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Governance Sources Details

Alpaca revenue comes from multiple sources and is collected under different smart contracts. We discuss below, in detail, the method by which each revenue source is collected and how they are used to distribute to governance vault stakers.
Regular Income Streams
Irregular Income Streams

Regular Income Streams

AF1.0's Lending Performance Fee

  • AF1.0's Lending performance fee accrues in each lending vault based on the actual borrowing interest incurred.
  • Based on the actual borrowing interest accrued, the smart contract keeps track of the amount owed to the protocol, which is currently set at 19%. Refer to the Global Parameter page for all of the most up-to-date parameter values.
  • The accrued fee is withdrawn once a week from the vaults. Each week, we queue the transactions (one for each lending vault) to make withdrawals on Saturday, which then have to go through the 24-hour timelock.
  • The withdrawals are executed on Sunday whereby 6% of the 19% are used for Governance vault rewards distribution.
  • Withdrawal transactions are initiated from the deployer address.
  • This portion of the revenue is a regular income stream. Hence, the entire amount will be distributed to the Governance vault each week.
In order to check how much in fees has accrued in each vault, you can do the following:
  • Go to BscScan and enter the vault contract address
  • Go to “Contract” tab then “Read as Proxy
  • Go to “reservePool
  • The value is denominated in wei, so you must divide by 1E18 to read the value in the normal unit.
Note: Please note that these are the accrued fees that have NOT been withdrawn. Thus, if you check them right after the weekly withdrawals (e.g., Monday morning), they will have a low value.
AF1.0's Lending Vault Contract Addresses: BNB Chain:
Fantom:

Farming Performance Fee

  • Based on the actual farming rewards, the smart contract keeps track of the amount owed to the protocol, which is currently set at 9%. Refer to the Global Parameter page for all of the most up-to-date parameter values.
  • Each time the farming rewards (e.g., CAKE, BSW, etc.) is claimed and compounded back into the LP position, the farming performance fee from each worker will be sent to this wallet and kept in BUSD.
  • Each day, all the accrued rewards, will be swapped into ALPACA and sent to GrassHouse contract, waiting to be distributed to Governance Vault stakers on Thursdays.
  • This portion of the revenue is a regular income stream. Hence, the entire amount will be distributed to the Governance vault each week.
Farming Performance Fee accrues in 0x08B5A95cb94f926a8B620E87eE92e675b35afc7E wallet together with AV Farming Performance Fee.
In order to check the fee’s source, you can do the following:
  • Go to BscScan at this contract
  • Go to “BEP-20 Token Txns
  • Check the “From” column to identify the source of the fee
  • For example, this transaction is the fee generated from WBNB-USDT PancakeswapWorker
You can check each pool’s worker address here.

AV Farming Performance Fee

  • Based on the actual farming rewards, the smart contract keeps track of the amount owed to the protocol, which is currently set at 15%. Refer to the Global Parameter page for all of the most up-to-date parameter values.
  • Each time the farming rewards (e.g., CAKE, BSW, etc.) is claimed and compounded back into the LP position, the AV farming performance fee from each worker will be sent to this wallet and kept in BUSD.
  • Each day, all the accrued rewards, will be swapped into ALPACA and sent to GrassHouse contract, waiting to be distributed to Governance Vault stakers on Thursdays.
  • This portion of the revenue is a regular income stream. Hence, the entire amount will be distributed to the Governance vault each week.
AV Farming Performance Fee is accrued in 0x08B5A95cb94f926a8B620E87eE92e675b35afc7E wallet together with Farming Performance Fee.
In order to check the fee’s source, you can do the following:
  • Go to BscScan at this contract
  • Go to “BEP-20 Token Txns
  • Check the “From” column to identify the source of the fee
  • For example, this transaction is the fee generated from Long 8x USDT-BNB BSW1 worker
Automated Vault Worker Addresses:

Perpetual Futures Exchange Fee

  • Perpetual Future Exchange fee includes Deposit/Withdrawal fee, Position fee, Swap fee, Liquidation fee and Flash loan fee.
  • Based on the actual borrowing interest accrued, the smart contract keeps track of the amount owed to the protocol, which is currently set at 30%. Refer to the Global Parameter page for all of the most up-to-date parameter values.
  • The Perpetual Futures Exchange Fee is accrued gradually in the diamondPool address, which will then be transferred to RewardDistributor address daily. Each week, we queue the transactions to make withdrawals on Wednesday to this address for Governance vault rewards distribution on Thursday.
  • The withdrawals are executed on Wednesday whereby 10% of the 30% are used for Governance vault rewards distribution.
  • This portion of the revenue is a regular income stream. Hence, the entire amount will be distributed to the Governance vault each week.
You can check the Perpetual Futures Exchange fee that is reserved for governance vault rewards distribution in the 0x08B5A95cb94f926a8B620E87eE92e675b35afc7E wallet.

AF2.0's Lending Performance Fee

  • AF2.0's lending performance fee accrues in diamondPool address based on the actual borrowing interest incurred.
  • Based on the actual borrowing interest accrued, the smart contract keeps track of the amount owed to the protocol, which is currently set at 19%. Refer to the Global Parameter page for all of the most up-to-date parameter values.
  • The withdrawals are executed on Sunday whereby 6% of the 19% are used for Governance vault rewards distribution.
  • This portion of the revenue is a regular income stream. Hence, the entire amount will be distributed to the Governance vault each week.
You can check the AF2.0 Lending Performance Fee that is reserved for governance vault rewards distribution in the 0x0d5CD78A4268CB579bA7253a3279060F46541001 wallet.

Irregular Income Streams

Irregular Incomes Streams are fees that are collected non periodically as this type of fee will be accrued only once a certain event has occurred.

Governance Vault's Early Withdrawal Fees

  • Early withdrawal fee occurs when users make an early withdrawal from the Governance vault.
  • Since the fees are already in ALPACA, there is no buyback associated with this stream of protocol revenue.
  • 50% of the early withdrawal fees goes toward Governance vault stakers while the remaining half will be burned.
The Governance vault rewards distribution portion of the early withdrawal fees is stored in: 0xB7d85Ab25b9D478961face285fa3D8AAecAd24a9
In order to check how much in fee has accrued for governance vault rewards distribution, you can do the following:
  • Go to BscScan at this contract
  • Go to “Contract” tab then “Read as Proxy
  • Go to “accumRedistribute
  • The value is denominated in wei (in ALPACA unit), so you must divide by 1E18 to read the value in the normal unit
You can also check all the associated early withdrawal transactions by: