Earning System

Overview GM Points represent the positive contributions users make within the GM Lending platform. Users accumulate points through various activities such as lending and borrowing USDC. Points, once earned, are permanently accrued and transition from "earned" to "claimed" when actioned upon. They are not deducted at any time and effectively "ride forever." For specifics on how points are calculated, refer to the detailed examples below or check out the FAQs [insert link].

Point Parameters and Formulas

• Lending USDC: Earns 2 points per USDC per day (minimum 100 USDC deposited)

• Borrowing USDC: Earns 1 point per USDC per day

• Referral Boosts: Determined at contract deployment and apply to the points from lending and borrowing

• Maximum Referral Boost: Also set at contract deployment

Point Accumulation Formulas:

• Total Referral Boost: 1+(number of eligible referrals×referral boost per referral)1 + (\text{number of eligible referrals} \times \text{referral boost per referral})1+(number of eligible referrals×referral boost per referral)

• Lending USDC Points: lending balance×days lent×2 points/day×total referral boost\text{lending balance} \times \text{days lent} \times 2 \text{ points/day} \times \text{total referral boost}lending balance×days lent×2 points/day×total referral boost

• Borrowing USDC Points: borrowing balance×days borrowed×1 point/day×total referral boost\text{borrowing balance} \times \text{days borrowed} \times 1 \text{ point/day} \times \text{total referral boost}borrowing balance×days borrowed×1 point/day×total referral boost

• Total Earned Points: lending USDC points+borrowing USDC points\text{lending USDC points} + \text{borrowing USDC points}lending USDC points+borrowing USDC points

Additional Notes:

• Eligible referrals are those with at least 100 USDC deposited in the GM Lending Pool.

• Solidity's limitations on handling decimals mean calculations use a PRECISION factor of 10,000, abstracted here for simplicity.

• Days are calculated from the lastUpdateTime, updated to the timestamp of the latest transaction block.

Claiming Points After the Points Program concludes, users can claim their accumulated points via the "Claim Points" button on the Points page. These points are earmarked for future benefits within the platform. Maintain the minimum USDC deposit until the end of the program to ensure all points are claimable.

Point Calculation Examples

• Example #1: Depositing and Withdrawing

  • Deposit 500 USDC for 10 days, withdraw 200 USDC, deposit an additional 500 USDC five days later for a total of 800 USDC.

  • Calculation: (500×10×2)+(300×5×2)=13,000(500 \times 10 \times 2) + (300 \times 5 \times 2) = 13,000(500×10×2)+(300×5×2)=13,000 points

• Example #2: Borrowing and Repaying (with Referrals)

  • User 4484 refers two users and deposits 4,000 USDC, borrowing 2,000 USDC for 10 days with a 1.2 referral boost.

  • Initial Points: (4,000×10×2×1.2)+(2,000×10×1×1.2)=120,000(4,000 \times 10 \times 2 \times 1.2) + (2,000 \times 10 \times 1 \times 1.2) = 120,000(4,000×10×2×1.2)+(2,000×10×1×1.2)=120,000 points

  • After referrals withdraw, no boost: (4,000×10×2)+(2,000×10×1)=100,000(4,000 \times 10 \times 2) + (2,000 \times 10 \times 1) = 100,000(4,000×10×2)+(2,000×10×1)=100,000 points

• Example #3: Max Referrals

  • User 1559 deposits 1,000 USDC and borrows 400 USDC for 20 days with the max referral boost capped at 2.

  • Calculation: (1,000×20×2×2)+(400×20×1×2)=96,000(1,000 \times 20 \times 2 \times 2) + (400 \times 20 \times 1 \times 2) = 96,000(1,000×20×2×2)+(400×20×1×2)=96,000 points

This structured approach explains the system of earning points through participation in lending and borrowing activities, providing clarity on how points are accrued, calculated, and claimed.