[SWIP-1] Extend the liquidity mining campaign for the $SWISE / $1INCH pool

A few weeks back, we set up the first liquidity pool for $SWISE, pairing it with the $1INCH token and listing on 1inch. This was done to take advantage of the opportunity for a joint liquidity mining program with the 1inch Exchange. As the original program approaches its end (May 25th is the last day), the StakeWise team would like to propose to extend the liquidity mining campaign in the $SWISE/$1INCH pool until the 25th of June and allocate 1,000,000 $SWISE towards farming rewards from the DAO Treasury.

Motivation

The 1inch pool remains a key trading venue for $SWISE until the liquidity pools with other pairs like $SWISE/ETH and $SWISE/USDC are deployed and $SWISE staking is rolled out. Extending the farming campaign would help StakeWise preserve good liquidity in the pool, which is necessary for price stability, and offer an additional incentive to hold $SWISE until other functionality for it is deployed.

To summarize:

  1. $SWISE holders can put their capital to good use, earning more $SWISE (and trading fees)
  2. More $SWISE is deployed as liquidity instead of inactively sitting in the wallet or being sold
  3. Deeper liquidity leads to a more stable $SWISE price
  4. Outsiders and $1INCH holders who want to generate yield will buy $SWISE to LP, boosting $SWISE and contributing more liquidity

Allocating 1,000,000 $SWISE towards the new campaign is believed to offer a worthwhile incentive (~45% APY at the current amount of value locked) to provide liquidity given the opportunity cost of deploying capital.

Specification

If the proposal is approved, we would submit one transaction for a transfer of 1,000,000 $SWISE from the DAO Treasury (0x144a98cb1CdBb23610501fE6108858D9B7D24934) to the 1inch farming rewards contract (0x2CB9e71A5cf989008Ba93dAD8EdB988eC1b4182f).

Vote

Should the DAO allocate 1,000,000 $SWISE from the Treasury towards liquidity mining in the $SWISE/$1INCH pool between May and June 25th?
  • Yes
  • No - I don’t agree with the amount
  • No - I don’t support the LM campaign

0 voters

Let your voice be heard - leave a comment together with the vote!

9 Likes

I’ve already put swise into the pool so this seems like a no-brainer to me

5 Likes

I voted No, because 1month extension due to everything that is happening in crypto right now it’s not worth the amount putting into it, SWISE will have an organic growth, 1 more month of 1inch pool won’t affect its future, the funds can be better allocated I believe

3 Likes

I would support extended the liquidity mining campaign for the $SWISE / $1INCH pool. As long as I don’t have to withdraw and then re-stake for farming awards, e.g. current contract is amended rather than a new contract being issued.

If this were to change, e.g. having to re-stake and pay transaction fees, then it isn’t a worthwhile effort for me.

Now what about people that missed out on the initial farming start date? I don’t think anything would be owed to them. I believe as a group we will be able to find / discover other “farming” opportunities for newer members to get in on the ground floor. It’s like the same with ETH. Should I demand that I get to buy ETH at $700 (earlier price point) because I didn’t start getting into crypto until Feb/March of 2021? No, I have to realize that I missed that opportunity, but I also am making best of the opportunities that I have currently.

Just my 2 cents. :slight_smile:

Best,

-Brian

6 Likes

Situation: I’m a swise holder and day-one uniswap ETH-SWISE LP… gas fees are still expensive to re-allocate to the 1inch pool…

2 Likes

I dont think this pool is really doing much for are swise. Only helping the people that decided to buy 1 inch coins to join the pool. I thought joining stakewise we would be using what we had on hand to set up pools with and had a bit more options than what is currently offered. I feel if this pool was going to help swise coin it would have but its not doing much. We should be setting up a way to stake swise coins alone. I would much rather see this or using what’s on hand rather than having to buy more coins.

3 Likes

I am farming and thus support this initiative.

2 Likes

Since this is the possibility for additional yield in Stakewise at the moment (besides staking) it seems like a good idea to continue. So I support the proposal.

2 Likes

Agree. We need to coordinate treasure carefully especially in the beginning. Distributing extra tokens while getting the project to better maturity seems to reduce value of a token due a release to public that is expected to sell due inability to use token otherwise. Rather continue build together and bring people to see the value in the project, which will make people to buy in.

2 Likes

I’m not participating in farming, and I don’t really understand how it benefits the community. I’m not the biggest fan of buying another token ($1inch)… That being said, I’m not opposed to helping those that are already farming. In this instance I’m going to abstain from voting, as I don’t have a full understanding of which choice is better (this may change if I get more clarity).

3 Likes

@OldGumboHopkins @Skunk747 @Selby personally, I hear your opinion loud and clear and I thank you guys for voicing it. From the team’s perspective, this extension is supposed to be the last one before other opportunities to earn from $SWISE arise. It doesn’t mean that we won’t propose farming incentives for the other $SWISE liquidity pools in the future, as having ample liquidity protects token holders from the large swings in price and makes it more attractive to the general public. However, we don’t intend on making liquidity mining (and voting of course) the only application for $SWISE. We intend to demonstrate this in the coming weeks.

For everybody else - thank you for supporting the proposal.

With the relative majority of the votes in favour of this proposal, we are proceeding with the DAO vote where the token holders will make their voices heard.

Please visit the Snapshot page and vote with your $SWISE:

[SWIP-1] Extend the liquidity mining campaign for the $SWISE / $1INCH pool

This thread is now closed.