Extending the GIVfarm

Hey everyone! So we’re lagging a bit behind on our core roadmap and we’ve gotten caught up in all sorts of new opportunities. New opportunities are great and have lead to all sorts of exciting avenues for the Future of Giving. However I have to raise a concern that our Liquidity Mining (LM) Program may end before we have a thriving solution for GIV token utility and strong GIV liquidity that could survive the hit that comes when we end our LM program. Currently this is set to end around the 25th of June.

At the rate of development I don’t see GIVpower up and running before then and we might not even see an Angel Vault given all the complications that have arisen on it’s path.

We should also consider some irl events that might slow us down, including:

  • ETH Barcelona
  • ETH Paris
  • Burning Man
  • Giveth Retreat

Okay, spit it out Mitch.

I would like to propose a 4 month extension to the LM program, taking us well into October 2022. Some Initial Specs:

GIV per week = 600k (flat distribution)
Number of weeks = 16
Total GIV distributed = 9.6 Million

Farm Distributuion:

Farm % Allocated GIV Per Week
GIV/DAI Uniswap V2 on Mainnet 15% 90000
80GIV/ETH Balancer on Mainnet 20% 120000
GIV Staking on Mainnet 10% 60000
50GIV/HNY Honeyswap on xDai 20% 120000
50GIV/WETH Sushiswap on xDai 20% 120000
GIVgardens/staking on xDai 15% 90000

From our first GIV distribution spec we earmarked 6.5% to further liqudity incentives, this proposal would use ~14.7% of that earmarked GIV.

I think this leaves plenty of tokens for further liquidity initiatives including GIVpower, however I’m looking for some further advice!

7 Likes

@amin I’m curious to know what the extra effort would be to break this down a little? If we decided to extend for 2 months and then set up another 2 months… would that be much more work?

I think 4 months past end of June is perhaps more than we need, and it’s nice to be a little more modular.

2 Likes

If we want to split it, it will not be a big deal and much work! Everything we do for the first can be repeated with simple changes.
Part of extending farms is assigning more balance for LMs on tokendistro, and it can be done by multisig! We can assign balances needed for both rounds once in order to make less transactions.

3 Likes

I love 1hive, but the GIV/HNY pair is not really the best thing to extend… If we extend the farms, I would propose we swap GIV/HNY for GIV/xDai

2 Likes

+1 on the extension, and on adding GIV/xDAI yesss please - this will make buying GIV on Gnosis Chain more effective I think, based on the feedback I receive from people trying to buy it for farming.

Though we probably need to be gentle on that to not impact HNY adversely?

I fully support this.
ALSO @amin @Griff maybe we’ll have time to add UNIv3 in gnosis chain ?

voting ends May 13th, is this worth to consider?

Univ3 contracts are not deployed on gnosis chain based on my knowledge. Nevertheless, the uniswap v3 staking has a characteristic of rewarding only in range liquidity which made us terminate ours univ3 staking program on mainnet

1 Like

+1 to what Amin said…

Univ3 is a degen’s game… rewards go disproportionately to those who are focused on managing positions often with focused effort. Univ2-esque systems are just more fair to broadly reward liquidity proportionately to the amount provided.

We learned that already, no need to dive down that rabbit hole again. Univ3 liquidity via the angel vault seems much more attractive. For the rest of the GIVfarm, let’s keep it simple.

3 Likes

Okay to recap and get some consensus:

We make a 2 months extension to the GIVfarm, retiring the GIV/HNY farm in favour of a GIV/xDAI farm. With a possible additonal 2 months that can be added, we will asses the situation around end of July 2022 and see if we need another extension.

GIV per week = 600k (flat distribution)
Number of weeks = 8 (with a possible 8 week extension)
Total GIV distributed = 4.8 Milion (9.6 Million with extension)

Farm Distributuion:

Farm % Allocated GIV Per Week
GIV/DAI Uniswap V2 on Mainnet 15% 90000
80GIV/ETH Balancer on Mainnet 20% 120000
GIV Staking on Mainnet 10% 60000
50GIV/xDAI Honeyswap on xDai 20% 120000
50GIV/WETH Sushiswap on xDai 20% 120000
GIVgardens/staking on xDai 15% 90000

Time is of the essence!

WDYT?

  • Looks good!
  • No, I have more changes and/or concerns

0 voters

Also I hope we make sure that in the documentation that we mention we might kill the farms at any time. I think we are on a nice run with token swaps for liquidity, and GIVpower could start during that time… so we for sure want to mention that our Governance can turn off the rewards.

2 Likes

Currently the GIVfarm documentation has this footnote:

Note that, as a result of the termination of the Univ3 rewards program in week 13 there is approximately 5M GIV, previously earmarked for these rewards, that are no longer part of the GIVfarm allocation.

Further rounds may be launched after this period that could contain new pools and changes in distribution. All rewards from GIVfarm will be affected by the GIVstream. Read up on the GIVstream documentation for more information.

So are we really extending the round or are we launching a new round?
If

Then it would make sense to launch a new round that is a “maximum of X weeks or may terminate sooner based on Y and Z factors”, for example.

I like Lauren’s idea to break down the program. We can set up 4 months, but only advertise one or two months at a time

It’s launching a new round for sure. Agree with your suggestion for that footnote.

Perhaps we say… will run for an expected 2 months, option to extend it. possibility of termating early.

3 Likes