PTIP-81 Extend ETH/POOL LP on Uniswap V2 for 60 days at a rate of 150 POOL per day

PTIP-81 Extend ETH/POOL LP on Uniswap V2 for 60 days at a rate of 150 POOL per day

Simple Summary

Extend ETH/POOL LP on Uniswap V2 for 60 days at a rate of 150 POOL per day.


The POOL rewards for the POOL/ETH LP on Uniswap V2 are ending today. In order to maintain some liquidity on Ethereum, we should keep this reward program running.


While the Treasury Working Group (TWG) is working on providing liquidity on Uniswap V3, we should maintain liquidity on Uniswap V2 to avoid any large price movements caused by a lack of liquidity.

At the end of the 60 days period, we can figure out if the liquidity provided by the TWG on Uniswap V3 is enough or if we should also keep some liquidity on Uniswap V2.

TWG RFC: A Foundation for Protocol Owned Liquidity - #3 by Pierrick

Technical Specification

Call the transfer function on the POOL token.

Contract: 0x0cec1a9154ff802e7934fc916ed7ca50bde6844e

Function: transfer(address,uint256)

dst: 0x9A29401EF1856b669f55Ae5b24505b3B6fAEb370
rawAmount: 9000000000000000000000


PTIP: this post
Snapshot: Snapshot


Not sure if this is the right place to post a discussion on this topic, but here goes. I did make some comments on the discord but I think this deserves a more formal recording.

I did not vote in the temperature check but am considering voting against this proposal. I believe I actually proposed the renewal of these rewards previously at least once with PTIP-70. Now the cases against renewing are starting to build and I’m not seeing great arguments to continue this program. It would be nice to hear from folks who are participating in this liquidity mining campaign as to why they think it should continue.

To clarify this point, of the V2 liquidity on Mainnet, only 57% of it is staked for rewards today. That means if all of it removed as a result of expiration (that would not happen) we would still have 43% of the liquidity we have today. In addition we have a pretty good setup on Polygon that supports the token.

This is the staking POOL with $136k in LP value staked.

This is the LP with $236k in liquidity

The last time someone put meaningful liquidity in the staking pool was 115 days ago. So this program is pretty stale. That meaningful amount was less than $2k in value.

We recently went through a similar scenario with the pPOOL rewards expiring. There was a lot of fear that it would result in sell pressure on the token. But since those rewards expired (around early July?) the price is up over 50% in dollar terms.

The cost of this program seems to not be fully recognized or rationalized. 150 POOL per day means 55k POOL per year. For context that means we are paying $55k+ per year for $136k in liquidity. It’s kinda money printer gone wrong in my opinion. To put it bluntly, I don’t believe we are a 30 day ponzi protocol.

The rewards have already expired. I alerted governance of this two weeks ago. Now that they are actually dry, will a 60 day “please don’t sell” change the ultimate outcome? There seems to be consensus this program will be inevitably deprecated. Does delaying the inevitable change the end result? Or does it just add the fuel of 9000 POOL to the fire? (150 x 60 days)

Uniswap V2 is inefficient. V3 has been out for 16 months. Crazy, right? We do have a proposal for a V3 solution that could go live today, but we would like more feedback from the community.

I hope to hear more of why this is a good idea now.