This proposal is expected to appear on Snapshot for voting on 2021-05-27T16:00:00Z.
For snapshot, three separate proposals will be voted on to renew each pool separately. For the sake of simplicity, the data was combine into a single governance forum post.
TL DR
- The LM Rewards program will be extended on the LINK/BTC/ETH pools for 12 weeks.
- The current reward rates for the LINK/BTC/ETH pools will be unaffected.
Extension of Liquidity Mining on the LINK/BTC/ETH pools.
The LM rewards schedule for the LINK/BTC/ETH pools is due to end in less than 2 weeks. To maintain liquidity in the near term, and to sustain incentives for new LPs to become involved in the Bancor ecosystem while Bancor prepares new products and upgrades, herein it is proposed to extend the LM rewards program on the LINK/BTC/ETH pool for a further 12 weeks.
- LINK/BTC/ETH will continue to receive emissions at current levels for an additional 12 weeks.
Discussion
Weekly Fees and Volume Per Pool:
BTC
ETH
LINK
Weekly Fees and Volume Side by Side:
Daily APR(Last 60 days):
Total Fees:
Last ~60 days:
| symbol | total_fees |
|---|---|
| WBTC | $1,250,152.70 |
| LINK | $1,956,089.98 |
| WETH | $2,905,487.23 |
Last ~30 days:
| symbol | total_fees |
|---|---|
| WBTC | $795,582.75 |
| LINK | $1,133,448.47 |
| WETH | $1,835,960.13 |
Summary
- At this stage, current protocol growth requires LM to maintain the momentum and stay competitive in the space (the DAO seems aware of this).
- After achieving the position of market leader in both TVL and volume, LM extension will no longer be necessary, and the voting for LM extensions may be concluded.
- A large majority of the LM rewards are re-staked to the protocol, increasing the TVL and the space available for TKN deposits with single sided exposure. If this trend continues, the LM program is more of an asset than a liability, and can be managed more assertively.
- In the long term, Bancor is aiming towards sustainable annual inflation of 4%, in order to achieve that, Bancor requires significant volume and Vortex to be applied.
Full Data
| symbol | time | Conversion Fees in USD | Volume in USD |
|---|---|---|---|
| WBTC | 12/28/2020 0:00 | $20,517.15 | $5,108,779.26 |
| WBTC | 1/4/2021 0:00 | $21,684.90 | $5,732,179.11 |
| WBTC | 1/11/2021 0:00 | $10,864.41 | $10,853,601.32 |
| WBTC | 1/18/2021 0:00 | $10,827.82 | $10,817,048.34 |
| WBTC | 1/25/2021 0:00 | $16,228.50 | $16,212,337.56 |
| WBTC | 2/1/2021 0:00 | $18,087.18 | $13,745,101.42 |
| WBTC | 2/8/2021 0:00 | $51,460.33 | $25,678,734.14 |
| WBTC | 2/15/2021 0:00 | $117,315.62 | $58,540,546.30 |
| WBTC | 2/22/2021 0:00 | $86,518.37 | $43,172,708.12 |
| WBTC | 3/1/2021 0:00 | $133,351.78 | $66,542,580.72 |
| WBTC | 3/8/2021 0:00 | $95,178.37 | $47,494,060.82 |
| WBTC | 3/15/2021 0:00 | $69,342.19 | $34,601,785.21 |
| WBTC | 3/22/2021 0:00 | $61,670.32 | $30,773,526.80 |
| WBTC | 3/29/2021 0:00 | $59,763.88 | $29,822,202.59 |
| WBTC | 4/5/2021 0:00 | $83,932.09 | $41,882,151.16 |
| WBTC | 4/12/2021 0:00 | $131,927.02 | $65,831,635.96 |
