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Kwenta Kwenta by0x0c4EA5F0219fbC4Decf9536463524953Cd75F0cB0x0c4E…F0cB

KIP-66: Adjust trading reward eligibility

Voting ended about 3 years agoSucceeded

Simple Summary

Adjust the trades eligible for trading rewards in order to focus rewards on Kwenta traders.

Abstract

Kwenta's trading rewards currently reward all volume regardless of the source. Upcoming trading incentives from Synthetix are expected to increase volume from multiple frontends and trading bots. Trading rewards will be limited to trades with KWENTA tracking code. This change will impact the following:

  • Remove incentives for volume generated by other Perps V2 frontends.
  • Remove incentives for volume generated by trading bots and smart contracts.
  • Remove incentives for fees paid during liquidations.

Motivation

This change will focus rewards toward geniune users of Kwenta by limiting rewards to those using Kwenta's frontend or SDK. In it's current state, Kwenta user volume could be outnumbered by trading executing arbitrage trades, which dilutes the rewards going to actual traders.

Additionally, this limits trading fees to trading volume by removing liquidation fees, which are paid to external keepers and to Synthetix.

Specification

For more information, visit: https://app.radicle.xyz/seeds/maple.radicle.garden/rad:git:hnrkq1oex148yz4zi9tm7spfnjaryyuc93yay/tree/master/kips/drafts/kip-66.md

Off-Chain Vote

Pass
4 KWENTA100%
Reject
0 KWENTA0%
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Timeline

Feb 20, 2023Proposal created
Feb 20, 2023Proposal vote started
Feb 28, 2023Proposal vote ended
Oct 26, 2023Proposal updated