Thanks for the reply. There is already a trader incentive program that is being worked on (In addition to a new UX):
Trader Incentives and UX: A trader-centric user experience is being developed for the explicit purpose of increasing Bancor’s volume share, and profitability for liquidity providers. The new UX will coincide with the launch of a limited trading incentives program to encourage the DeFi community to use Bancor’s new swap features.
and should hopefully be released soon. That should help incentivize users to swap using Bancor as opposed to another DEX. I think since the release we have been largely focused on bootstrapping liquidity as compared to improving the trader experience (which has taken a back seat). Every indication suggest that things are changing (e.g. fiat on ramp) to put more focus on users as well.
I’m a little confused why REN is being compared to the OCEAN case? REN was one of the top performers until very recently in terms of fee APY, doing much better than OCEAN until their recent campaign. Furthermore, there was no space at all on the REN side for staking, showing a demand from REN holders to lock their tokens in Bancor. I think if we let REN expire despite it being a strong performer for the majority of its time in the LM rewards program, it might further incentivize people to move their assets to the main blue chips since LM is likely to be extended indefinitely for those, as people won’t want to stake in a mid cap token, even if it was performing well, if the LM won’t be extended.
I think REN and OCEAN are being compared because they are both asking for an extension to LM. One way to interpret the community response is: “What are my incentives to extend LM on your pool?” (asking nicely - not meaning to sound abrasive).
The OCEAN wager provides a helpful precedent for incentivizing the token communities who are seeking LM extensions, to promote their pool on Bancor. Or, at the very least, to provide an evidence-based argument for why LM extension is in the BancorDAO’s best interest.
Summary: If you want LM to be extended, make a case for it. You can’t just take LM for granted - the DAO should be presented with a clear line of reasoning for extending it a second time. (Remember - it was already extended once).
Guys the rewards are ending. I think its time to put this to a vote and let shareholders decide. I would propose doing 50% of the previous rewards and lets see if the Bancor community wants it or not. It doesnt hurt to try and time is running out.
Hey guys. With RenDoge gaining momentum and ren assets increasing in usage on BSC, I think we should put this to a vote. I see other tokens with only slightly more liquidity are getting the green light, so Ren, an OG coin for rewards should get it as well. Can someone please propose it and let the votes decide?
Can someone with governance experience use my post below, filled in with snapshot date/time and any other info? Im not technically savvy enough to propose it in full, but I used the AAVE post that got a great response to formulate this one. Again ren being higher in transaction volume than so many other LM earning tokens, along with prospects of a suite of RenX tokens (renDoge, renBCH, renBNB, and soon renSol and renFTM) make this something that should be strongly considered.
This proposal is due to appear on Snapshot on XXXXXXXXX. Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.
TL;DR
Extend previously approved LM rewards on the REN pool for a further 12 weeks.
REN has attracted a liquidity pool of over $25m at the time of writing, while being amongst the top 12-13 in transaction volume on Bancor.
-REN has attracted over $25,000,000 of liquidity in the REN/BNT pool.
-The REN pool currently has more transaction volume than 6 of the other tokens currently earning LM rewards, indicating it is a major asset for BNT stakers.
-Ren offers a suite of tokens that can be bridged in a decentralized manner such as renDOGE, renZEC, etc. And soon there will also be renSOL and renFTM. It is my contention that unifying the Ren and Bancor ecosystem presents truly interesting prospects as both projects continued their growth and innovation.
I propose continue the current LM rewards for another 12 weeks to keep liquidity on Bancor and attempt to encourage more deposits.
