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Lift.KitchenLift.Kitchenby0x2B8E68db56b43d34389C2934bb75eAD8df8Dd3880x2B8E…d388

Replace LIFT rewards with CTRL for lfbtc/lift pool

Voting ended over 4 years agoSucceeded

What is being proposed: Eliminate LIFT rewards from the lfbtc/lift pool.

Why are we doing this: Given the current state of the protocol we need to reduce the emission of LIFT to continue being able to execute on our goal of revenue producing product development.

Details of the change: Contract will not change, LIFT will be burnt from the contract on a determined date. (July 11th, 2021)

On July 11th at 1pm EST. All LIFT will be burned from the liquidity pool. Any LIFT available for redemption needs to be redeemed prior to July 11th at 1pm anyone that does not stake their available LIFT by that date will forfeit those tokens.

Impact for stakers (primarily genesis stakers): Liquidity in that pool going forward will be rewarded via CTRL tokens being airdropped every 30 days to anyone who has held liquidity for 30 days or longer.

Going forward they will receive CTRL tokens equal to 10% of total staked 30 day weighted value on a monthly basis. A 120% a year APR on the liquidity provided.

Off-Chain Vote

Yes, end replace rewards
1.45 80.7%
No, leave rewards as is
0.35 19.3%
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Timeline

Jul 02, 2021Proposal created
Jul 02, 2021Proposal vote started
Jul 04, 2021Proposal vote ended
Oct 26, 2023Proposal updated