Aethir on Yield Pass

Checker Node Owners have two options to use Yield Pass. Below is how they work, the benefits, and the potential risks of each:

  1. DEPOSIT & EARN: Earn swap fees and MetaStreet Node Crystals when you deposit and become a Liquidity Provider for $ATH and Yield Pass ($YP) Tokens

  2. DEPOSIT & SELL: Instantly unlock liquidity when you deposit and sell your $YP for $ATH, however, you will NOT be eligible for MetaStreet Node Crystals

IMPORTANT NOTES:

  • Node must be delegated (cannot be self-run) to one of our partners: Easeflow, Infstones, NodesOps or Zentry in order to be eligible for deposit

  • To earn Node Crystals, you must (1) create an Ascend account and (2) not sell your LP tokens. Any Crystals earned prior to selling your LP will remain

1. Deposit & Earn

This option allows you to earn swap fees and MetaStreet Node Crystals (our native rewards) by becoming a Liquidity Provider (LP).

How it Works:

Reminder: These three steps occur in one single, bundled transaction

  1. Deposit & Mint: Deposit your node to mint two tokens:

    1. Yield Pass ($YP): represents future $ATH emissions and airdrops, claimable when the pool expires

    2. Node Pass (NP): represents node ownership, claimable when the pool expires

  2. Borrow: Use your NP as collateral to borrow $ATH with the following terms:

    1. Amount and Rate: 3,000 $ATH at 0% APR (introductory rate)

    2. Term: 120 days or 1 year, depending on when you deposited

  3. Provide Liquidity: Supply $YP and $ATH to the Liquidity Pool to:

    1. Earn swap fees by creating a new liquid swap market for $ATH

Benefits:

  • Access liquidity without selling your node or waiting for emissions and/or vesting

  • Earn yield through swap fees and earn MetaStreet's Node Crystals

  • Borrow at 0% APR for a limited time

Risks:

  • Impermanent Loss: Market fluctuations in price between the time of deposit and withdrawal may change the value of your underlying LP position, specifically the quantity of each token

  • Loan Default: Failing to repay your loan before maturity date will result in the loss of your node. Set calendar reminders to avoid default. Read about Withdrawals below

2. Deposit & Sell

Instantly unlock liquidity when you deposit and sell your $YP for $ATH, however, you will NOT be eligible for MetaStreet Node Crystals.

How it Works:

  1. Deposit & Mint: Deposit your node to mint two tokens:

    1. Yield Pass ($YP): represents future $ATH emissions and airdrops, claimable when the pool expires

    2. Node Pass (NP): represents node ownership, claimable when the pool expires

  2. Sell: Swap $YP for $ATH instantly from the Liquidity Pool (Uniswap)

Benefits:

  • Immediate liquidity without waiting for pool expiration and/or the 180 day vesting period

Risks:

  • You are accepting the current swap rate for $ATH, which is market dependent

  • You forfeit the ability to earn swap fees and MetaStreet Node Crystals

Final Steps: Withdraw, Rollover, Claim

Depositors have two options at the pool expiration:

  1. ROLLOVER: Roll your node over into the next Yield pass pool

  2. WITHDRAW: Exit the pool by removing your node from Yield Pass

IMPORTANT NOTES:

  • You MUST complete either option prior to loan maturity to avoid default

  • Rollovers do not impact the claims process since each new pool will have a new Yield Pass pool

1. ROLLOVER

This option allows a depositor to fully exit their position from Yield Pass. Here are the steps:

Unlike for Deposit, these transactions will require individual steps

  1. Remove LP Tokens: Remove liquidity to receive $YP and $ATH

  2. Refinance Node: Refinance your NP loan

  3. Rollover Node: Rollover your node into the new pool

  4. Claim $ATH Emissions: Burn your $YP to receive $ATH

Node will not have idle time where it isn't earning emissions

2. WITHDRAW

This option allows a depositor to fully exit their position from Yield Pass. Here are the steps:

Unlike for Deposit, these transactions will require individual steps

  1. Remove LP Tokens: Remove liquidity to receive $YP and $ATH

  2. Repay Borrowed $ATH: Repay your loan to reclaim your NP Token

  3. Redeem Node: Use your NP to reclaim your node

  4. Claim $ATH Emissions: Burn your $YP to receive $ATH

The user must re-delegate their node after they exit with their operator

CLAIM

If you minted $YP or purchased $YP via swaps, you are not affected by either Withdraw or Rollover options. Here are the steps:

  1. Vesting: Claims will open 180 days after pool expiration

  2. Claim: Claim your $vATH emissions and receive $ATH immediately

IMPORTANT NOTES:

  1. Claims will open 180 days after pool's expiration due to the required Aethir vesting period

  2. Once claims open, claims will be processed with no additional vesting

  3. Claims are a one-time process to avoid confusion and errors (you will not be able to redeem for less than the full amount of YP you own)

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