APGP 6: Commit 127,000 APW for the Dual Liquidity Mining Program on Bancor 3

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APGP 6: Commit 127,000 APW for the Dual Liquidity Mining Program on Bancor 3

Summary

This proposal seeks to launch an APW/BNT liquidity mining campaign for the APW liquidity pool on Bancor 3.

Rationale

There has been a discussion to deploy 400,000 APWine to Bancor POL. To further deepen the APWine/Bancor relationship, this proposal seeks to commit 127,000 APWine for Bancor 3's Dual Liquidity Mining Program in order to maximise the BNT matching rewards of 50,000 BNT, all going to APWine LPs.

Bancor 3’s distinguishable features from other Decentralized Exchanges include:

Infinite Single-sided staking.
Instant Impermanent Loss (IL) Protection - Instant protection from the moment you stake. There is a 7 day cooldown period and 0.25% withdrawal fee. At the end of the cooldown period, if an LP chooses to leave the pool, they forfeit the fees and rewards accrued during the cooldown period back to the pool. The withdrawal fee is used by the protocol only to assist with paying out Impermanent Loss Protection.
LP tokens - bnAPW LP tokens that represent single-sided APW with no IL downside, making them great collateral and very useful for governance or native staking strategies.
Dual LM rewards - No need for external contracts; the APW rewards auto-compound for all LPs gaslessly and immediately become available liquidity in the pool. The APW rewards can be claimed or staked in a separate rewards contract that accepts bnAPW.

Dual Liquidity Mining Program

The BancorDAO has approved a Dual Liquidity Mining Program with a cut-off date at the end of May whereby:

Any APW committed to the Bancor 3 LM campaign in the APW pool will be matched 1:1 in dollar value with 50,000 BNT in rewards, all going to APW LPs.
As mentioned above, the BNT LM rewards will be provided in a separate rewards contract that accepts bnAPW and can be claimed or staked in the BNT pool.
The BNT rewards will be emitted over 24 months on a flat emission schedule. The APW rewards don’t need to follow the same schedule - the APWine DAO can choose the rate of the APW distribution per block, total amount and model (flat or exponential decay emission models).

Means / Technical Implementations

All that would be required of the team is to add APW liquidity in the pool and stake the bnAPW in the LM rewards contract.

Off-Chain Vote

For - 127K APWine

28.45M votes98.4%

For - 95.25K APWine

0 votes0%

For - 63.5K APWine

0 votes0%

For - 31.75K APWine

0 votes0%

Against

473.51K votes1.6%

Abstain

3.39K votes0%

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Discussion

APGP 6: Commit 127,000 APW for the Dual Liquidity Mining Program on Bancor 3

Timeline

Apr 27, 2022Proposal created

Apr 27, 2022Proposal vote started

May 03, 2022Proposal vote ended

Mar 15, 2024Proposal updated

Rationale

Bancor 3’s distinguishable features from other Decentralized Exchanges include:

Infinite Single-sided staking.

Instant Impermanent Loss (IL) Protection - Instant protection from the moment you stake. There is a 7 day cooldown period and 0.25% withdrawal fee. At the end of the cooldown period, if an LP chooses to leave the pool, they forfeit the fees and rewards accrued during the cooldown period back to the pool. The withdrawal fee is used by the protocol only to assist with paying out Impermanent Loss Protection.

LP tokens - bnAPW LP tokens that represent single-sided APW with no IL downside, making them great collateral and very useful for governance or native staking strategies.

Dual LM rewards - No need for external contracts; the APW rewards auto-compound for all LPs gaslessly and immediately become available liquidity in the pool. The APW rewards can be claimed or staked in a separate rewards contract that accepts bnAPW.

Dual Liquidity Mining Program

The BancorDAO has approved a Dual Liquidity Mining Program with a cut-off date at the end of May whereby:

Any APW committed to the Bancor 3 LM campaign in the APW pool will be matched 1:1 in dollar value with 50,000 BNT in rewards, all going to APW LPs.

As mentioned above, the BNT LM rewards will be provided in a separate rewards contract that accepts bnAPW and can be claimed or staked in the BNT pool.

The BNT rewards will be emitted over 24 months on a flat emission schedule. The APW rewards don’t need to follow the same schedule - the APWine DAO can choose the rate of the APW distribution per block, total amount and model (flat or exponential decay emission models).

Means / Technical Implementations

All that would be required of the team is to add APW liquidity in the pool and stake the bnAPW in the LM rewards contract.