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DFX FinanceDFX Financeby0x8f0D4Cd6F0Dc60E315188Ccc1C42F266E8dE86AeCoty

[DIP-006] Continue liquidity mining incentives for the DFX/TEL pairing.

Voting ended about 4 years agoSucceeded

The initial 90-day trial period was highly successful. The DFX/TEL pool became the most liquid pool for Telcoin on Balancer and the most liquid spot to buy DFX on any market. Both communities came together for this initiative, and we think it should continue with a few new changes. That’s why we would like to bring more liquidity mining rewards to this LP.

Motivation: The motivations are significant, as currently buying DFX can be a struggle if you would like to avoid ETH fees. It’s part of DFX’s best interest to provide a permanent low fee option for swapping for DFX on Polygon. Not to mention, if we can keep this pool with large volume, Telcoin is more likely to permanently add this liquidity pool to the Telcoin application, once staking pools are enabled with V3.2+. Imagine having an easy-to-use app to buy, and stake DFX. With potentially millions of users getting eyes on both our stable coin pools as well as the DFX token.

Specifications: The liquidity pool already exists, but we will need a new contract deployed. At the current moment, Telcoin needs to airdrop rewards on a fixed time frame. The new contract will be deployed before implementing LP rewards for this pool, that way we no longer need to worry about airdrops and can claim as we need to, just like the current DFX claim option.

Proposed Changes:

  1. The DFX rewards will go from 100K DFX to 200K DFX and the amount of days will be extended from 90 days to 180 days. Once this issuance is complete, the rate can be reviewed and potentially altered depending on DFX’s current objective/mission goals.

  2. Since we will need to have a new contract for claiming, we think it's best to also change the ratio of the liquidity pool. So instead of 50% DFX / 50% TEL, we will be moving to a new ratio of 40% DFX / 40% TEL / 20% USDC. This will give a little more balance to the liquidity pool overall and provides better alignment with our mission to bring USD and Non-USD fiat backed stablecoins to the world.

Pros:

  • Continues to support and helps strengthen both DFX and Telcoin communities.

  • Provides an easy way to acquire DFX on the Polygon network.

  • Keeps the LP fresh with new options whenever it comes to ratio / balance.

Against:

  • Currently there are no other liquidity mining incentives for other pairings.

Proposed Incentives & Changes:

  • LP rewards adjusted to 200k DFX tokens over the course of 180 days.
  • LP ratio adjusted from (50% DFX / 50% TEL) to (40% DFX / 40% TEL / 20% USDC)

Additional References: Forum Proposal - https://forum.dfx.finance/t/tel-dfx-50-50-permanent/235

First DFX/TEL Vote - https://vote.dfx.finance/#/proposal/Qmcyd39As89UBdfqmgRnFMESr4o1p6btamAd3k6Q6jnSRP

Telcoin’s TelX - https://www.telx.network/telxchange

Off-Chain Vote

Yes
2.45M 100%
No
502.48 0%
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Timeline

Mar 04, 2022Proposal created
Mar 04, 2022Proposal vote started
Mar 11, 2022Proposal vote ended
Oct 26, 2023Proposal updated