The Great Migration

Greetings Insurgents!

Today we are thrilled to announce the launch of The Great Migration!

Table of Contents:

1. What is The Great Migration
2. Migration Incentives
3. Migratooor Airdrop
4. Eligible Pairs
5. Migration Walkthrough
6. Individual Yield Case Studies
7. Individual Project veXCAL Allocations
8. 3xcaliSwap Fee & Reward Distribution
9. FAQ & Useful 3xcalibur Links

What is The Great Migration?

The Great Migration is a liquidity migration program designed to incentivize the migration of liquidity by INDIVIDUAL LPS from other Decentralized Exchanges (DEXes) to 3xcalibur (primarily SushiSwap).

We are hosting this program for quite a few reasons:

• We believe Arbitrum native projects should have their liquidity pooled on a truly Arbitrum Native DEX.
• The design of 3xcaliSwap is based on solidly and this means that the incentive structure promotes high capital efficiency as well as custom incentivization by the projects.
• We plan to have as wide of an XCAL distribution as we can, and support other project in the ecosystem as we do this; hence - we are giving XCAL grants to Arbitrum native projects.
• Community engagement is important for any ecosystem and we believe that 3xcalibur has the skills to create an awesome community environment in the ecosystem. As we have already seen with the Holy Grail Campaign, Poker and DJ Nights in gather, 3xcalibur Camelina project and we are working on much more!

Migration Incentives

In exchange for migrating select liquidity to 3xcaliSwap, migrators will be incentivized with the following:

• Half of the 3% of XCAL max supply reserved for the Arbitrum Ecosytem Airdrop will be directed towards this program. This means 405,000 XCAL (1.5% of max supply) is up for grabs for migrators in the first Great Migration cycle
• Migratooors will receive a veXCAL (locked XCAL) airdrop for migrating liquidity into the select pools over the course of the migration campaign.
• The airdrop amount for each migratooor will be calculated using the formula:

Airdrop = (User Migrated Liquidity/Pool TVL) * (Time left/total campaign time) * Airdrop Pool

Migratooor Airdrop

• The airdrop will be of veXCAL NFTs with an XCAL allocation locked up 6 months.
• With this veNFT you will have voting power to vote on gauges and direct emissions, you will also receive a share of 90% of all the trading fees generated on the pools you vote for as well as an XCAL rebase, you will also receive bribe revenue from LPs who want you to vote for their pool
• You are also able to transfer this veNFT and sell it if you wish.
• In order to be eligible for the airdrop, you must have your LP on 3xcalibur until December 31st
• The airdrop will be issued on December 31st
• Make sure to follow 3xcalibur on Twitter and to join our Discord so you stay up to date on developments.

First Migration Epoch: Eligible Pairs

1. GMX-ETH
2. DPX-ETH
3. rDPX-ETH
4. JONES-ETH
5. PLS-ETH

• We have created 5 pools and the gauges for the above eligible pairs will be made live on Wednesday, November 23 in time for voting and bribing for the next cycle.
• That said - you may begin migrating immediately.
• These pools have been seeded with $1,000 in liquidity each.
• Each pool will receive 500 USDC and 500 USD worth of XCAL in bribes from the 3xcalibur team for all the voting & bribe cycles for the duration of the migration program (a combined total of $1,000 for 3 cycles).

Migration Walkthrough

Using the MIGRATE function on 3xcalibur you can easily migrate SushiSwap (SLP) liquidity.

Link to Migrate: https://app.3xcalibur.com/swap/liquidity/migrate

NOTE:

The images used to illustrate the steps below assume the pair/pool already has a live gauge.

Hence "Migrate" AND "Stake". Staking is the process of depositing into a gauge.

However, since the gauges will not be live until Wednesday, November 23 - you will only have to migrate and you will only have to stake into the gauge on Wednesday.

Steps to enter Neo Camelino:

1. Navigate to https://app.3xcalibur.com/swap/liquidity/migrate

2. Once you are on the migrate page, your SushiSwap LP positions will load and show up.

3. Select the "Migrate" button and a card will pop up for you to migrate. Select the "Max" option and select "Migrate". Do not toggle the Variable <> Stable switch.

4. After you select "Migrate", you will get a transaction signing prompt from you wallet. Once you have signed and executed, your LP will be successfully migrated onto 3xcalibur.

