PoolTogether

PTIP-19 Drip 50 POOL/day to LINK Pool. Turn reserve rate to 50%

PTIP-19 Drip 50 POOL/day to LINK Pool.

Authors @RegisIsland & @underthesea

Simple Summary

We propose to drip 50 POOL/day to the LINK prize pool for a total of ten weeks. This would require a total of 3500 POOL from the treasury.

In addition, this proposal would set the reserve rate on the LINK pool to 50%

Send 30 POOL to @RegisIsland & @underthesea for authoring proposal and gas fees associated with writing token faucet contract and transferring ownership to governance.

Send 30 POOl to edit (@Torgin) for making the on-chain proposal.

Abstract

This proposal will deposit 3500 POOL from the treasury into the LINK pool faucet.
This proposal will set the reserve rate to 50%
This proposal will send 30 POOL to @RegisIsland and @underthesea
This proposal will send 30 POOL to a delegate to be named later.

Motivation

LINK is one of the most popular tokens in the crypto space. However, there are not many places to earn yield on the token.

Rationale

Compound has recently added the token to their lending market. This proposal can provide a layer on top of Compound that will provide higher yield on LINK. This can drive users to PoolTogether and increase the TVL of the protocol. If new users discover PoolTogether through the LINK pool there is potential they deposit in other pools. In addition, turning the reserve rate to 50% will allow the protocol to accrue LINK tokens. This provides another diversification avenue for the protocol. PoolTogether uses the LINK token quite often, so this proposal will help cover some of the costs to the protocol. These parameters mirror current distribution and reserve rates of the UNI and COMP pools. We feel these assets are in a similar class therefore similar parameters are appropriate.

Technical Specification

LINK prize pool contract 0x821b9819c0348076ad370b376522e1327af7684a
LINK token faucet contract. 0xf793E0c1166fE8724cEd29c6BDB8985c9eEF848D (ownership of this contract has been transferred to the PT timelock.
LINK pool owner needs to set this faucet as the “token listener”
Approve and Deposit contracts need to be written.
Reserve rate needs to be changed to 50%
Tokens need to be distributed to contributors.

Edit (@Torgin will be making the on-chain proposal)

Status

Vote on PTIP-19 as proposed above
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  • Abstain

0 voters

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