GRAIN % Buyback Poll

👩‍🌾 Calling all farmers, the tractor is up and running for all stablecoin pools with healthy APYs. The claims portal and merkel distributor is built and tested, and now we have the final vote below:

🐮🐷🌾👨‍🌾👩‍🌾🌺🌴🎑

Options: [0.5-3%] of total emissions going to GRAIN buyback + uniswap liquidity

🍊 0.5% of total emissions 🍍 1% of total emissions 🍓 1.5% of total emissions 🍇 3% of total emissions

Also, we would be using the strategic reserve for strategic GRAIN buybacks to buffer price volatility. The following amounts have been saved up for this purpose. [1,798.98 FARM from week 12] [658.95 FARM from week 13] [465.3988850 FARM from week 14]

The emissions number is split up into GRAIN buyback and uniswap liquidity after the vote has decided the overall percentage. Only a necessary amount will be used for uniswap liquidity, the rest will go to buybacks.

One benchmark would be that we spend 0.7% of emissions on WETH and USDC, so this is something the protocol can sustain. And overall this makes sure there are less numbers to vote on, while preserving the core concept, which is buying GRAIN with FARM in Uniswap on a continuous basis. GRAIN buyback from emissions is used in order to simplify the smart contracts and simplify the calculation of FARM P/E ratio. For calculation-purposes, half a point of emissions is roughly equal in value to around a point of profit share, in dollar terms.

The main tradeoff to consider for FARM holders is the amount of relative emissions that can be sustained to buyback GRAIN and support its liquidity, below are some data points for how much emissions can support how much AUM.

As reference points: TBTC is 1.4% of total emissions and supports an AUM of 24.14M WETH is 0.7% of total emissions and supports an AUM of 31.69M, and USDC is 0.7%of total emissions and supports an AUM of 9.85M

Polls are open until Dec 4, 2:30am UTC ~48 hours from now, giving ample time for everyone to vote.