# [FIP #02] — Setting Daily Rewards for New Sushiswap Mining Program

Proposal Type: Modification of Liquidity Mining Program

Governance Rule Version: Interim governance rules

Proposer: FinNexus Team

Proposal: Under interim governance rules, the FinNexus team has decided to end Uniswap liquidity mining and start liquidity mining on Sushiswap (read below for more details). This proposal is to vote on the amount of daily FNX liquidity mining incentives to be issued. We propose three options:

1. 1000 cFNX / day
2. 3000 cFNX / day
3. 5000 cFNX / day

(read below for explanation of "cFNX")

Background:

Currently, liquidity in the FNX/ETH pool on Uniswap stands at 150,000 USD with 1000 FNX in mining incentives distributed daily.

Sushiswap launched its Onsen rewards system in December 2020 and FNX/ETH was one of the included assets. The pool has over $200K USD in liquidity, and currently the APR is over 100%.

It is not useful for traders to have liquidity split between multiple pools, so we will attempt to concentrate liquidity in a single pool by maximizing the rewards to liquidity providers in that pool (that is, the Sushiswap FNX/ETH pool).

Why Sushiswap?

Sushiswap's SUSHI rewards for liquidity providers means that the base reward there is higher before FNX's liquidity mining is taken into account.

By ending the liquidity mining on Uniswap and beginning a new mining program on Sushiswap, the rewards to liquidity miners there will be much higher than they are for EITHER platform currently.

This should in turn cause the majority of liquidity to move to the Sushiswap pool, and should ensure that the liquidity on Sushiswap for FNX is much greater than the current levels of liquidity on either Uniswap or Sushiswap.

Implementation details:

Liquidity mining for Uniswap will end, and we will begin a new liquidity mining program for Sushiswap.

Incentives are paid in convertible FNX (cFNX), which can be exchanged 1:1 to FNX.

In order to convert, the user sends the cFNX to a smart contract to be burnt.

Once a month for the next 6 months, 1/6th of the number of total cFNX burnt will be added to the user's redeemable FNX. The user may choose to redeem their FNX either once every month, or may choose to wait until they have accumulated redeemable FNX for several months and redeem all together.

提案类型 修改FNX去中心化交易所流动池挖矿计划和相关激励措施 治理规则版本 临时治理规则 提案人: FinNexus团队 提案内容: FinNexus团队决定终止目前Uniswap的流动性挖矿计划，创建新的Sushiswap流动性挖矿计划。请社区对合理的每日激励措施进行投票。有三个投票选项，包括：

1. 1000 cFNX/天
2. 3000 cFNX/天
3. 5000 cFNX/天 （何为cFNX请参见下述内容）

背景: 目前，Uniswap的FNX/ETH池的流动性为15万美元，每天发放1000个FNX的挖矿奖励。Sushiswap于2020年12月推出了Onsen奖励系统，FNX/ETH位列其中。该池有超过20万美元的流动性，目前APR超过100%。

为什么选择Sushiswap?

目前，尽管我们的挖矿项目奖励了Uniswap的FNX流动性提供者，但Uniswap的流动性低于Sushiswap。

考虑到于Sushiswap交易所对FNX流动性提供者的Sushi代币奖励，这是可以理解的。由于Sushiswap的流动性提供者目前获得的回报高于Uniswap，因此用户选择了更有利可图的选项。

然而，从FNX交易的角度来看，这并不理想，因为一个拥有相对较深流动性的交易池——假设是40万美元——比两个平均分配的相同流动性水平的交易池的要更有优势。

我们将我们的流动性挖矿计划从Uniswap转向Sushiswap, Sushiswap的回报率将会比现在更高，大多数理性的FNX流动性提供者将会转向Sushiswap。

这将有利于形成一个更深的FNX交易流动池，并且很可能比目前这两个平台中的任何一个深度都要高。

实施方案细节：

终止Uniswap的流动池流动性挖矿，启动Sushiswap的新的流动池流动性挖矿。

将奖励从FNX修改为cFNX代币。(请在下方选择你认为合适的数量。)

为了减少通货膨胀的影响，挖矿奖励以可转换FNX即cFNX方式发放。

cFNX是可转让的，且可以以1:1的比率转换为FNX。cFNX一旦发送到转换智能合约，cFNX将被烧毁。在接下来的六个月里，每个月有六分之一转换为FNX可供用户提取。

请投票，您认为每日应该释放多少cFNX用于Sushiswap的流动性挖矿奖励？

1,000 cFNX/天 3,000 cFNX/天 5,000 cFNX/天