eTHENA

eThena is a liquid-wrapper for veTHE veNFTs of Thena.fi DEX. It can be minted using veTHE NFTs and can be traded at the Thena DEX. https://eliteness.network/ethena

Summary

By increasing the Bribe Allocations, the following results will be achieved:

Benefits

• Increase Liquidity
• Increase Farming APR
• Increase Staking APR
• Increase Price Stability

Drawbacks

• Lower allocation of earnings to Stakers.

Bottomline

Lower allocation does not mean lower APR, instead it means an increased APR of Yields for both Farmers & Stakers!

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Current Status

eThena has been operational for 5+ weeks and has a 0.62% share in total voting power of Thena.fi, with 160k THE locked in it's protocol veNFT.

Staking

Currently, over $36k is being staked to earn BNB at nearly 200% APR.

Liquidity

Currently, eTHENA/WBNB pool has $26k of Liquidity, with $13k of BNB & $13k of eTHENA. It has had an average volume of over $5000 per day consistently.

Revenue

All the veTHE is used to vote for Bribes+Fees which provide the maximum returns. The earnings all converted to BNB and split as follows:

Staking

74% is of BNB is shared by eTHENA Stakers

Bribes

13.37% is sent back to Thena.fi DEX as Bribes to their stakeholders for voting on vAMM-eTHENA/WBNB pool, to stregthen exit liquidity.

Protocol-owned Liquidity

13.37% of the BNB is used to procure more eTHENA/WBNB - LP Tokens, to craft permanent Liquidity.

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Proposal

This proposal seeks to increase the allocation towards bribing to a greater percentage to amplify the APR Gains from the flywheel effect (Bribe ROI of 600%).

Options

No change

To keep the protocol as it is, without any changes.

• 73.26% will go to Stakers
• 13.37% will go into Bribing
• 13.37% will buyback & craft PoL

Note:

• If the change is accepted, 13.37% will be taken out for PoL repurchase first, and the remaining will be split as a percentage (%) between Bribes & Staking, totalling 100%.
• Staking APR will increase Exponentially with increase in Bribe Allocation.

67% Stake + 33% Bribe

• 67% will go to Stakers
• 33% will go into Bribing
• Staking APR increase to 1.7x

50% Stake + 50% Bribe

• 67% will go to Stakers
• 33% will go into Bribing
• Staking APR increase to 3x

33% Stake + 67% Bribe

• 67% will go to Stakers
• 33% will go into Bribing
• Staking APR increase to 5.3x

20% Stake + 80% Bribe

• 67% will go to Stakers
• 33% will go into Bribing
• Staking APR increase to 10.5x

References

Quotes from Discord dicussion:

the proposal here is centered around the fact that $120 of Bribes give $600 of emissions (5x more).. while $500 of staking rewards give only $500 (no change). Right now, we have only 13% generating this 5x revenue.. the proposal is to increase this allocation up to a certain limit. the end result would be a Much Higher APR for the Stakers & LPs both

the point is, if we have $100 to distribute, and

• we give $15 as bribes, we get $100 of emissions + the remaining $85 we give to stakers. this will make at least 30% of eThena holders to quit Staking and instead Farm on the LP. This results in around 1.1x more APR for stakers compared to manual voting with their own nfts

• if we give $50 as bribes, we get $250 of emissions + the remaining $50 we give to stakers. this will make at least 80% of eThena holders to quit Staking and instead Farm on the LP. This results in around 2.5x more APR for stakers compared to manual voting with their own nfts

With Projected Calculations:

1️⃣ 20% Bribe ― 80% Stake (Current model, no change) 1.125x Staking Boost against Manual Voting

2️⃣ 33% Bribe ― 67% Stake 1.73x APR Boost to Stakers

3️⃣ 50% Bribe ― 50% Stake 3x APR Boost to Stakers

4️⃣ 66% Bribe ― 34% Stake (My suggestion) 5.35x APR Boost to Stakers

5️⃣ 80% Bribe ― 20% Stake 10.5x APR Boost to Stakers

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Directions

Voting Powers

• Each eTHENA token held in wallet has 1 Vote.
• Each eTHENA token Staked at eliteness.network has 1 Vote.
• Each LP token held in wallet has 52.69 Votes.
• Each LP token Staked in Gauge at Thena has 52.69 Votes.

Snapshot Details

• Block Height: 25702291
• Timestamp: Feb-15-2023 11:59:59 PM +UTC
• Each LP token is worth 52.69 eTHENA.

Voting

We are using weighted voting method to allow complete freedom to choice. You can increase the weights of your choices by pressing the (+) button next to a choice. The final displayed % will be cast when voting.

Quorum

A minimum of 30,000 Votes must be cast for the proposal to take effect.

Deadline

Voting will stay open for 3 days

Effect

If the change is accepted, , it will be applied on Wednesday (22nd Feb, 2023.)

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