GE Name : Baked Dough Farming in Uniswap
Time frame : 1 month, extensions after that can be voted on a per week basis.
Hypothesis : Realign incentives from Balancer to Uniswap and subsidize gas for Uniswap farming to increase TVL and integrations. Following up with Furthering Growth in 2021 bringing more liquidity to Uniswap will “facilitate users of Argent, Dharma, Rainbow, Zerion and more to be able to use pies with familiar tools.”
Description : This is a 2 part growth experiment that can be broken up into 2 proposals based on community feedback. I believe using both strategies in tandem will create an incredible flywheel for growth.
Step 1: Transfer Balancer incentives to Uniswap
I’m proposing Dough / Eth, BCP, and YPIE incentivised pools. Dough / Eth promotes PieDAO governance. The BCP pool will attract people looking for an easy way to diversify. YPIE is for advanced defi users that will be excited for yield bearing and meta-governance enabled pie vaults. Weekly rewards to be split equally at 50k each for a total of 150k Dough. This will match current incentive Dough emissions. Also, we can keep these rewards vested at the current rate or go more aggressive at 25% distributed liquid matching the Sushiswap Onsen program.
Step 2: Baked Dough Farming
Accessibility and financial inclusion (PieDAO’s 2nd core principle Guiding principles) is impossible with the current gas prices. Regularly restaking under the current rewards structure seems not worth it without significant holdings.
I’m proposing 2 ovens.
1st oven to move Balancer liquidity to Uniswap. Allow users to match eth to their current pool to transfer to Uniswap. (Hopefully, won’t be too hard to do this swap safely at reasonable cost.)
2nd oven to allow Uni LPs to restake their earned dough, on a consistent basis at 100% vesting for 1 year. I would start the vesting countdown to kick off when the rewards program ends. As someone who has held Dough since day 1 I am certain there are others like me that are planning to hold for at least this long. As MoolaManX has pointed out, this would appeal to the pension type of savings crowd.
Metrics : TVL, # addresses holding LP tokens, news coverage, and social media engagement related to this growth experiment.
Definition of Success : This should at least double current TVL. If $11.2 million is what we can do outside of being on Uniswap, having liquidity on Uniswap + integrations + gas savings = explosive growth.
Resources Needed : 150k Dough a week. Developer time to create new ovens. Marketing content prepared for pushing the message out about this GE. A point of contact to do PR and deal with news organizations.
GE Confidence Rate : 11, without ovens 8.75. Without the ovens and if gas prices go up people might stay in Balancer. If BAL APY goes up on CREAM that might also pose a problem without a Uniswap transfer oven. STAKE-Eth was able to attract $3-5 million when they rewarded only the top 100 LPs. I think a traditional farming campaign should be able to do double that.