WLEO Geyser Update | V6 Deployed, Higher APY and Team-Based Penalties

2022 was a wild ride. So many things launched including the most time-intensive of them all: Project Blank. We launched Open Alpha of Project Blank on https://leofinance.io/threads and of course, it has seen a ton of usage already!

The community is excited for Threads and the team is excited for our new vision of LeoFinance. ICYMI: We've merged ProjectBlank into LeoFinance and with our new UI (screenshot below), you'll see the future of LeoFinance. Currently in closed alpha, the new UI focuses intensely on microblogging (threads) and acts as a crypto twitter killer. We've got a lot in store for the new UI and of course, long-form content will continue to play a massive role moving forward.

WLEO Geyser Update | V6 Deployed, Higher APY and Team-Based Penalties

With all of these new developments, we've been working hard on cleaning up all of the fringe projects in the LeoVerse. We've launched a lot of things - in my mind, I like to frame it as a cast a lot of lines out into the water. Sometime you need to try, try, try to learn what works and doesn't work. I know some things have worked far better than others but our mission is to constantly evolve and find what works and doesn't.

Our team has never been as large as it is today. We've worked very hard on a lot of different aspects of the project: both to launch new things (like the new ProjectBlank / LeoFinance UI), the Threads backend and all sorts of DeFi derivatives and features.

One of the most time-intensive projects has been the WLEO Geyser. When I tell you that it's been a headache and a half, I am not understating it... we went through 2 different devs and finally hired on a new dev who was able to crack the code on our smart contract and make everything work.

As of Today...

As of today, we are in an era of fully automated Geyser Payouts. The WLEO-ETH pool is vital to the tie of the LEO token to the broader crypto markets. It also serves as a great entry portal for people to use LEO, buy it, sell it and have the liquidity to move around.

We've worked really hard on the Geyser. As you can see, this is the official V6 release, but over the past ~8 months, we've been doing a ridiculous amount of work to try and get this thing automated.

This brings us to a much broader point in the whole LeoVerse: Automation.

We're cleaning up all of the fringe projects which means shaving excess weight and automating as much as possible. No more wasted time. No more missed payouts. No more asking wen and giving soons for these things.

We want the team to be able to focus on development, not cleaning up old projects. This means bringing a lot of automation into the fold. We've achieved this with the new Geyser model.

As we said, WLEO-ETH liquidity is extremely important. We want to ensure that WLEO-ETH LPs are getting paid but we also don't want to be taking team time away to process payouts every month.

That's why we set down the path of automation in the first place. It turned out to be a much more arduous path than we ever anticipated, but we've finally achieved it.

This Can't Happen Without Promises... and Penalties!

A Geyser Payout will now occur 1x per month. It is fully automated with no manual intervention what-so-ever. This is highly important to us.

We've also updated the Geyser Curve which means that LPs who've stuck around - and we know and appreciate that you've stuck around despite super hard times in the broader crypto market and in the LeoVerse as we've expanded and been subdued to growing pains - earn greater APYs.

We know that there have been times in the past when we thought the automated model was working and then payouts were still missed. We are as tired of the false promises as you are!

This new contract is fully automated and all of our tests show that it's working properly. We're 99.9999999% confident that each payout will go off without a hitch each month.

That being said, in software, there is always that fringe case of some shit breaking unexpectedly.

We want you - the LPs in the Geyser - to trust in your payout being sent each month. That's why we're adding a penalty if the payout is somehow not sent.

We're so confident in the automation of the new geyser that if a payout is missed, we'll pay - from the Team's pocket - a 20% bonus on the subsequent Geyser Payout.

What this means is that if, say, February's payout is not properly sent for any reason, we'll add 20% to the wLEO geyser contract and then March's payout will be the February Payout + 20% + March Payout.

It's important to us that the promises are kept and trust is upheld. We know the Geyser has been a sore spot for a lot of Leo Lions the past several months throughout 2022 but we hope that 2023 is started off correctly with fully automated payouts and real, tangible consequences if those automated payouts are not hit.

As of this post, the V6 Geyser is now live. MASSIVE payouts were sent (since the last 8 months of payouts were missed and the wleo pool account was sitting on nearly 200k LEO in payouts to send).

Every 15th/16th of the month (roughly, since EVM smart contracts count in blocks, not "real people time") the Geyser will erupt and send out the WLEO-ETH LP payouts.

If the payout is missed and sent the subsequent month, we'll add 20% to the payout. We're so confident that this won't happen. The new automated model has been run hundreds of times in a test environment the past week and it has been working flawlessly since our new dev hire stepped up and delivered in a HUGE WAY to get this done.

Thank you again for all your patience as we sorted this all out. We know things weren't the way any of us wanted them to be, but we've now got a great model in place and real, tangible penalties if the promises aren't lived up to.

See you Geyser LP's next month 🦁

About LeoFinance

LeoFinance is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH and Polygon blockchains. Our flagship application: LeoFinance.io allows users and creators to engage & share micro and long-form content on the blockchain while earning cryptocurrency rewards.

Our mission is to democratize financial knowledge and access with Web3.

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Web3 is about more than social media. It encompasses a personal revolution in financial awareness and data ownership. We've merged the two with our Social Apps and our DeFi Apps:

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