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CLever's Transition Out of Beta and More

· 5 min read
Aladdin Dao
Aladdin Dao

[Source](https://medium.com/@0xC_Lever/clevers-transition-out-of-beta -and-more-2b0a27b4bf51 'Permalink to CLever’s Transition Out of Beta and More')

Last week the CLEV token offering kicked off, and it raised the maximum of 100,000 CVX in the span of a bit less than 5 minutes. Wow! Full success for the offering has kicked off CLever’s transition out of beta mode, launching a series of events that starts with Clever CVX and leads to the inception of Clever USD and Clever CRV in partnership with Frax finance and Stake DAO respectively. There are a lot of moving pieces and details to share with the community, so buckle up!

In the immortal words of Harry Connick, Let’s Kick the Tires and Light the Fires, Big Daddy

Launch of the CLEV Token​

CLEV liquidity was launched last Wednesday in a remarkably orderly fashion. All CLEV purchased during the offering was made claimable, and ~12 hours later liquidity mining rewards began. The token is now tradeable on Curve Finance. Please note that this is the only officially supported pool, and the only one that can receive CLEV emissions! Pay attention which CLEV pool you use to LP or swap, always check slippage before trading and ask questions in Discord if you’re not sure.

CLever’s Transformation from Beta to Full Mode Begins! clevCVX/CVX Liquidity​

First and most importantly: we will launch two clevCVX/CVX liquidity pools (details in Liquidity Mining below), and seed them using CVX raised during the offering on Oct 20 00:00 UTC (Oct 19, 8:00 PM EDT). CLEV emissions to these pools will begin at the same time, so users will be able to farm CLEV with their clevCVX and CVX at that time!

As the liquidity pools deepen from clevCVX holders bringing their tokens over to farm, the ability to swap without too much slippage will continue to grow and the real fun can begin.

Liquidity Mining Details: CLEV Farming​

As described in the token distribution, CLEV liquidity mining will distribute ~5% (or 100,000) of CLEV tokens during the first year, linearly. These tokens are distributed via gauges (more later) but, to start with, 50% is being emitted to farmers in the CLEV/ETH pool. During the interim period before emissions to clevCVX/CVX pools begin, the remaining 50% will be diverted back to the CLever treasury by way of a special purpose (veFunder) gauge.

As mentioned there will be two clevCVX/CVX liquidity pools receiving CLEV emissions: the main one on Curve as well as a 90/10 clevCVX/CVX liquidity pool on Balancer. Each of these two pools will receive 25% of the CLEV emissions to start. For most future CLever strategies, we expect to have only one liquidity pool, but CLever CVX is a special case because there is a large quantity of clevCVX already minted (due to Beta mode operation). The extra farming opportunity in the Balancer pool will give clevCVX holders a way to earn with their clevCVX while the Curve liquidity pool steadily deepens. We expect these Balancer pool farming rewards to be phased out over time.

The emission of CLEV tokens is governed by a gauge voted on by veCLEV holders, and so will vary from epoch to epoch as gauges are reweighted.

The First (and Best?) Perk of veCLEV: Boost!​

With the launch of the CLEV token came the start of locking CLEV for veCLEV. Already at the time of writing this article over 90,000 CLEV have been locked for the maximum duration! The headline benefit of holding veCLEV has always been protocol revenue sharing, and that will be coming soon, but as is typical for the ve- tokenomics system pioneered by our friends at Curve Finance, the veCLEV model also includes boosting. By locking CLEV tokens for veCLEV, farmers can increase their CLEV yields by up to 2.5x! During these early days, the boost reward is perhaps more valuable/powerful even than the revenue sharing.

The boost power uses the same calculation formula as Curve. You can find a handy calculator for CLEV yield boosts on the CLever website https://clever.aladdin.club/#/calculator (or follow the link on the Lock page).

CLever gauges​

The gauges determine how the CLEV emissions are divided between different farming pools. As mentioned, the initial gauge weights will be 50% CLEV/ETH, 50% temporarily redirected to a veFunder gauge to be returned to the Treasury. Upon the launch of the two clevCVX/CVX pools, the 50% which is being diverted to the treasury will be divided evenly between them for an overall distribution of 50/25/25.

These weights are only the initial defaults, as each week there will be an on-chain veCLEV vote to assign gauge weights to these pools, and any new ones that come online in the future. Each time a new CLever strategy is brought online we will introduce a gauge for its clevToken/Token liquidity pool, and veCLEV holders will vote to direct CLEV emissions to these pools to support the various strategies.

As always, check out CLever on the web, follow us on Twitter, and stop by the Discord! Our community of braniacs are always ready to help out a new fren!