The Endgame for $BOO Staking
If you read our veVelo Voting Vault breakdown, you probably know Byte Masons are playing for keeps. We have one of the best engineering teams in the industry, and our strategy is to write software that nobody can compete with.
When designing our new $BOO vault, we realized we had two options: the easy way and the right way. Individual Magicats can’t boost our vault enough for an investment to be worthwhile, but several Magicats together can. We wanted to build a vault that could scale to millions in TVL and get the whole ecosystem excited without leaving that value on the table.
To accomplish this, we decided to build out a BOO-Magicat orchestration layer for our beautiful friends at SpookySwap. We call it the BOO-MAX Vault.
The BOO-MAX vault is composed of 3 main parts: the $BOO Vault, the Magicat Staking Vault, and the $BOO Farmer. Each of these plays a pivotal role in ensuring your ROI is as high as possible. Let me break them down for you:
The $BOO Vault
Our $BOO Vault works like you’d expect any of our vaults to work — it manages accounting and security, ensures that your principal investment is protected, and distributes your fair share of rewards. This vault lends $BOO tokens to the $BOO Farmer so that it can generate ROI on user deposits.
The Magicat Staking Vault
The Magicat Staking Vault gives Magicat holders a brand new way to earn revenue — without needing to stake any $BOO! It does this by lending all the staked cats’ boost power to the $BOO farmer, allowing it to generate extra APR.
In exchange for this boost power, the Farmer sends back a portion of the boosted $BOO rewards to Magicat stakers. This allows both $BOO and Magicat holders to benefit without needing to hold the other asset.
Additionally, as a cherry on top, the Magicat Staking Vault puts your share of the rewards right back into the $BOO Vault for you so that your cats are always earning as much as possible.
The $BOO Farmer
The $BOO Farmer coordinates both of the above vaults to maximize earning potential within Spookyswap’s revenue sharing farms. By combining the capital of the $BOO vault and the boost power of the Magicat vault, it’s able to generate more yield than any other system!
In addition to its orchestration power, it also re-balances positions automatically based on the level of dilution using information delivered by an off-chain algorithm.
The result is the actualization of Spookyswap’s vision for Magicat-boosted staking! Now Magicat holders and $BOO holders can both earn income without having to worry about coordination — the BOO-MAX vault handles it all for you.
We hope our BOO-MAX Vault will breathe new life into the Spookyswap ecosystem, adding financial weight to each of its constituent parts. Please make sure to tell all your friends holding $BOO or Magicats that the best place for staking has just arrived 😼