Proposal : Build Protocol Owned Liquidity 关于 LON 流动性激励后续提议

背景

  • 根据 Tokenlon litepaper 内容,10,000,000 LON 可被用于流动性相关激励。
  • 第七期流动性挖矿将于 2021 年 12 月 9 日结束,共持续 56 周,持续一年的流动性激励活动共分配奖励:6,800,000, 预算余额:2,656,530 LON
  • 在持续的流动性激励下, LON 的两个流动性池:
    • Uniswap 上的 LON/ETH 池:3,577,047 LON + 1572 ETH,
    • Sushiswap 上的 LON/USDT 池: 2,373,000 LON + 4,325,000 USDT,
  • 当前由做市商 PMM 提供的交易量占比和深度情况:
    • LON trade volume:112 万 LON (近五周周均值)
    • LON max trade size:2 万 LON

提议

提议 Tokenlon 社区,基于目前社区财库 + 协议手续费沉淀,自建 LON 流动性池 (POL, Protocol Owned Liquidity)

Pair Token Fund source Initial provide amount TVL / Depth
LON Liquidity reserved 3,500,000
USDT Fee collected per LON pair amount

协议自建流动性,能够带来一举多得的好处

  • 流动性激励停止后,将会减少获利卖出的市场抛压,能够让 LON 币值更稳健;
  • 社区财库的资产配置,除了 LON 之外,应该还需要稳定币和主流币种的仓位,以捕捉行业上行的增长收益,同时稳定币仓位也能够帮助协议和项目团队在熊市更好的过冬,有备无患;
  • 基于财库对于 LON 加其它币种的配置,我们可以更好地规划 $10M 沉淀手续费的使用策略。同时作为 LON 的市场流动性供给,在 AMM 协议中提供价格发现,交易深度和手续费捕捉。

但同时也有潜在的问题和风险

  • 降低了参与回购的可用手续费金额
    • 影响面小,目前手续费沉淀 $10M, 参与回购的速度与手续费累计速度持平
  • 流动性激励停止后,用户可能撤出资金,将给 LON 带来短暂的市场卖压
    • 改善:引导用户 Staking 以获得同样不错的 APY, 质押凭证 xLON 依然可以参与治理
  • 自建流动性体量有限,所以会将资金集中在一个 AMM Pool 以获得更好的深度,这会影响 LON 的市场覆盖面,包括品牌和交易触达
    • 改善:迁移至 Uniswap V3 以提高资本效率,与 Sushiswap 继续流动性挖矿合作
    • 进阶改善:使用 G-UNI 进行主动仓位管理,以获得更好的资金效率和回报

参考

当前手续费余额一览

No. 手续费合约 美元价值
1 AMMV2 $2,653,212.69
2 AMMV1 $2,490,975.69
3 PMM $5,833,567.67
总计 $10,977,756.04

当前社区财库数据

合约 美元价值 备注
社区财库 $6,683,748.55 包含流动性挖矿激励预算剩余的 LON

流动性预算 LON 余额:2,656,530 LON

财库矿工费报销记录

报销期数 报销时间 报销金额 WETH
1 2021-05-17 Ξ1,337.93
2 2021-09-13 Ξ2,943.78
3 2021-11-17 Ξ807.76
总计 Ξ5,089.47

执行步骤

  1. 从协议提取手续费至财务多签账户
  2. 从多签账户发起添加流动性至对应 AMM Pool

原流动性激励将于 2021.12.09 暂停

提议草案

  • A: 保持现状,继续使用剩余预算奖励流动性二池的供给者
  • B: 停止流动性激励,按本提案由社区财库自建流动性

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Background

  • Based on Tokenlon’s litepaper, 10,000,000 LON is reserved for liquidity mining
  • Phase 7 of liquidity mining will end on 9th December 2021, with liquidity mining lasting for 56 weeks in total. Our budget for liquidity mining stands at 2,656,530 LON
  • Current numbers for the two liquidity pools are as follows
    • Uniswap Pool: LON/ETH 3,577,047 LON + 1572 ETH,
    • Sushiswap Pool: LON/USDT 2,373,000 LON + 4,325,000 USDT,
  • Current figures for LON
    • LON trading volume:1,120,000 LON (Average weekly volume over the past 5 weeks)
    • LON max trade size:20,000 LON

Proposal

We would like to propose a Protocol Owned Liquidity for the LON token. This is after taking into account the current LON treasury and trading fees on average. Under this proposal, users will no longer receive rewards for providing LON liquidity.

Details of the proposal are in the table below

Pair Token Fund source Initial amount for liquidity TVL / Depth
LON Liquidity reserved 3,500,000
USDT Fee collected per LON pair amount

The LON liquidity pools will continue to run in Uniswap and Sushiswap. Moving forward, we want to channel LON trading volume to an AMM pool to provide price discovery, depth and trading fees of LON.

After 9th Dec 2021, we will pause the current liquidity mining scheme and implement this proposed scheme if the community votes in favor of it.

Furthermore, with regards to the treasury fund, we want to include other tokens besides LON. This includes main tokens such as BTC and ETH, as well as stable coins.

Why change the current liquidity mining? Our reasoning

We have listed the various considerations we had for this proposal. Please share with us if there are considerations we have not taken into account.

