Proposal: SWPR single token reward campaign

With the ongoing decentralized distribution of Swapr’s governance token through multi-chain liquidity mining campaigns, and while waiting for the ERC20 Guild structure to be implemented, the Swapr community has identified the need for interim single-sided SWPR token staking campaigns. Swapr team got down to work to set out these campaigns and a little bit of insight as to how much of the tokens will be in circulation at the end of this period.

Campaigns

We propose to create 2 campaigns as below

Campaign 1 will have a staking cap of 1 million SWPR and stakes will be locked until the end of the campaign. The 50K SWPR reward will guarantee a 20% APR.

Campaign 2 will have a staking cap of 5 million SWPR with a 125K SWPR reward, guaranteeing a minimum APR of 10%.

The 175K SWPR being issued for these campaigns comes from the unutilised budget in Arbitrum Epochs 1 to 4.

We will need to split the campaigns across Arbitrum and xDai, there is a poll at the bottom to figure out how much the distribution should be.

Circulating supply calculation

As on 9-Nov,

Circulating supply 8502307
Unclaimed airdrop 4229010

At the start of Epoch 7, we would have issued 1.5M more SWPR that puts the circulation around 10M SWPR (excluding 4.22 M SWPR unclaimed). If the campaigns reach capacity, this would lock up almost 60% of the total supply at the start.

We would have issued 3.1 M SWPR in 3 months and that would put the circulating supply at about 13.2M SWPR (excluding the 4.22 M SWPR in the unclaimed airdrop supply)

The community has not decided what to do with the unclaimed and unconverted supply yet and this is not the agenda of this post.

Implementation

To implement this, the creation of campaigns, our frontend deployment and the subgraph deployment have to be synced properly.

Contracts are tested in Rinkeby, we will need to run a test campaign in xDai created by the DAO.

Campaigns must be created in Arbitrum and xDai with a date far in future in order to complete the below activities and have the UI ready and released to accept staking.

UI development is in progress and is expected to complete within the coming weeks. Once that is tested and a release is made, the community can make a proposal to update ENS.

Subgraph would need to be updated to pick this particular campaign and display it in the frontend on top of other LP campaigns.

Should Campaign 2 have a 5M staking cap?
  • Yes, at 5M SWPR
  • Yes, at 10M SWPR, min APR of 5%
  • No

0 voters

What should the split be between Arbitrum - xDai?
  • 80% - 20% (current allocations)
  • 75% - 25%
  • 65% - 35%
  • 60% - 40%

0 voters

Please share your thoughts and feedback around this thread. This would help us in identifying the sentiment of the community to work on the future staking and reward programs.

4 Likes

Hi, the results from snapshot are here

The snapshot strategy used in the initial vote didnt include SWPR LP holders and were missed to include them. Since the vote was close, we discussed within the Swapr squad and are thinking of running a second snapshot vote. This will fix the snapshot strategy to include LPs while voting.

This time, the voting period will be short and will run for only 5 days from 09-December to 13-December (Thursday to Monday).

If you are the person that voted against the single sided staking, we would really like to understand the reason and hope to have a discussion with you to understand the reason. :slight_smile:

4 Likes

Snapshot is created now and LPs can also vote.

2 Likes

HI, the snapshot voting is closed and this is how the results look like:
image

Thanks for everyone that voted. I will write a new post when the dapp is ready and campaigns are set to go Live.

3 Likes