spGLCR

When a glacier meets an Avalanche

$spGLCR is a Liquid Market product for Glacier. A liquid wrapper for $veGLCR, it allows for blackholing governance on Glacier with an open exit position at all times.

Glacier Finance is a ve(3,3) DEX on Avalanche. Users earn governance tokens as yield that, once locked, give them access to trade fees & voting where token emissions go.

To unlock $GLCR's full governance potential, liquidity providers must lock their governance tokens up to 4 years. Dyson mitigates this process by taking the responsibility of holding locked tokens in exchange for an exit position that is yield-bearing.

How does $spGLCR work?

$spGLCR is a receipt token that is minted every time somebody supplies Liquid Market with $GLCR tokens. It acts as a representation of veGLCR that is locked in the minting process.

What if I want to exit my position?

If you want to exit your $spGLCR position, just exit using the $spGLCR / $GLCR liquidity pool on Glacier.

How does $spGLCR keep its peg?

Due to the nature of $spGLCR, it is highly incentivized by Dyson using its veNFT gathered from the liquid wrapper. Users who also want to make the most out of their minted tokens must deposit into the spGLCR/GLCR vault on Dyson to earn rewards. This is to ensure deep liquidity at all times for a stable peg. If spGLCR is off-peg, the protocol uses yields & deposits to arbitrage the peg back to a 1:1 ratio.

Liquidity sink & governance blackhole

Because using $spGLCR requires the vault to perpetually lock $GLCR, Dyson acts as a liquidity sink for $GLCR holders, and a governance blackhole to Glacier. As Dyson's veNFT grows, so does its potential for yielding rewards for $spGLCR.