Bermudas FAQ

What is a Bermuda 🔺?

Bermudas in a nutshell are pools with multiplier bonuses, reward stakers for maintaining their stakes and incentivize the burning and use of TAKO 🚀. This means you can earn multiplies on your rewards based on time staked and TAKO spent during unstake.

How do they work?

Bermudas are funded upfront and rewards unlock over a set time period. They are competitive, meaning as you increase your share of the reward pool, the claimable amount for other users will decrease. Thus, it’s important to be aware of other user activity, funding schedules and bonus configuration to maximize your rewards.
The parameters that are defined when a Bermuda is funded are the following:
  • Total reward amount: total amount of rewards to be farmed
  • Staking duration: the total amount of time for rewards to unlock
  • Time bonus (optional): a linearly increasing unlock rate based on time staked
The moment you stake in a Bermuda, you start accruing “share seconds”. Share seconds represent your ownership of the unlocked rewards. It’s simply determined by the formula:
ShareSeconds=AmountStakedTimeLengthStakedShare Seconds = Amount Staked * TimeLength Staked
This means if user A stakes 100 tokens for 5 days, he will accrue the same amount of share seconds as user B who staked 50 tokens for 10 days. This allows smaller wallets to compete with bigger ones by staking their tokens for longer.
When you unstake, Bermuda contract will calculate your share of the share seconds in relation to the total share seconds all users have accrued. Then, you’ll receive this portion of unlocked rewards, assuming no multipliers have been applied.
A graphic example of how multiplier works

What do you mean by 🏆 Competitive Yield Farming?

As the rewards are previously defined, they are depleted, so if users use multiplication bonuses they can deplete unlocked rewards sooner reducing the portion of rewards earned by other users.

How much $TAKO or time do I have to spend to get the multipliers?

Time multiplier

That depends on each Bermuda, the time necessary to obtain the maximum multiplier is determined when bermuda is funded so you will know it before.
If you stake some tokens on day 1 and some on day 5, they’ll each have their own time multiplier. If you unstake a portion of your tokens, tokens with the lowest multipliers will automatically be unstaked first.
If you unstake everything, your time bonus will reset once you restake.

$TAKO 🐙 multiplier

By unstaking you will have the possibility to spend $TAKO to obtain a multiplier.
The benefits of applying $TAKO diminish as a user spends more during an unstake. The contract apply a logarithmic curve to the multiplier function of $TAKO application such that it costs more and more $TAKO to get smaller and smaller multiplier returns when applying a large amount. This ensures that $TAKO whales can never multiply their rewards by so much that it disproportionately affects the rewards that others can earn.
When more people are applying $TAKO, the multiplier is reduced. In fact, when 100% of unstakes have $TAKO applied, the mutliplier is reduced to 1x, meaning it no longer becomes valuable to use $TAKO since everyone is doing it. When fewer people are applying $TAKO, the multiplier increases to incentivize more of its use.

How does this help incentivize the use of TAKO 🚀?

It helps improve the TakoDefi market as it gives it a new use case and also 3% of the $TAKO deposited for stacking will be burned immediately and automatically.
And as for the $TAKO used as a bonus booster 25% will be burned and the other 75% will be used as funds for future burns/Bermuda/team funds 🔥So we will be burning a lot of extra TAKOs.🔥

Where will the funding for Bermuda come from?

As we warned in the previous post, we are changing the use of commissions obtained from farms and pools that do not use $TAKO, the detail is as follows:
Fees obtained from Non-TAKO deposits:
  • 75% will be used to create new Bermuda 🔺.
  • 15% will be used to buy back and burn $TAKO 🔥
  • 10% For Marketing funds and others.

Why did my rewards go down 😞?

If your claimable estimated rewards went down, it’s because another user unstaked with a large bonus multiplier and reduced the remaining unlocked rewards in the pool.
However, if this happens, you are left with a higher proportion of the global share seconds, so you’ll see your claimable rewards increase at a faster rate.

What happens to my tokens after a Bermuda expires?

Your staked tokens are still safe and able to be unstaked at anytime. You'll also be able to claim your share of accumulated rewards even after a Bermuda expires if there are still rewards left.

I read everything and I still don't understand 💭?

We understand it, we also have doubts until now, but we are available to resolve them through the appropriate channels.
Anyway we leave you the official GYSR whitepaper where they detail in depth the operation, the formulas and others used in Bermuda

Disclaimer

Bermuda is a competitive Yield farming, so you should understand that here several will be trying to get the multipliers and the rewards could be exhausted before you can get them.
This is an experimental pool that we hope will help the project grow, but we still recommend investigating #DYOR and investing only what you can afford. We are not responsible for losses due to mismanagement of your tokens
Remember that the fees will not be returned and that what was burned there stays. 🔥
Last modified 8mo ago