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Synapse ProtocolSynapse Protocolby0x49551C9E8eCaEc17d1EB09bFc42cf47379dC80970x4955…8097

[SIP-30] - Emission Reductions by Utilizing Idle POL m.USDC on Metis

Voting ended over 2 years agoSucceeded

For reference:

State of the Treasury : https://synapse-treasury-frontend.vercel.app/ Monthly Syn emissions : https://synapseemissionsdashboard-3d76b3202ae7.herokuapp.com/

Overview:

Following the path set by prior tokenomics improvements proposals to reduce SYN emissions, I am proposing that we use idle stablecoins sitting in our Metis treasury to populate some of the Synapse stablecoin liquidity pools, for the rental of which we are currently paying for with SYN. The objective is to lower protocol costs while having predictable liquidity available in some of our most used pools.

Implementation:

  1. Move 1/3 of m.USDC to the Canto nUSD pool and take emissions to zero on the pool
  2. Move the remaining 2/3 of m.USDC liquidity to Optimism and cut emissions in half
  3. Reduce emissions by 1/4th on the Polygon pools

Parameters:

  1. To avoid negative slippage, first consolidate the USDC stablecoins on mainnet by the use of the Metis native bridge
  2. Aim to have Implementation executed within two weeks after passed proposal

Off-Chain Vote

Utilize POL and reduce emissions
5.78M SYN100%
Make no changes
0 SYN0%
Quorum:116%
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Discussion

Synapse Protocol[SIP-30] - Emission Reductions by Utilizing Idle POL m.USDC on Metis

Timeline

Nov 17, 2023Proposal created
Nov 20, 2023Proposal vote started
Nov 23, 2023Proposal vote ended
Nov 23, 2023Proposal updated