The dev team proposes to end the farms that include wrapped assets of the Wrap Protocol because of the rebrand from wASSET to ASSET.e. At the same time we propose to use the unused emissions for incentivization of liquidity pools that will be compatible with the new Plenty Network.
The assets bridged from Ethereum will be rebranded from wASSET to ASSET.e. This process requires users to actively swap their wrapped assets. This migration will take place early May 2022.
The goal is to grow liquidity in liquidity pools compatible with the new Plenty Network before launch. Being compatible with the new Plenty Network means that before the launch of the PLY & vePLY NFT system the trading fees accumulate in the liquidity pool. After relaunch the trading fees will be added to the attached gauges and are allocated to vePLY NFT voters.
The wrapped asset rebrand gives us the opportunity to redirect PLENTY emissions from the following farms that are required to close due to the rebrand of the wrapped assets:
- PLENTY - wUSDC LP
- PLENTY - wBUSD LP
- PLENTY - wUSDT LP
- PLENTY - wDAI LP
- PLENTY - wWBTC LP
- PLENTY - wWETH LP
- PLENTY - wLINK LP
- PLENTY - wMATIC LP
The goal is to attract liquidity in trading pairs compatible with the new Plenty Network before launch. Trading pairs that are expected to attract liquidity, volume and emissions after relaunch:
Flat curve AMM farms:
- USDT.e - USDC.e LP
- DAI.e - USDC.e LP
- kUSD - USDC.e LP
- uUSD - USDC.e LP
- USDtz - USDC.e LP
- ETHtz - WETH.e LP
- tzBTC - WBTC.e LP
- EURL - agEUR.e
- TEZ - CTEZ LP
Regular curve AMM farms:
- USDC.e - CTEZ LP
- WBTC.e - CTEZ LP
- WETH.e - CTEZ LP
- LINK.e - CTEZ LP
- MATIC.e - CTEZ LP
- DOGA - CTEZ LP
- EURL - USDC.e LP
These liquidity pools will be compatible with the new Plenty Network. This means that before the relaunch of Plenty the trading fees accumulate in the liquidity pool. After relaunch trading fees will be added to the attached gauges and are allocated to vePLY NFT voters.
Besides adding new farms we also propose to reduce the reward rates for the following farms:
- tzBTC - PLENTY LP
- USDtz - PLENTY LP
- kUSD - PLENTY LP
- uUSD - PLENTY LP
- hDAO - PLENTY LP
And increase the reward rate for:
Deploy Plenty Network compatible liquidity pools and temporary farms. View the proposed reward rates below.
I would try to make plenty a huge key element for tezos which is solving the pair xtz-stable liquidity issue.
So I would
- incentivise LP ctez - usdc.e
- incentivise LP ctez - xtz and directly integrate it to the DEX (under the hood swap)
- choose between uusd/kusd/usdtz to incentivise stable LP usdc.e to one of them. Have you talked to youves about transitioning from wusdc to usdc.e? If yes I would not incentivise the stable swap usdc.e with another stable as it will be duplicate of youves.
- yes for the EURL stuff, that can be interesting
Not much needs for anything else. All stables - stables are already incentivised on youves
I would keep some ctez-plenty incentives yes, and would increase a bit xplenty.
Or I would use the bridges fees to incentivise xplenty (stake plenty → get bridge fees), or the bridge fees can be used for buy back plenty.
I think i am ok to swallow the IL and removing the plenty LP pairs for tezos defi tokens because honestly no one wants to pool due to the plenty risk. Buying plenty to LP is not really a use case.
So moving them to ctez instead make sense (but please add xtz to the router)
keep the good work, really excited for the next steps!
Thank you for your input @japan2k20
- It will be done!
- You will be able to select tez from the new swap UI, all pairs will be part of the router
- All USD tokens will be equally incentivized (except for USDC.e - USDT.e). After the launch of the PLY and vePLY tokens users will be able to decide the split.
The plan was always to focus more on stable swaps after the relaunch of the bridge. This has been communicated with Youves, they were one of the few teams aware of this swap months ago!
alright I made a proposal too:
- its aiming at solving the xtz - $ liquidity issue we have on tezos
Assuming plenty price of 0.1$, allocating 10 plenty per block would generate 2880100.1*365 = 10.12m$ per year
Assuming people are ok to LP for 50% APR, that means the pool could be 20m$ deep.
For comparison kusd pool which I think is the bigger is 700k$…
I would incentivise very very little the other stables since it will split liquidity, still need to incenvitise them otherwise people it may looks like a total rug if someone was wrapping dai to tezos the first time and no LP at all. I dont know how you plan to swap the wdai to dai.e
no need to incentivise all these stable stable LP because they are already incentivised on youves, that would be just duplicate
GO BOLD AND SOLVE OUR XTZ-$ liquidity ISSUE!
Then people will be able to rearrange using the veply bribes system!
just realised my calculations of the rewards is wrong, was too good to be true
2880 * 10 * 0.1 * 365 = 1.051m$ so I guess if people are ok with 30% APR that would be a pool size of about 3m$, still great IMO, enough to bring plenty the first place to trade xtz vs $!