🌾 GRAIN Base Pair Poll

👨‍🌾 Calling all farmers, the tractor is up and running, work is going well on the claims portal, and currently we have a topic governance to vote on

🌴🌾 👨‍🌾 👩‍🌾 🌺 🌴

Polls have passed in favor of creating a tradable IOU token, called 🌾 GRAIN for reparations for the 13.5% drawdown in stablecoins, with its own Uniswap market. The question is, what's the pair that 🌾 GRAIN will be traded against and incentivized by FARM emissions?

There are two options: 🥕 GRAIN/FARM and 🥭 GRAIN/USDC

Option 🥕 Incentivizing GRAIN/FARM would be beneficial because it would create a FARM supply sink, while at the same time giving GRAIN holders who also own FARM the ability to get more FARM emissions by staking in Uniswap. The main drawback of using FARM as the pair is that when GRAIN holders trade out, they'll first convert to FARM before their target asset. One potential benefit of this is some of the GRAIN holders may choose to stake their FARM in profit sharing to keep earning APYs

Option 🥭 Incentivizing GRAIN/USDC would be beneficial because it's a more direct path to a stablecoin for GRAIN holders, giving direct conversion to USDC. Unlike the GRAIN/FARM option, this wouldn't create an extra supply sink for FARM. So, the emissions used to incentivize GRAIN/USDC would serve less of a beneficial purpose for FARM holders.

💴 In both cases, this gives a market value to GRAIN, by using some emissions to incentivize a liquid market. After much discussion with knowledgeable horticulturalists, creating a liquid market is the preferred option, because it allows GRAIN holders to trade with buyers that are interested in the APY of GRAIN farming, instead of only having the option to hold for many months or years.

🥕 Note 🥭 A supplemental consideration for both options is the currency used to do buybacks into uniswap. In 🥕doHardWork would be routed to direct some FARM from buybacks to buy GRAIN. In the 🥭 case, doHardWork would be routed to sell some FARM to USDC first, which would then be used to buy GRAIN. Routing FARM is likely a bit more efficient, because it's already buying 30% of FARM with each harvest, and wouldn't need to split off a piece to buy USDC instead.

🚜 Polls are open until Nov 8, 8pm UTC ~48 hours from now.