Proposer: Jimmy Le, Intern @ GT Capital
Disclaimer: I am unemployed. I spend all day on Twitter, Telegram, and Discord DMs chatting and scheming with degens, gigabrains, frogs, wizards, ex-TFL and LUNAtics. I’ve gathered the best of these ideas and worked closely with TFL on the following proposal.
“It’s Over Anakin! We’ve Got The High Ground!”
This is a continuation of @TheIntern’s liquidity mining framework and the previous proposal to expand utility and liquidity of UST on Solana, Oasis, and Near.
As anticipated in my recent previous proposal, the various forks are propping up to mimic the success of the Terra Luna ecosystem via our minting and burning mechanism.
No matter, we will continue our cross chain domination by expanding the liquidity, utility, and demand for UST.
As it stands, there is no liquidity for UST on any of the leading dexes on the following major layer one ecosystems.
In this proposal, I detail the protocols, incentives, and collaborations to expand UST’s adoption across the Avalanche, Fantom, and Moonbeam ecosystems.
All necessary channels of communication for the following collaborations have been established and awaiting governance feedback and voting for implementation.
“Perhaps I can find new ways to motivate them.”
Pangolin is the 2nd largest traditional decentralized exchange by total value locked on Avalanche. This proposal seeks to incentivize both the AVAX/UST and the USDC/UST pairs with $255k each in LUNA rewards over 3 months.
The Pangolin team has also committed the maximum amount of rewards for both pairs, equating to roughly $450K in PNG rewards per month.
Ava Labs has also expressed that they will support these pairs on Pangolin with AVAX incentives in the near future.
The Pangolin team also plans to make UST the routing asset for all pairs on their platform.
Trader Joe is currently the largest decentralized exchange on the Avalanche ecosystem by total value locked.
This proposal seeks to accompany MIM as another leading decentralized stablecoin on Avalanche by incentivizing the AVAX/UST pair with $255k in LUNA rewards over 3 months.
With over $6b TVL in the Fantom Ecosystem,
Spookyswap is currently the largest decentralized exchange on the Fantom ecosystem by total value locked.
Since Spookyswap does not support dual incentives at this time, this proposal seeks to incentivize xBOO stakers with $170k in LUNA rewards over 2 months. In exchange, pairs such as FTM/UST and FTM/LUNA will be incentivized with BOO rewards.
These rewards may be migrated to direct pair rewards when dual incentives become available.
Spiritswap is the second largest traditional decentralized exchange on the Fantom ecosystem by total value locked.
Spiritswap will soon support dual incentives on their platform. This proposal seeks $255k in LUNA rewards over 3 months to make UST one of the first pairs to receive dual incentives in the Fantom ecosystem.
Moonbeam is currently being launched on Polkadot and invites the opportunity for UST to become the dominant decentralized stablecoin and routing asset for the entire Polkadot ecosystem.
Solarbeam is currently the second largest decentralized exchange on the Canary Moonriver network and will be deploying on Moonbeam soon.
This proposal seeks to incentivize the GLMR/UST pair with $255K in LUNA rewards over 3 months.
The Solarbeam team will be matching with incentives from their treasury.
Total amount of incentives: $1.44M in LUNA
Update: Axelar’s Mainnet has now launched!
More details can be found here: https://twitter.com/axelarcore/status/1480903535105560577
For this proposal, we’ll be utilizing the Axelar network to deploy the cross chain liquidity mining incentives. By utilizing the Axelar network, we’ll be able to expand the set of layer one ecosystems that support Terra assets.
The Multi-chain world will include a number of cross-chain liquidity networks. Our thesis is that multiple liquidity networks (Wormhole, Axelar, Allbridge, etc.) will persist in a multi-chain world. By utilizing multiple networks, we can quickly broaden the number of Layer 1 + 2 ecosystems that Terra assets can live on, be among the first stablecoins on Layer 1s as they launch, while also decreasing dependence on any single liquidity network.
For those who are unfamiliar, Axelar is a decentralized interoperability network connecting all major blockchain ecosystems. Secured by the battle-tested Cosmos SDK, the network is fully permissionless and allows anyone to join and validate cross-chain transactions.
The network supports integrations with PoW chains like Bitcoin, EVM-based L1s/L2s, Cosmos chains such as Terra. Furthermore, built as an open platform, anyone can deploy its building blocks and SDK to make connections to other ecosystems.
The Axelar network will allow UST distribution across many different ecosystems in a decentralized way while simultaneously bringing more assets that could act as additional layers of stability for UST’s peg and scalability for aUST.
You can find more information about the Axelar network, team, and technology at https://axelar.network.
“If [they can] be turned, [they] would become a powerful ally.”
The liquidity mining incentives program for each protocol will last for approximately 3 months. After 3 months, additional incentives may be considered after evaluating the liquidity, utility, and trading volumes of each pair.
“I want to know what happened to the plans they sent you.”
The funds will be withdrawn from the Community Pool and distributed to a multisig that is controlled by several members from the TFL Finance team and elected community members.
LUNA will be withdrawn to the same multisig wallet as proposal 143.
“You do not yet realize your importance.”
I invite you to share your thoughts and look forward to hearing the community’s feedback on this round of incentives and what future incentive programs you’d like to support below.
You can find me on Twitter @lejimmy if you have any ideas you’d like to discuss privately.