| WBTC | 4/19/2021 0:00 | $121,147.37 | $60,452,585.37 |
| WBTC | 4/26/2021 0:00 | $96,150.60 | $47,979,191.16 |
| WBTC | 5/3/2021 0:00 | $168,368.95 | $84,016,165.21 |
| WBTC | 5/10/2021 0:00 | $179,203.47 | $89,422,564.58 |
| WBTC | 5/17/2021 0:00 | $302,465.48 | $150,930,352.88 |
| WBTC | 5/24/2021 0:00 | $49,188.47 | $24,545,056.47 |
| symbol | time | Conversion Fees in USD | Volume in USD |
|---|---|---|---|
| LINK | 12/28/2020 0:00 | $22,554.40 | $4,488,325.98 |
| LINK | 1/4/2021 0:00 | $35,197.21 | $7,666,073.26 |
| LINK | 1/11/2021 0:00 | $27,461.87 | $27,434,404.60 |
| LINK | 1/18/2021 0:00 | $24,754.53 | $24,729,778.31 |
| LINK | 1/25/2021 0:00 | $30,441.45 | $30,411,005.13 |
| LINK | 2/1/2021 0:00 | $43,009.61 | $29,329,457.37 |
| LINK | 2/8/2021 0:00 | $102,453.93 | $51,124,508.86 |
| LINK | 2/15/2021 0:00 | $183,540.59 | $91,586,754.05 |
| LINK | 2/22/2021 0:00 | $168,925.79 | $84,293,971.63 |
| LINK | 3/1/2021 0:00 | $172,003.79 | $85,829,889.81 |
| LINK | 3/8/2021 0:00 | $108,227.78 | $54,005,661.67 |
| LINK | 3/15/2021 0:00 | $90,681.30 | $45,249,970.73 |
| LINK | 3/22/2021 0:00 | $63,484.13 | $31,678,579.65 |
| LINK | 3/29/2021 0:00 | $91,337.52 | $45,577,421.40 |
| LINK | 4/5/2021 0:00 | $139,056.28 | $69,389,084.70 |
| LINK | 4/12/2021 0:00 | $301,083.61 | $150,240,720.91 |
| LINK | 4/19/2021 0:00 | $230,409.77 | $114,974,475.50 |
| LINK | 4/26/2021 0:00 | $142,700.74 | $71,207,670.92 |
| LINK | 5/3/2021 0:00 | $350,127.53 | $174,713,634.98 |
| LINK | 5/10/2021 0:00 | $199,552.13 | $99,576,513.79 |
| LINK | 5/17/2021 0:00 | $382,380.00 | $190,807,620.75 |
| LINK | 5/24/2021 0:00 | $58,083.81 | $28,983,823.33 |
| symbol | time | Conversion Fees in USD | Volume in USD |
|---|---|---|---|
| WETH | 12/28/2020 0:00 | $20,799.30 | $20,778,426.60 |
| WETH | 1/4/2021 0:00 | $39,816.86 | $39,776,256.74 |
| WETH | 1/11/2021 0:00 | $45,573.96 | $45,528,354.86 |
| WETH | 1/18/2021 0:00 | $44,442.46 | $44,398,014.31 |
| WETH | 1/25/2021 0:00 | $68,389.70 | $68,321,312.10 |
| WETH | 2/1/2021 0:00 | $80,514.97 | $80,434,453.21 |
| WETH | 2/8/2021 0:00 | $114,931.68 | $114,816,570.64 |
| WETH | 2/15/2021 0:00 | $271,599.39 | $271,327,769.89 |
| WETH | 2/22/2021 0:00 | $200,074.24 | $199,874,099.81 |
| WETH | 3/1/2021 0:00 | $293,134.39 | $292,841,255.72 |
| WETH | 3/8/2021 0:00 | $275,616.40 | $275,340,734.21 |
| WETH | 3/15/2021 0:00 | $180,617.82 | $180,437,202.98 |
| WETH | 3/22/2021 0:00 | $157,555.10 | $157,397,417.70 |
| WETH | 3/29/2021 0:00 | $158,852.08 | $158,691,185.56 |
| WETH | 4/5/2021 0:00 | $184,340.76 | $184,155,902.19 |
| WETH | 4/12/2021 0:00 | $305,578.16 | $305,272,577.20 |
| WETH | 4/19/2021 0:00 | $264,940.65 | $264,675,710.18 |
| WETH | 4/26/2021 0:00 | $240,233.11 | $239,992,766.58 |
| WETH | 5/3/2021 0:00 | $358,056.04 | $357,697,987.90 |
| WETH | 5/10/2021 0:00 | $423,751.46 | $423,327,499.71 |
| WETH | 5/17/2021 0:00 | $711,260.18 | $604,524,941.60 |
| WETH | 5/24/2021 0:00 | $98,553.23 | $65,603,600.16 |
and also stable, votes FOR