RFC: Renewing POOL/ETH LP Uni V2 Rewards and Discontinuing pPOOL Rewards

Motivation

The POOL rewards for the POOL pool and the POOL/ETH LP on Uniswap V2 will be ending in ≈ 7 days and 9 days respectively. Currently, the POOL pool is emitting 200 POOL per day and the POOL/ETH LP on Uniswap V2 is emitting 150 POOL per day.

Solution

ETH/POOL LP on Uniswap V2

Since a Protocol Owned Liquidity solution has not yet been ironed out, it is doubtful that a sustainable program will be deployed by the time the POOL/ETH LP rewards end. It is important for liquidity providers to remain incentivized to continue to provide liquidity for the POOL token on Ethereum by continuing emissions of the LP rewards. The Treasury Working Group recommends these rewards be extended for 60 days at the current rate of 150 POOL per day (9,000 POOL total) while a new POL solution is developed.

pPOOL

The POOL pool on mainnet is currently emitting 200 POOL per day to depositors while serving no real purpose other than to emit more POOL. The POOL pool was initially set up to allow holders to take advantage of gasless voting through snapshot. Since the past two snapshot votes have failed to meet quorum, it is clear that this pool has become a farm for the POOL token. This RFC aims to discontinue the pPOOL rewards indefinitely.

PTIP-55 Snapshot

PTIP 71 Snapshot

ETH/POOL LP Faucet

pPOOL Faucet

Faucet Data

Do you support extending the rewards for ETH/POOL LP on Uniswap V2 mainnet as outlined above?

  • Yes-Extend rewards for ETH/POOL LP on Uniswap V2
  • No-I don’t support or want to see a different emission schedule (Explain below)

0 voters

Do you support discontinuing the rewards for the pPOOL?

  • Yes-Discontinue pPOOL rewards
  • No-Keep emitting pPOOL rewards

0 voters

4 Likes

Yes, to both of these. :smiley:

1 Like

I don’t understand why the Snapshot polls aren’t meeting quorum. People prefer to pay gas to vote?

My perspective: I deposited into that pool when my 50 POOL was worth $1000 CAD (now it’s worth $43) so I don’t have a big stake. I actually just deposited 200 more POOL because I want to build up my voting power and go long POOL and I saw this as an obvious place to park it. I guess I could invest in the POOL/ETH LP but that’s going to cost a lot more gas and perhaps run out. All this to say, I’m a bit biased because I’ve invested time and money into the POOL Pool and even made a video about it that will become irrelevant.

I look forward to seeing everyone else’s perspectives on this and ultimately, I support whatever is the consensus.

1 Like

I’ve been deposited in the POOL Pool since practically day 1.
While gasless voting is super awesome, quorum is never met.
My votes just go into an abyss and I’ve been contemplating just voting on chain going forward.

If we as a community don’t see a benefit there we should just discontinue them.
We should continue LP rewards, though. For obvious reasons, haha.

This is obviously my viewpoint only, but I think most people in the pPOOL don’t care for governance, they only care for the free yield. They don’t keep up-to-date with what is happening in the protocol.

I’m one of the people that prefers to pay gas to vote if that means I’m contributing to the decentralization of the protocol. The pPOOL is inherentely a centralized voting solution and I will never deposit there, but I still want my vote to count. I don’t necessarily vote every time, sometimes a vote already passed by the time I wanted to vote, and I may just opt to save gas.

1 Like

Hey Chuck, looks like you said yes to both but voted no for one. Just confirming the poll is correct

Imo, your argument is the only valid one to keep the rewards for the pPOOL; to build up voting power. And we know you as a long time community member so we know your not just farming POOL. It’s just hard to see snapshot miss quorum when the incentive incentives voting. With our state of affairs, contributing to the growth of the protocol may be a better way to build up voting power (coordinape, etc.) until we can come up with an efficient solution that attracts a majority of voters and less farmers. We also have the issue that drcpu brought up that centralization gets more significant the larger the pPOOL gets. Double edged sword here.

My mistake, hit the wrong one for pPOOL!