Proposal: Extend LM Rewards on LINK/WBTC/ETH Pool For 12 Weeks

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

  1. The LM Rewards program will be extended on the LINK/BTC/ETH pools for 12 weeks.
  2. 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.

  1. 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

  1. At this stage, current protocol growth requires LM to maintain the momentum and stay competitive in the space (the DAO seems aware of this).
  2. 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.
  3. 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.
  4. 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
1 Like

Hi Glenn, I think you meant ETH not WETH in the title. Correct?

1 Like

For the purpose of this discussion (there is a difference but it’s irrelevant in this context), ETH = WETH. I will update the subject to avoid any confusions.

1 Like

Like the stable coin proposal, I also support this one.
I think it’s a no brainer to extend the largest pools and the stable ones.

They drive our biggest volume and should be the pools that make people stay and keep using Bancor…

3 Likes

I support this proposal as well, will vote FOR.

1 Like

Support this :+1: and also stable, votes FOR

Quick update here, the APR data pull from dune doesn’t appear to be correct and is wrong (at least when calculations where ran a few days ago). I am looking at the raw data right now to double check and will append with more details soon.

New charts reflecting correct APRs should be up soon. In the meantime I am sharing the full raw data that came from mbr.

google docs
easyupload
ufile

The original proposal has been updated with the correct APR data. This can be verified against the raw data that I have linked to in my previous comment.

For the sake of transparency, the following chart is wrong: