# plvGLP

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## plvGLP is deprecated and will migrate to plvLOOP on Arbitrum.

Following the compromise of GMX v1 products, GMX have paused the deposits and frozen the assets for withdrawal.\
\
Existing plvGLP and accrued rewards are migrated to plvLOOP on Arbitrum, which is GMX v2 based and plvGLP will be redeemable to plvLOOP on the Plutus dApp.

## ~~Minting, Redeeming, & General Vault Function~~

~~Users can mint and redeem plvGLP as follows:~~

* ~~Users can deposit GLP for plvGLP at any time~~
  * ~~No fees are incurred when depositing GLP for plvGLP~~
* ~~Users can redeem plvGLP for GLP at any time~~
  * ~~When redeeming plvGLP for GLP there is a **2%** exit fee charged in GLP~~
  * ~~Of the **2%** exit fee charged, **0.5%** goes back into the vault to be split amongst plvGLP stakers and **1.5%** goes to Plutus~~
* ~~The vault takes the ETH rewards and auto compounds the position, resulting in plvGLP constantly appreciating in value~~
  * ~~This auto compounding function will be run through an off-chain bot that is run every 8 hours, as plvGLP TVL grows the auto compounding function will be run more~~ frequently
* ~~plvGLP is permissionless so it may be built on top of by anybody~~
  * ~~The GLP -> plvGLP minter/redeemer is permissioned~~

## ~~Fees~~

~~The fees associated with plvGLP are as follows:~~

* ~~Exit Fee: **2%**~~
  * ~~This fee will be incurred when redeeming plvGLP for GLP~~
  * ~~**1.5%** goes to Plutus, **0.5%** goes back into the vault and is split amongst plvGLP stakers~~
* ~~Vault Fee: **10%**~~
  * ~~This fee is applied to the ETH rewards associated with GLP~~
  * ~~Example: GLP is paying out 20% APR in ETH yield, users will receive 18% APR in ETH yield and the other 2% will go to Plutus~~
* ~~Partner Project Exit Fee: **Flexible**~~
  * ~~In order to ensure that a wide array of products may be built on top of plvGLP we have the capability to reduce the plvGLP exit fee for specific contracts~~
  * ~~This would allow applications of plvGLP that have a high turnover rate to be possible~~

## ~~Emissions~~

~~The plvGLP vault will be incentivized with PLS emissions as follows:~~

* ~~plvGLP will receive **15%** of PLS liquidity mining emissions~~
  * ~~This amounts to **2,250,000 PLS** distributed to plvGLP over 2 years~~
  * ~~In the first month there will be **123,750**~~ ~~**PLS** emitted to plvGLP stakers~~
* ~~The emissions will be weighted towards the early months. The first month will have the highest emissions and they will decrease every month after that - this is in line with how emissions work for plsASSETs as well.~~