5. Once you have migrated, your LP is successfully pooled on 3xcaliSwap.

Individual Case studies

1. GMX-ETH

• Currently, the majority of GMX-ETH liquidity is pooled on Uniswap (Arbitrum)
• Uniswap GMX-ETH (1%) TVL: $19.9M (as of Nov 10, 16:00 UTC)
• Rewards APR: 0%
• Fees APR: 2.08% (Estimated 30 Day Average)

GMX-ETH on 3xcalibur

Assuming the GMX team accepts their XCAL veNFT or if the 3xcalibur team votes on their behalf with the same voting power:

• VP: 12.90%
• 3xcalibur GMX-ETH LP: $1,000,000 (assuming 3xcalibur captures ~5% of the Uniswap TVL)
• Estimated APR @ $0.45 per XCAL: 43.01%
• Estimated APR @ $0.60 per XCAL: 57.34%
• Estimated APR @ $1.00 per XCAL: 95.57%

2. DPX-ETH

• Currently, the majority of DPX-ETH liquidity is pooled on SushiSwap (Arbitrum)
• TVL: 7.5M (as of Nov 10, 16:00 UTC)
• Rewards APR: 0%
• Fees APR: 10.33% (30 Day Average)
• Pool2 APR (DPX-ETH Farm on Dopex): 21.80%

DPX-ETH on 3xcalibur

Assuming the Dopex team accepts their XCAL veNFT or if the 3xcalibur team votes on their behalf with the same voting power:

• VP: 10.75%
• 3xcalibur DPX-ETH LP: $1,000,000 (assuming 3xcalibur captures 13.3% of the Sushi TVL)
• Estimated APR @ $0.45 per XCAL: 35.84%
• Estimated APR @ $0.60 per XCAL: 47.78%
• Estimated APR @ $1.00 per XCAL: 79.64%

3. rDPX-ETH

• Currently, the majority of rDPX-ETH liquidity is pooled on SushiSwap (Arbitrum)
• TVL: $4.8M (as of Nov 10, 16:00 UTC)
• Rewards APR: 0%
• Fees APR: 16.59% (30 Day Average)
• Pool2 APR (rDPX-ETH Farm on Dopex): 26.79%

rDPX-ETH on 3xcalibur

Assuming the Dopex team accepts their XCAL veNFT or if the 3xcalibur team votes on their behalf with the same voting power:

• VP: 10.75%
• 3xcalibur rDPX-ETH LP: $1,000,000 (assuming 3xcalibur captures 20.8% of the Sushi TVL)
• Estimated APR @ $0.45 per XCAL: 35.84%
• Estimated APR @ $0.60 per XCAL: 47.78%
• Estimated APR @ $1.00 per XCAL: 79.64%

4. JONES-ETH

• Currently, the majority of JONES-ETH liquidity is pooled on SushiSwap (Arbitrum)
• TVL: $2.0M (as of Nov 10, 16:00 UTC)
• Rewards APR: 0%
• Fees APR: 8.93% (30 Day Average)
• Pool2 APR (JONES-ETH Farm on JonesDAO): 14.04%

JONES-ETH on 3xcalibur

Assuming the Jones DAO team accepts their XCAL veNFT or if the 3xcalibur team votes on their behalf with the same voting power:

• VP: 8.63%
• 3xcalibur JONES-ETH LP: $1,000,000 (assuming 3xcalibur captures 50% of the Sushi TVL)
• Estimated APR @ $0.45 per XCAL: 28.77%
• Estimated APR @ $0.60 per XCAL: 38.36%
• Estimated APR @ $1.00 per XCAL: 63.93%

5. PLS-ETH

• Currently, the majority of PLS-ETH liquidity is pooled on SushiSwap (Arbitrum)
• TVL: $1.08M (as of Nov 10, 1600 UTC)
• Rewards APR: 0%
• Fees APR: 16.35% (30 Day Average)
• Pool2 APR (PLS-ETH Farm on Plutus DAO): 33.57%

PLS-ETH on 3xcalibur

Assuming the Plutus DAO team accepts their XCAL veNFT or if the 3xcalibur team votes on their behalf with the same voting power:

