Worth trying to gain swap transactions. Currently we are not competitive
The fee reduction proposal is a here:
and already live on snapshot.
Also, why didn’t you modify the original proposal?:
The proposal to reduce the fee is already being voted on.
I would reccomend giving the pool a minute to see how the fee change affects volume. As the pool is right now there’s no way it’s getting LM Extended but that might change should the fee change have a major impact on the volume it attracts and total fees it ends up generating.
What would you say the min fees required daily to give that pool LM rewards?
Hard to say but you can look at the following fees data to get a sense of where this currently falls.
| symbol | total_fees |
|---|---|
| UNI | $36,857.58 |
| REN | $38,760.98 |
| GRT | $40,577.67 |
| OCEAN | $41,921.99 |
| BAT | $69,365.76 |
| ROOK | $69,489.97 |
| ALPHA | $75,214.49 |
| AAVE | $82,909.86 |
| MKR | $85,265.39 |
| YFI | $85,476.96 |
| SNX | $88,976.32 |
| wNXM | $125,454.00 |
| WOO | $152,837.64 |
| ENJ | $329,335.85 |
| MATIC | $507,499.86 |
These are the total fees collected since the week of 5/24 so roughly ~33 days worth. Note that roughly 1/3 of the fees were collected the first two days:
When I proposed the LM campaign on this pool it was to get awareness for the Bancor BNT token onboarding process on MakerDAO that was happening at that time. The liquidity on this pool was anemic back then (roughly ~1M if I remember correctly) but I think we are competitive with other DEXes at the moment which is good for us.
I’m not sure where this proposal is at or what purpose it currently serves.
What’s going on, guys?
Will be going up for voting this week
Right, but the fee was already lowered; are we just voting on the LM reward extension now? Because if that’s the case, I would support that; we have less MKR in our pool (at time of writing we have roughly 4,200 MKR) than Uniswap has in their MKR/ETH pool (at time of writing, roughly 5,100), while we have plenty of space for more liquidity. We have a slippage problem (only up to 30k BNT before 1%), and I suspect that may have something to do with the lack of volume.
I have fixed the tittle on this proposal to reflect that this is for LM rewards since the fees on the pool were reduced. There is a lot of MKR liquidity that is evenly distributed across all DEXes (Uniswap, Sushiswap, Balancer) and that makes it very competitive. Some of the trading on this pair also appears to be down if you look at the volume on other DEXes from previous month.
Also note that the Uniswap V2 pool is a lot bigger than the V3 pool (from your link).
Ah, I hadn’t noticed; I don’t know much about Uniswap other than it’s a common comparison. At the time of this post, the Uniswap V2 pool at roughly 6,600 MKR. Combined with the V3 pool for a total of 11,700 MKR vs our 4,200, it would appear that we are sorely lacking in depth.
