Following SpiderDAO’s successful sale in December, the team has been busy executing against our roadmap with some significant milestones reached, including the distribution of the initial batch of SpiderConnect Routers, the launch of “Liquidity as Utility” (LAU), and several other exciting announcements to come in due course.
However, we are also aware that interactions will be needed along the way as we continue to develop the SpiderDAO ecosystem and appreciate your feedback.
In the past few weeks, we have listened to the community, who have rightly raised the concern, that the high APY currently provided to liquidity miners, while attractive on the surface, is creating a significant amount of token emissions and subsequent downward pressure on the token price.
The liquidity mining program intends to distribute the SPDR token equitably across our community as the ecosystem grows and rewarding early supporters. But we also recognize that perhaps we haven’t done enough to incentivize loyal supporters who wish to hold SPDR tokens on a longer-term basis and pro-actively participate in the community and utilize SpiderDAO services outside of the liquidity mining program.
To address this, we have come up with a new feature that we believe will provide choice — benefiting the early supporters of the SPDR token and enabling the distribution of the SPDR token to a broader community of users in a more sustainable way.
The solution is to create Spider Nests, a staking program aimed at non-LP SPDR holders who wish to access free VPN services. Spider Nests will be funded by the APY Scaling Mechanism, enabling price stabilization to coincide with the growth in demand for SPDR linked to SpiderConnect Router and VPN adoption.
Introducing Spider NESTS
Spider Nests is a new concept that will enable SPDR token holders to lock-up their SPDR token in a “Nest” for either 1, 3, 6, or 12 months, receiving increased rewards based on the length of the lock-up.