# Liquidity Mining

## Liquidity Mining with Progressive Locking (Papermill)

The liquidity mining program is designed in a way that liquidity provider interests are aligned with the protocol’s long-term success. It rewards early participants generously while ensuring that the circulating supply of our governance token PLY increases gradually. This is achieved by a progressive locking mechanism that encourages delayed gratification.

### Before Token Launch (pre-mine)

* Allocation: 260,000,000 PLY
* Duration: March 2, 2022 - May 5, 2022

{% hint style="info" %}
At maximum, 5% of pre-mine tokens will be in circulation the first week after the token launch because of the Progressive Locking mechanism.
{% endhint %}

### Post Token Launch

* Allocation: 3,740,000,000 PLY
* Duration: 52 weeks

#### Post token launch weekly allocation

<table><thead><tr><th width="150">Week</th><th>Weekly PLY</th></tr></thead><tbody><tr><td>1</td><td>300,000,000</td></tr><tr><td>2</td><td>260,000,000</td></tr><tr><td>3</td><td>220,000,000</td></tr><tr><td>4</td><td>200,000,000</td></tr><tr><td>5</td><td>180,000,000</td></tr><tr><td>6</td><td>160,000,000</td></tr><tr><td>7</td><td>140,000,000</td></tr><tr><td>8</td><td>128,000,000</td></tr><tr><td>9</td><td>116,000,000</td></tr><tr><td>10</td><td>104,000,000</td></tr><tr><td>11</td><td>92,000,000</td></tr><tr><td>12</td><td>84,000,000</td></tr><tr><td>13</td><td>76,000,000</td></tr><tr><td>14</td><td>68,000,000</td></tr><tr><td>15</td><td>60,000,000</td></tr><tr><td>16</td><td>56,000,000</td></tr><tr><td>17</td><td>56,000,000</td></tr><tr><td>18</td><td>56,000,000</td></tr><tr><td>19</td><td>56,000,000</td></tr><tr><td>20</td><td>52,000,000</td></tr><tr><td>21</td><td>52,000,000</td></tr><tr><td>22</td><td>52,000,000</td></tr><tr><td>23</td><td>42,000,000</td></tr><tr><td>24</td><td>38,000,000</td></tr><tr><td>25</td><td>38,000,000</td></tr><tr><td>26</td><td>38,000,000</td></tr><tr><td>27</td><td>38,000,000</td></tr><tr><td>28</td><td>34,000,000</td></tr><tr><td>29</td><td>34,000,000</td></tr><tr><td>30</td><td>34,000,000</td></tr><tr><td>31</td><td>34,000,000</td></tr><tr><td>32</td><td>30,000,000</td></tr><tr><td>33</td><td>30,000,000</td></tr><tr><td>34</td><td>30,000,000</td></tr><tr><td>35</td><td>30,000,000</td></tr><tr><td>36</td><td>26,000,000</td></tr><tr><td>37</td><td>26,000,000</td></tr><tr><td>38</td><td>26,000,000</td></tr><tr><td>39</td><td>26,000,000</td></tr><tr><td>40</td><td>26,000,000</td></tr><tr><td>41</td><td>22,000,000</td></tr><tr><td>42</td><td>22,000,000</td></tr><tr><td>43</td><td>22,000,000</td></tr><tr><td>44</td><td>22,000,000</td></tr><tr><td>45</td><td>22,000,000</td></tr><tr><td>46</td><td>22,000,000</td></tr><tr><td>47</td><td>22,000,000</td></tr><tr><td>48</td><td>22,000,000</td></tr><tr><td>49</td><td>22,000,000</td></tr><tr><td>50</td><td>22,000,000</td></tr><tr><td>51</td><td>22,000,000</td></tr><tr><td>52</td><td>22,000,000</td></tr></tbody></table>

### Current Allocation for Different Slots

| Slot                  | Share  |
| --------------------- | ------ |
| PLY/NEAR LP Staking   | 6.00%  |
| PLY Deposit           | 3.00%  |
| USDC Deposit          | 12.00% |
| USDC Borrow           | 8.00%  |
| USDT Deposit          | 7.00%  |
| ETH Deposit           | 6.00%  |
| WBTC Deposit          | 3.00%  |
| WNEAR Deposit         | 1.50%  |
| STNEAR Deposit        | 1.50%  |
| NEARX Deposit         | 1.50%  |
| AURORA Deposit        | 0.30%  |
| TRI Deposit           | 0.10%  |
| Ecosystem Liquidity\* | 50.10% |

\*Ecosystem Liquidity allocation is reserved for incentivizing Aurigami's liquidity growth via other platforms in the ecosystem. For example, vaults and integrations.

### Token Locking Model

Every week, a portion of the PLY reward can be unlocked, while the rest will remain locked (as PULP).

The later the claim, the larger the percentage of PLY that will be unlocked. 76 weeks after the token launch, all PULP can be converted 1:1 into PLY.

#### Locking schedule

| Week | PLY  | PULP |
| ---- | ---- | ---- |
| 1    | 5%   | 95%  |
| 2    | 7%   | 93%  |
| 3    | 9%   | 91%  |
| ...  | ...  | ...  |
| 47   | 97%  | 3%   |
| 48   | 99%  | 1%   |
| 49   | 100% | 0%   |

#### Locking examples

Case 1

> Alice mines 100 PLY by Week 1, including premine rewards. If she were to claim, she would receive 5 PLY and 95 PULP (5% PLY, 95% PULP).
>
> Alice continues to farm and mines another 50 PLY by Week 4. If she were to make another claim in Week 4, she would receive 5.5 PLY and 44.5 PULP (11% PLY, 89% PULP).

Case 2

> Bob mines 200 PLY by Week 48, including premine rewards. If he were to claim, he would receive 198 PLY and 2 PULP. (98% PLY, 2% PULP)


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