[Proposal] More flat CFMMs + farms, including USDT pairs

Summary

The team proposes to introduce the following:

  1. New CPMM & flat CFMM pairs and farms that include “.e” tokens from the Ethereum bridge.
  2. New CPMM & flat CFMM pairs and farms that include “.p” tokens from the Polygon bridge.
  3. New CPMM & flat CFMM pairs and farms that include Tezos native USDT.
  4. Reduce the reward rate of existing farms to make PLENTY available for new farms.
  5. Close farms attached to liquidity pools with low activity.

All new CPMM and flat CFMM liquidity pools are compatible with the new vote escrow (“ve”) system of the Plenty Network. The goal is to attract liquidity in trading pairs compatible with the new Plenty Network before launch of the “ve” system.

Background

Being compatible with the new Plenty Network means that before the launch of the new vote escrow (“ve”) system trading fees accumulate in the liquidity pool. After the launch of the new “ve” system trading fees will be added to the attached gauges and are allocated to vePLY NFT voters.

Motivation

Stablecoin liquidity is important for the Tezos ecosystem. Stableswap pairs + farms with Tezos native USDT paired with either of the two leading algorihmic stablecoins on Tezos -kUSD by Kolibri or uUSD by Youves- are pairs that will attract liquidity.

The stablecoin BUSD.e is the second most liquid stablecoin of the Plenty bridge. The previous proposal, PIP-002, didnt include a BUSD.e farm.

With the launch of the Polygon bridge we can introduce both flat CFMM & CPMM liquidity pools +farms with “.p” tokens.

We would like to continue with the push of ctez liquidity by pairing ctez with most new tokens.

After conversations with Euro stablecoin teams Lugh (EURL) and Angle Protocol (agEUR) we propose three different liquidity pools + farms, including one stable CFMM + farm between the two euro stablecoins.

:green_circle: new farms

Flat CFMMs

  • BUSD.e - USDC.e
  • kUSD - USDT
  • uUSD - USDT
  • uXAU - PAXG.e
  • WMATIC.p - MATIC.e
  • WETH.p - WETH.e

CPMMs

  • USDT - CTEZ
  • EURL - CTEZ
  • PAXG.e - CTEZ
  • WETH.p - CTEZ
  • WMATIC.p - CTEZ
  • agEUR.e - USDC.e

:yellow_circle: Farms reducing

Flat CFMMs

  • USDT.e - USDC.e

CPMMs

  • uUSD - PLENTY
  • kUSD - PLENTY
  • USDtz - PLENTY
  • tzBTC - PLENTY
  • DOGA - CTEZ
  • LINK.e - CTEZ
  • MATIC.e - CTEZ

:red_circle: Farms closing

  • KALAM - PLENTY
  • hDAO - PLENTY
  • WRAP - PLENTY
  • ETHtz - PLENTY
  • EURL - USDC.e (EURL preferes pairing with CTEZ)

Specification

Deploy Plenty Network compatible CPMM and flat CFMM liquidity pools and temporary farms. Adjust the reward rates of the different farms as proposed below.

Temperature check

  • For
  • Against

0 voters