This proposal is expected to appear on Snapshot for voting on 2021-07-26T12:00:00Z. Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.
Propose to have LM rewards for Loopring (LRC).
Current problem: Loopring are working on big things and have plenty of long term holders. These holders don’t know what to do with their coins, it’s lying dormant. If you survey the market you will realize there is barely any staking services or LM rewards for LRC token.
If Bancor offers LM, deposits of LRC will come pouring in.
Propose Liquidity Mining (LM) program aimed at achieving the following goals for Loopring (LRC):
- Attracting new liquidity into LRC pools as presently, barely any protocols or centralized exchanges offer staking/LM rewards for LRC. We will get a lot of deposits since LRC holders will come running.
- Creating stickiness to incentivize long-term liquidity provision
With more liquidity in Loopring pool, Bancor and loopring stands to win more conversions in the market, which generates more fees for liquidity providers (LPs) and results in increasing APY and protocol revenue.
Users who are initially drawn to yields from LRC Liquidity Mining rewards will hopefully become acquainted with the unique benefits of Bancor protocol and perhaps deposit other tokens too, including impermanent loss protection and single-asset exposure.
I am not an expert on using this app so please others do assist and add to this… how to take this to next step?