Benefits of this change

  • Under the current liquidity mining scheme, many users receive LON and sell it on the open market. By having the protocol take charge of liquidity, we can prevent the selling pressure of LON and stabilize the LON price.
  • In the event of a bull market, the LON treasury will increase in value with other tokens. In bear markets, it will not have a huge decrease in value
    • In other words, fees earned by Tokenlon from the main tokens and stable coins will now go directly into the treasury
  • By adding other tokens besides LON into the treasury, we can better allocate where our fee balance ($10 Million on average) goes to.
    • This includes using part of the funds to run marketing campaigns, which will increase trading volume and conversely network fees

Potential problems we see and our solutions

This proposal brings with it potential problems that we have laid out below.

  • Reduction of fees that can be used to trigger the buyback
    • We foresee this impact to be small, as fees are currently at $10 Million on average. Hence the pace of triggering buyback is still at a reasonable cadence
  • After changing liquidity mining to be protocol owned, many users will withdraw their funds. This may lead to a sell-off of LON
    • To solve this, we will encourage users to stake their LON instead. As the staking APY is still competitive, users will be less reluctant to do the switch. Furthermore, xLON holders will still hold voting rights
  • By concentrating liquidity in an AMM pool, it has a negative impact on LON’s market coverage and branding. i.e. there will be little awareness
    • Our solution: Migrate liquidity mining to Uniswap V3 to improve capital efficiency and continue to partner with Sushiswap for liquidity mining
    • Long-term solution: Use G-UNI to algorithmically manage liquidity for the best efficiency

Note that this is not an exhaustive list and if there are any issues you see that is not raised here, please share them with us

What we need from you now

Before pushing this proposal as a TIP on snapshot, we want your feedback! More specifically, please share with us

  • Any parts of this proposal that is unclear to you
  • What do you like and don’t like about this proposal
  • Any issues we are missing out on
  • Any suggestions we can make to improve on this proposal

What happens after we received your feedback

After we have collated all your feedback, we will make changes to the proposal and upload it onto snapshot for you to vote. The earlier we receive your feedback, the faster we can make improvements to the LON ecosystem!

不太明白,自建流动性和之前的流动性挖矿的区别是什么?

  • 改善:迁移至 Uniswap V3 以提高资本效率,与 Sushiswap 继续流动性挖矿合作

看上去,不是还是继续提供流动性挖矿吗?

1 Like

其实两个都不是好选项,但也都不是坏选项

如果你有更好的建议,可以留言哦~

自建池子是指:由核心团队用流动性激励的 LON 建立LON流动性池子
流动性挖矿是指:由用户用自己的资金建立 LON流动性池子获得 LON 流动性激励

迁移:uniswap V3
是指自建可能存在的风险,但可以通过迁移在资金流动性高的池子解决问题,

不一样,那边以后收益会少

从帆船博弈理论看imtoken屏蔽大陆用户“骚”操作
1986年,美洲杯帆船比赛,往年都是澳大利亚获胜,美国为了这次比赛,做了很多的努力,花巨资改进帆船龙骨的技术,并且专门请了一位老船长作为总指挥。

比赛从一开始美国队大幅度领先,在离终点还有3海里的时候美国队领先澳大利亚队4海里。如此巨大的差距让美国队志得意满!眼看就要赢得胜利之际,突然海上刮起了一阵大风,因为无法判断是阵风还是旋风,众人陷入了争论中。因为帆船是要根据风的方向调节帆的方向才能前进,阵风过来的时候调帆,旋风不用调帆,因为旋风会使帆反复受力导致帆船原地打转。

老船长根据自己多年的经验,认为是阵风,决定调帆。可惜人算不如天算,刚调整好帆,风向又变成了阵风式的旋风。因此,美国队的帆船在原地打转,浪费了很多时间。此刻澳大利亚队的帆船赶上来了。澳大利亚队没有调帆,笔直向前,瞬间就超过了美国队。当美国队离终点还有两海里的时候澳大利亚队到达了终点。美国队船员顿时抱头痛哭,精疲力尽,伤心地不想上岸。

这是谁的责任呢,有人怪天气,也有人怪老船长。

博弈论专家专门写了一篇文章,帆船博弈中,这次失败的责任完全归老船长决策不当,因为当领先对手的时候,不管风向和外部环境怎样,只要跟着后面的对手操作就行了。对手调帆我也调帆,对手不调我也不调,对手往哪个方向调帆我也往哪个方向调帆。这样,不管是前进还是后退还是原地打转,都永远领先4海里。所以这是领导者的指挥问题,跟外部环境没关系。帆船博弈的精髓是领先者模仿追赶者。
结合这次国家清退大陆币圈政策环境,imtoken决策者选择立即屏蔽大陆用户的操作和老船长的调帆操作无异,并且自己和老船长一样还觉得委屈,天气发生变化看天做决策有错吗?也就像imtoken决策者理直气壮的说国家政策发生变化,我按国家政策做决策有错吗?

帆船博弈告诉我们看天做决策就是错的,要看对手做决策,国家清退币圈政策下来,imtoken钱包决策者只需看竞争对手tp钱包怎么做,tp屏蔽大陆用户那我跟着屏蔽,tp不屏蔽那我也不急着自断经脉,tp发文说什么时候屏蔽,那我也发文说什么时候屏蔽。

希望通过这篇帆船博弈的文章,imtoken决策者好好反思下自己这波自断筋脉的骚操作做错了什么,在未来的决策中避免再犯类似的错误。

1 Like