• VP: 8.63%
• 3xcalibur PLS-ETH LP: $500,000 (assuming 3xcalibur captures ~50% of the Sushi TVL)
• Estimated APR @ $0.45 per XCAL: 57.54%
• Estimated APR @ $0.60 per XCAL: 76.72%
• Estimated APR @ $1.00 per XCAL: 127.87%

Project veXCAL Initial Allocations

As part of the first cohort of migration candidates, we have reserved up to 6% of the XCAL maximum supply to distribute to the following projects in exchange for either of the following:

We encourage projects to reach out for grants: xen@3six9.io

• Protocol-Owned-Liquidity migration
• Commitment to bribing
• Dedicated encouragement to LPs to get them to migrate

Quick FAQ

Q: What if a project does not claim their veNFT?
A: Based on the TVL attracted to 3xcaliSwap due to the projects pairs - the 3xcalibur team consider voting on the teams' behalf. If not - this allocation will be reserved for other projects and/or the 3xcalibur treasury.

Q: What about the veNFTs you have given current partners?
A: Currently - GMD protocol is the only protocol that we have announced. Other projects have already locked down their allocations as well, just yet to be announced. We greatly appreciate the GMD teams' support and we will be taking measures to ensure that they are adequately rewarded for being one of the first backers of 3xcalibur.

GMX

GMX is a decentralized spot and perpetual exchange that supports low swap fees and zero price impact trades.

Why GMX:

GMX is undoubtedly the most popular Arbitrum based project and rightfully so. It goes without saying that GMX has helped Arbitrum gain a lot of traction and the second order effects propagate to other projects in the ecosystem.

As Arbitrum aficionados, we are grateful for this and we want to offer the GMX team and GMX holders the opportunity to experiment with incentive structures on 3xcalibur.

DOPEX

Dopex is a decentralized options protocol which aims to maximize liquidity, minimize losses for option writers and maximize gains for option buyers - all in a passive manner for liquidity contributing participants.

Why Dopex?

Dopex is one of the most well-known protocols on Arbitrum, bolstering a strong community and product - with much more exciting innovation in store

It is our aim to offer both the team and their community more capital efficiency for incentivizing deep liquidity for DPX and rDPX. We also want to give Dopex the opportunity to accrue fees from voting on pools deployed on 3xcaliSwap.    

PLUTUS DAO

Plutus is an Arbitrum-native governance aggregator aiming to maximize users’ liquidity and rewards while simultaneously aggregating governance behind the PLS token. Plutus’ objective is to become the de-facto Layer 2 governance blackhole for projects with veTokens.

Why Plutus?

Plutus play a very important role in the Arbitrum Ecosystem. As the de-facto Layer 2 governance blackhole for projects with veTokens, they are deeply intertwined with the majority of Arbitrum naive protocols. We see their success positively impacting many projects and their respective communities.

This is why we are offering them a more capital efficient way to incentivize their liquidity for the $PLS token and PLS wrappers as well as earn fees generated from voting power using their allocated XCAL.

JONES DAO

Jones DAO is a yield, strategy, and liquidity protocol with vaults that enable 1-click access to institutional-grade strategies. These strategies unlock liquidity and capital efficiency for DeFi through yield-bearing asset tokens.

Why Jones?

Jones is another staple of the Arbitrum Ecosystem, with strong backing. Delegating asset management to strategists secures competitive yields, and it is our intention to support Jones on the road to Complete decentralization and vary their vault offering (auxiliary vaults, LP vaults, and meta vaults); Enabling borrowing and lending against jAssets.

With their allocation of XCAL, we can help to incentivize liquidity in a more capital efficent manner for their jAssets as well as $JONES.  

3xcaliSwap Fee & Reward Distribution

FAQ

Q: How long is The Great Migration?
A: 30 Days

Q: When will I receive my veNFT?
A: December 31st along with the DCR airdrop (this may happen earlier but no later than Dec 31st)

Q: Will other pairs be made eligible?
A: Only if the project team requests inclusion

🗡 ABOUT 3XCALIBUR

The 3xcalibur Protocol is a permissionless, liquidationless, oracleless liquidity marketplace, powered by Tri-AMM architecture to facilitate stableswaps, variable swaps and borrowing/lending.

The Tri-AMM architecture makes 3xcalibur a highly-capable and modular automated market maker.

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