Farms Emission Update: Reallocation of Emissions for After Nomad’s Exploit
The black swan of Nomad’s exploit has affected not only StellaSwap, but the broader ecosystem. It has been a painful journey for the team here at StellaSwap, as well as affected users that have been with us since the very beginning. While we’re still reeling from the impact, it is vital that the team continues to do whatever it can to push Nomad for a fair and quick turnaround for their resolution plan. Once that is clear, only then can we move forward with clarity.
Undoubtedly, the event has impacted most of StellaSwap’s strategic farms.
Moonbeam Pauses Harvest Moon Campaign
With the entire Moonbeam ecosystem still battling the effects of Nomad’s exploit, it is understandable that Moonbeam announced the temporary stoppage of their Harvest moon campaign, which was a time-limited campaign designed to spearhead growth of the ecosystem.
What this meant is the stoppage of GLMR rewards across the entire Moonbeam ecosystem in order to first address the resolution of Nomad’s exploit. There is a tremendous amount of work happening behind the scenes to facilitate the recovery of funds from Nomad and all relevant stakeholders.
Removal of Emissions for Nomad Farms
Regrettably, the exploit has broken the peg for Nomad assets, which represented a good chunk of StellaSwap’s TVL, as Nomad was the de-facto bridge of Moonbeam ecosystem. Given that, it was decided to temporarily stop the emissions for Nomad assets until further clarity on resolution by Nomad is conceived. The affected farms were;
✅ Base 4Pool
✅ ETH Dual Pool
✅ MAI<>Base 4Pool
✅ WBTC — GLMR
✅ USDC— GLMR
✅ ETH— GLMR
Reduction of Emissions for DOT Farm
Given the stoppage of the Harvest Moon campaign and the current ecosystem environment, there needs to be a sustainable rate of emissions for DOT-GLMR native pool until Harvest Moon continues down the line. There is a strong dependency on Nomad’s resolution plan before the ecosystem truly stabilizes, and when that happens, we could very well resume with business as usual. Until then, StellaSwap will need to ensure a sustainable rate of emissions for users in the interim.
Here’s the breakdown of the new emission;
Farm: DOT.xc— GLMR
Emissions: 5,078 STELLA & 3,000 GLMR
Effective Date: 13 Aug | 16:00 UTC
StellaSwap will continue to work with all relevant stakeholders for any new updates on the ecosystem and how we move forward down the line.
StellaSwap is the first and leading Moonbeam DEX that offers an integrated gateway to the DeFi world. Users can swap, earn, yield farm, bridge assets, explore new projects and engage in NFT trading all from a single unified platform. StellaSwap’s products are structured in such a way that facilitates decentralized governance of STELLA holders, while continuing to innovate on the collective foundations by design.