Introducing The Extended NDX Liquidity Mining Program

Indexed Finance
4 min readMay 17, 2021

Starting on block 12,454,000, we’re launching the extended liquidity mining program, set to run for two years on a linearly decreasing emission schedule.

Over the course of 4,778,182 blocks, we’ll be handing out 1.5 million NDX, sourced both from the remaining Sigma program allocation and the Treasury. On day one we’ll be emitting roughly 3,500 NDX daily, which slowly decreases until we hit about 620 NDX daily in mid-2023.

You’ll be able to stake Uniswap V2 LP pairs for all of our current index tokens (DEFI5, CC10, ORCL5, DEGEN, NFTP and ERROR), and you can also stake certain index tokens single-sided (DEFI5, CC10 and DEGEN to start). We’ll eventually be migrating to Uniswap V3 once there’s a “standard” way of issuing fungible V3 LP tokens.

If you’re the type to rush straight to the door after reading the initial pitch, you want to go here.

Whilst looking like this.

For the rest of you, if you’d like to read the history of this idea — from inception to the present moment — then here’s a bunch of links for you!

There are bound to be a couple of questions that get thrown up as people migrate between pools, or stake for the first time, so let’s get to it.


I’ve already staked tokens in an existing pool — do I have to move them?

Yes. The new staking pools will be deployed against different contracts, so even if you have — for example — UNIV2:ETH-DEGEN LP tokens still sitting in the existing pool, you’ll have to unstake from the ‘legacy’ pools and restake in the new ones. Sorry about that!

The only pool this is not the case for is UNIV2:ETH-NFTP, which will continue distributing rewards in it’s current pool until it expires on June 4, 2021, at which point we’ll launch the new pool and you can migrate.

Is there a way for me to unstake my tokens and receive my existing/forthcoming rewards at the same time?

For both the old pools and the new ones, you’ll observe that there are two options that look pretty similar on the UI: Claim and Exit.

We’ll update this image upon release of the new UI, scout’s honour.

Claim simply retrieves any NDX that you’ve currently racked up in rewards, whereas Exit both claims your rewards and withdraws your staked tokens.

Why does it cost so much to stake/unstake?

Gas prices. We’ve optimized the costs of interacting with these contracts as much as we can, but depending on the time of day when you submit your transactions, you might have a bad time.

Speak to Ethereum’s manager, or blame dog money.

How are allocation points for the various pools being determined?

For the first few months, as a data-gathering exercise, the Sigma committee is responsible for determining allocations across different pools. We’ve put forward the strategy that’ll be used to start: you can read up on it here.

Am I reading this right? I can just stake certain index tokens like DEFI5, and not their corresponding LP tokens?

Yes! We’re setting a portion of daily emissions aside for single-sided (‘naked’) staking of our top three index tokens by TVL, and said portion will grow or shrink depending on how well our ‘required’ liquidity goals are being met by the rewards program. You won’t get rich off of it, but it’s something to do with them whilst we build out future partnerships and integrations.

I staked {earlier than now}, and the APY I’m being quoted has changed. What’s going on?

The APY you’re seeing is a function of the price of NDX (as the reward token), your proportional stake in the pool that you’re in, and the estimated daily emissions rate as of the time that you check the figure. It’s going to bounce around as others join and leave your pool and the reward emission rate decreases over time, so please bear that in mind.

Pictured: everyone, two days in.

If there are any other questions you have related to the process of migrating or staking, please let us know either via Twitter ( @ndxfi ) or on Discord — if it’s a common enough query, we’ll update this page.

Happy mining!