked from being able to use Credits for market purchases in the future.

The purchase and use of Credits is a convenience service that Splinterlands provides to players, and we reserve the right to deny that service to any player for any reason and without notice. Please note that Credits are not required for making purchases or taking any actions in the game, so even if a player is unable to purchase or use Credits, they are still able to purchase items in the shop or cards on the market using the Dark Energy Crystals (DEC) cryptocurrency token which can be acquired on various third-party marketplaces.

Removing the Drop League Option

Starting with the next ranked play season the new drop_league operation will be removed from the game so players will no longer have the ability to drop down to a lower league leaderboard within the current ranked play season.

This was added in as a temporary measure to deal with issues around the transition to the new collection power and league leaderboard system, but now that a couple of seasons have gone by it should not be needed and only serves to provide more potential avenues for exploits.

As a reminder, if a player's rating and/or collection power drops below the minimum threshold, they will still drop to a lower league for ranked battles and season/quest rewards, however they will remain as part of the higher league's leaderboard for the remainder of the season.

Third-Party Card Market Approval

Starting tomorrow - Wednesday, October 7th - only a pre-approved list of accounts will be able to be specified as the "market" parameter for market transactions in order to receive the market fee payment. In the past it has been possible for players to modify the market purchase transactions and add their own account as the "market" so that they would receive the fee.

The ability to specify a market account in the transaction was meant to allow and promote the creation of third party marketplaces, not to allow more tech savvy users to avoid market fees.

Initially, the list of approved market accounts will be peakmonsters, monstermarket, and splintx. If there are any other legitimate third-party Splinterlands marketplaces that would like to be added to the list, please contact @yabapmatt on the Splinterlands Discord server.

Hive Hard Fork Delayed

The hard fork of the Hive blockchain that was originally scheduled for today at 10 AM ET / 14:00 UTC has been delayed. The hard fork will take effect when a supermajority of Hive witnesses start running the updated blockchain code. The exact date and time that the hard fork will take effect is unknown, but looks likely to be later this week.

As we mentioned previously, we will be putting the game into maintenance mode shortly before the hard fork takes place to ensure that everything is working properly before allowing players back in.

New Account Creation Updates

Finally, we also have a significant change to the new account creation process for new players which we plan to release tomorrow as well in preparation for a potential influx of new players over the next few weeks, but we will be publishing the details of that in a separate post later today as this post is already getting very long!


Stay tuned for more updates from the Splinterlands!

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NOTE: All rewards from this post will go to @steem.dao (the Hive Development Fund account) to support the development of the Hive platform.

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This is an excellent update. While its not the type of update that many people pay attention to, for those that do pay attention to the issues addressed, it knocked the ball out of the park. Great job SPL team. We appreciate you being both re-active and pro-active on the various issues discussed!!! :)

Great updates.

Two questions, though:

which started on Oct. 3rd, 2020 and will go through Nov. 2nd, 2020

I only added liquidity to the Uniswap pool on October 4th. Does that mean I'm not eligible for the first distribution?

(2.I noticed that Silver 1 resets to 1000 ranking points, which is the bottom of Silver 3. Without the drop league button, there is no way to get an account that is currently playing in Silver 1 back to Bronze.
(I like the fact that the button disappears, it's just an inconvenience that an account in silver league can't drop a league without it))
^^ byz already reported it

I only added liquidity to the Uniswap pool on October 4th. Does that mean I'm not eligible for the first distribution?

No, of course not! Anyone who contributes liquidity at any point during the 30 day period is eligible. Your rewards will depend on your percentage of the total over the entire 30 day period.

I noticed that Silver 1 resets to 1000 ranking points, which is the bottom of Silver 3. Without the drop league button, there is no way to get an account that is currently playing in Silver 1 back to Bronze.

This is a good point, we will likely have to adjust the rating reset levels for Silver league. Thanks for pointing this out!

Thanks for the quick reply, Matt 👍

So, the new updates have solidified the lack of sustainable new user adoption. The bots are playing in the lower realms - with accounts that can't be beaten by those even with higher powered cards (than those who should qualify for that tier).

So the "elite" (devs) have successfully eradicated the bots from the top tiers, while sending the bots to play against the new users and lower level pay-to-play players. Effectively creating a user base who will only be pay-to-play players at the highest levels and severely limit any new user growth and adoption.

Not good for longevity. Thinking I may sell out on my alpha cards sooner than later.. this won't end well at this rate...

Receiving LP Rewards
Shortly after each of the three 30-day periods (but not before the first land presale goes live) the land plot rewards will be available to claim by anyone who has participated in the liquidity pool during the period.

Will this be in game?

It will be through the Splinterlands website, yes. The original post had some more information:

At the end of each of the 30 day periods there will be an option on the Splinterlands website for participants to claim their rewards. Claiming the rewards will require signing a message with the private keys of the Ethereum wallet that has provided liquidity to the pool over the past 30 days. If that sounds complicated, don't worry - there will just be a simple button to press which will pop up a Metamask window (or web3 Ethereum wallet of your choice) that will allow you to sign the message and get your rewards.

Thanks!

Many people are exploiting the 'power' to drop down and gain leaderboard positions in spite of having good collection power and cards thus 'pushing down' the new players in lower leagues. In the long run, how long will they keep doing this and discourage new entries.

Also, those who invest a lot should be given more dec per ranked match than a person who invests in only one or two splinters and manages to climb up. That is more collection power - more dec. I think the upper leagues do have more dec per win but it can be set as a rule which will discourage those who exploit the system and also encourage investment.

So are these the steps i'd have to do or is there a better way?

  1. Use splinterlands.com to transfer 6million dec to an eth address i own (metamask address)
  2. Then use uniswap to trade 3 million of the dec for eth so that i have equal liquidity?
    2b. Or will i need to exchange a different amount?
  3. Then add both those matching amounts to the liquidity pool?

Am i missing anything?

Yes, that should work. For step 2 the amounts won't be exact since your sale of 3M DEC will lower the price and change the DEC to ETH rate needed for adding liquidity, but it should be close enough and you will just have some extra ETH left over. Alternatively, you can get the ETH tokens from another source so you don't have to sell half of your DEC into the pool first.

I entered the Uniswap thing with 5k dec :)

Nice updates!

Thanks for addressing our concerns! Wow, this update addressed a lot of things in the SL world. Good luck with the hard fork. :)

I'm glad you were clearer about the risks - it was quite funny watching the latest LEO roundtable when they realised their relative losses because thousands of their LEO have been bought up!

They tried to shrug it off, but you could tell they were gutted!

It's annoying for me, I've only got about 900K DEC, just over enough to get in with the first level of discount on the 100 plots, so I'm reticent to stake too much in case some wanker steps in and buys up so much I drop below 850K and then I'm left having to buy in DEC at a higher price!