The DAO should provide rewards for liquidity providers on Sushiswap (rCHILI-MATIC SLP). This is common practice in most DAO-governed communities. I’d like to put forth two proposals:
- 20,832 rCHILI rewards added over 3 months for rCHILI-MATIC SLP @ Matic (i.e. rCHILI-MATIC Liquidity Provider tokens for Sushi Swap on Matic network)
- 1 month reward period
- Start as soon as possible
- We can vote to continue adding rewards later if decided
- See discussion below for amount of rCHILI to mint
Voting method: Snapshot vote for all CHILI token holders
- Frontend for users to stake their rCHILI-MATIC SLP, and see their rewards.
- Contracts should use the industry-standard “unipool”- such as the existing CHILI staking contracts
- Main page showing all farming options (potential for more to be added)
- One page for CHILI staking
- One page for rCHILI-MATIC SLP
- Budget $7.5k DAI
Voting method: MC DAO proposal on xDAI
Data taken 6/28/21
185,500 CHILI claimed (1M total supply)
160,970 CHILI is staked (86.7% of all claimed CHILI )
Current staking APR is 621% (rCHILI)
83,333 rCHILI are being distributed during the current farming cycle, ending Sun Jul 25 2021
The next cycle begins Sun Jul 25 2021, with another 83,333 rCHILI rewards. By Aug 25th there will be 166,666 rCHILI in circulation.
The rCHILI total supply is 166,666. There are no other discussions to mint more rCHILI at this time.
Target APR: 200% rCHILI (enough to get degens out of bed)
Total circulating rCHILI: 166,666 by Aug 25th
Target liquidity percentage: 25% of total supply
Target liquidity in tokens: 41,666 rCHILI
200% * 41,666 / 12 months = 6,944 rCHILI rewards per month
6,944 * 3 mo. = 20,832 rCHILI to mint
Note: All calculations for APR are in rCHILI tokens earned for 1 rCHILI staked. None of the calculations here have anything to do with the price of the token (as it should be).
Also staking farms are APR not APY - there’s a BIG difference! Please do the community a favor and let your favorite token communities know their messaging is incorrect.
For proposal #2 we would be happy to build this. We built chiliroast.com, so we are prepared and ready to complete this project quickly and efficiently.