Pillar Liquidity Mining reorganisation

đź’ˇ Ideas
#1

Summary: After the success of our Uniswap liquidity mining program, Pillar should establish new pools on other DEXs in order to increase market liquidity and token distribution. As we are now multichain compatible, we should strive to expand on other chains including Polygon, BSC and xDai as well as moving on to UniSwap V3. The most popular DEXes on these chains are QuickSwap, PancakeSwap and HoneySwap.

Motivation: Increasing the general availability of PLR will help it to gain market attention and traction. All of the above have a good ephasis on liquidity program rewards. They align well with Pillar culturally and their user base is familiar with community governance. Pillar can increase our market liquidity and expose PLR to new users that are already culturally aligned with our goals of offering a community owned and governed wallet.

Approach: Shift our UniSwap V2 liquidity program over to UniSwap V3 and take the needed funds from the DAO treasury in order to supply the other DEXes.

This is an open idea that needs to be discussed further in order to go into multiple separate proposals.

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#2

Hey Denis great post :point_up: . Can you give more details about the needed of DAO treasury ?

I m all in to take PLR tokens from DAO but where will we take the DAI , BNB and MATIC to make the split ?

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#3

Denis is referring to using PLR tokens from the DAO for the rewards program on the new DEX. Right now our rewards program exists only on Uniswap V2 and Sushiswap.

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#4

Is it possible to use PLR tokens from the dao and add them in the exchanges .

Is it possible to use fund of pillar to buy bnb , matic to make the pair

#5

Pillar’s existing pools on these exchanges were funded from the DAO, the current liquidity of PLR in Pancakeswap and Quickswap were funded by the DAO. If you want the DAO to fund BNB and MATIC for every liquidity provider that should come in as a separate proposal. Also note, if we do that, then a separate PLR reward won’t make sense.

#6

Denis can you make a soft vote that governors can approve and then make proposals . We need more guidance . It’s obviously that people want to see more liquidity in the new Dex.

Thank you

#7

The situation is a bit complicated so I’ll try to simplify it so it makes sense for everyone. Currently we have 25k for our UniV2 Liquidity rewards pool and 25k for SushiSwap. At the moment, UniV2 is the only among the two that has good volume (barely hitting 1k/24hrs), while SushiSwap isn’t doing much. The suggestion is we remove the SushiSwap rewards pool and use the 25k in all the other reward pools.

Keep in mind if we use 4 reward pools of 25k, that would be 100k PLR tokens weekly, which can negatively impact the token value since that is a lot of tokens being dished out.

I’ve made a pool where you are asked:

  • Which reward pools?
  • Weekly reward amount? (lower will be discussed for an exact price)
  • Should rewards be estimated based on DEX popularity?
  • Should SushiSwap rewards be removed (since it brings no value)

I’ll keep it open for around 48 hours after which we will roll into a voting phase (unless there are some changes).

1 Like
#8

Sure, let’s add some liquidity and rewards to Bancor, and Uniswap v3. How much?

#9

Hey Denis what’s up

Where are we with this important topics ?

15 Days since your post idea and nothing happen … Just see the volume on cakeswap which is the 4th rank exchanges in june ( CEX-DEX combinate ) and we have 18$ volume . It’s a shame to don’t use this big dex and trying to make something.

IMO we are too slow and we really need to improve this …

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#10

What’s the current liquidity on the main dex’s we want? What’s the goal liquidity for Bancor? We can push more liquidity if enough time has passed and more needs to be added to Cakeswap, Uniswap, etc…

What are the current DEXs we support? I know PLR is on Uniswap v2, with plans to get more on Uniswap v3. Bancor. Sushiswap, but Sushiswap has low volume. Binance Smart Chain.

I think Bancor and Uniswap v3 should be main ones for adding liquidity. Does anyone know the volume on the sidechain dexs?

What’s the goal liquidity depth for Bancor within six months? 300k usd? Currently about 90k usd. (If PLR token price goes up in usd, that would change the numbers) We can add liquidity from the dao at certain times to keep the liquidity going up consistently.

We need liquidity goals, like a process… so that if we do/don’t reach a number… then we can do this, and also this… etc.

#11

Something sure is that we have to push liquidity incencitive on evm side chains like BSC POLYGON … Offering a multichain wallet with no liquidity there don t make sence. Priority should be BSC POLYGON . We need a cheap way to buy plr token .

2 Likes
#13

It’s been too long since this went up so I’m going to lay down all the info right now in hopes we finalize something soon.

Votes from the Poll resulted in a close win on all chains, followed by PancakeSwap.
Close win for keeping a 25k reward compared to a lower one.
Majority agree to proportional rewards.
Majority agree to scrapping SushiSwap.

From this we can for sure remove SushiSwap rewards and we could look into making this our first vote. We could ask it to be removed, or moved onto another DEX.

Now onto DEX statistics:

Most popular is UniSwap V2 with solid volume:

image
image1416Ă—554 66 KB

BSC has good liquidity but little volume:

image
image1167Ă—490 34.3 KB

Polygon has little to no volume:

image
image1381Ă—547 77.9 KB

SushiSwap isn’t tracked which only means there is very little volume.

Since the demand isn’t to big at the moment, running multiple rewards program isn’t worth the effort since the volume never exceeds the needed amount. Focusing on the most popular unrewarded exchange should be the goal. Leaving room for discussion and it’s very likely that a vote will be open before the next call.

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#14

Shift to uniswap v3, add some liquidity on polygon, keep some ready for dexs’ on arbitrum and optimism. It could be that the rollup layer 2 backed by eth security guarantees do better than sidechains like bsc. Note Sushiswap will be on arbitrum. Sushiswap can be added as Pillar grows.

#15

Update on the thread since it didn’t receive the further discussions I assumed they will. We had a softvote which determined PancakeSwap is a the second choice beside all of them. Since there isn’t too much demand for all, the obvious step would be moving the rewards to PancakeSwap. The SnapShot vote to move SushiSwap rewards program over to PancakeSwap will start tommorow 14:00 BST, same time as the Dragon’s Syrup vote.

1 Like
#16

You can vote here:

https://snapshot.org/#/pillar/proposal/Qma7wWNuLSvo8rZQVFCDJAVDVWtcy5H3L7feyFbXhsN87j

#17

Steps for voting on snapshot with WalletConnect on PC:

  1. Tap Connect on the snapshot page
  2. Choose WalletConnect
  3. Scan the QR code with the connect button inside your Pillar app
  4. Establish connection to Snapshot
  5. Cast your vote on Snapshot
  6. Confirm your vote signing in your Pillar app
  7. ???
  8. That’s it! All done, you’ve successfully cast your vote!

Steps for voting on snapshot with WalletConnect on mobile:

  1. Tap on the connnect arrow on the snapshot page
  2. Choose WalletConnect
  3. Confirm the connection inside your Pillar app
  4. Establish connection to Snapshot
  5. Cast your vote on Snapshot
  6. Confirm your vote by signing it in your Pillar app
  7. ???
  8. That’s it! All done, you’ve successfully cast your vote!
#18

Voting is finished in favor of the proposal. Closing the thread.

image

#19
#20

Update on this since some time has passed. Unfortunately, unlike QuickSwap’s “Dragon’s Syrup”, this procedure is not as easy as was expected. There is a bigger liquidity requirement than we initially thought and we’ll need to get in touch with PancakeSwap to further disclose details that will get us on their rewards program. I will keep you updated on the changes as they come.

1 Like