The Hover Genesis Pools: Everything You Need to Know
What are Genesis Pools?
Genesis Pools are initial staking pools that open for deposits prior to full market launch, offering benefits to participants while allowing a protocol to get a headstart on stimulating the necessary liquidity for success.
On November 21st, Hover will be opening Genesis Pools to reward early adopters, integral to building a strong community and protocol. This special event offers increased APY to those that deposit their lending receipt tokens for KAVA, ATOM, and Kava-native USDt.
The Genesis Pools can only be deposited into during the designated deposit period. Afterwards, participants will only be able to withdraw existing deposits. Those who choose to withdraw will no longer receive rewards, and the remaining rewards will continue to be shared amongst those who choose to remain in the Genesis Pools. Genesis Pool rewards are offered for a limited period starting on November 21st, so those who deposit early have the opportunity to receive the most benefit.
Why participate?
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Out of the total HOV supply, 3% has been allocated for these Genesis Pool rewards. That’s a total of 30,000,000 HOV up for grabs! The KAVA, ATOM, and USDt Genesis Pools will each be receiving a certain share of this reward supply. Users in each pool will receive rewards based on the amount they deposit and the total amount that is in each pool.
How to Participate
Users start by supplying KAVA, ATOM, or USDt into Hover’s deposit pools. Upon receiving the associated hToken in exchange, the user must deposit their hTokens into the Genesis Pools. This is what allows them to accrue boosted yield during the Genesis Pool period.
At the conclusion of the Genesis Pool period, users must withdraw their hTokens in order to continue accruing yield from their deposit into the supply pools. Rewards can be claimed but won’t be available to redeem until after the token generation event (TGE) in Q1 2024.
It all starts on November 21st! Follow us on Twitter and join us on Telegram for the most up-to-date news.
Contact info
For more information or to contact the team, please reach out through one of the links below.
Website: https://hover.market
Twitter: https://twitter.com/hover_market
Telegram: https://t.me/Hover_Market
Email: hello@hover.market
