Penrose for Launch Partners

Partners earn a corresponding quantity of penDYST when they deposit their veNFT (penDYST is minted 1:1 for deposited DYST). This position is never diluted due to the way Dystopia's rebase mechanism works, as Penrose automagically converts rebased DYST to penDYST and passes it on to the partner.

Partners have a floor on the amount of PEN emissions they earn as a reward for helping to bootstrap the Penrose protocol, which means they will receive much more PEN emissions than regular penDYST stakers. Furthermore, all penDYST stakeholders (including partners) have a limitless upside potential on the percentage of PEN emissions they can receive by locking more DYST.

Partners should continue to lock their DYST rewards for penDYST and 2) lock their PEN for vlPEN to protect their share of PEN emissions — and hence their governance control — controls Penrose's vote.

This is a mutually beneficial process: the partner has great benefits and retains voting rights, bribe earnings and also receives protocol fee sharing, while Penrose extends our DYST lock, further increasing voting rights and bribe/fee earnings for partners.

Detailed Benefits

All partners receive:

• Non-dilutive penDYST (fractionalized representation of Penrose's DYST lock).

• 10% share of DYST earned by Penrose protocol LPs, as DYST.

• Protocol-optimized Dystopia trading fees.

• Protocol-optimized Dystopia gauge bribes.

• PEN emissions. Read below for details.

Partner PEN emissions:

• Partners receive a minimum (floor) percentage of PEN emissions above normal penDYST stakers.

  • Floor Partner PEN Earned = 2 * (penDYST Staked / Total DYST)

  • For example, if a partner deposits their veNFT that is worth 2% of the total DYST supply, then they will receive 4% of PEN emissions.

• Partners also have large upside above their floor amount of PEN emission.

  • PEN Earned = (Current penDYST Staked / Total DYST)

  • Partners will earn whichever number is greater between the floor and this formula. This incentivizes partners to continue growing their penDYST lock in order to receive a greater share of PEN emissions.

• PEN emissions allocated to partners have a maximum total floor of 25% of all PEN emissions. Once the combined partner floor reaches 25%, PEN partner floor emissions are dictated by the following formula.

  • PEN Partner Emissions = Partner Initial penDYST / Total Partner Initial penDYST * 0.25