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：
- 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
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
- 从协议提取手续费至财务多签账户
- 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!