Provide rewards for rCHILI-MATIC SLP πŸ‘¨πŸ»β€πŸŒΎ

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:

Proposal 1 - Mint more rCHILI for LP token farming rewards

  • 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

Proposal 2 - Fund a team to deploy the farm

  • Frontend for users to stake their rCHILI-MATIC SLP, and see their rewards.
  • Contracts should use the industry-standard β€œunipool”- 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

Updates from CHILI launch

Data taken 6/28/21

185,500 CHILI claimed (1M total supply)

160,970 CHILI is staked (86.7% of all claimed CHILI :+1:)

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.

rCHILI Mint Calculation

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.

2 Likes

Just catching up here, I love the direction that CHILI is taking very organic. It looks like the working group has already spun up :seedling: with a few members sweating their way into the DAO:

@PatrickG leading the project, scope, spec, PM’ing
@chair (new member), Front end dev work, under advisement from Pat and @louxuol (new member) working on the design and visual assets :circus_tent:

I suggested a slight deviation for this payout structure, depending on the workload for each person we should allocate 1-2 shares per person for their work and split the budget between these 3 folks versus having one person collect the entire budget.

Everyone seems open to that change, so let’s move forward with this plan as proposed. If you want to collaborate on the farm or make suggestions to the team deploying the farms head to Discord rChili-farms :money_mouth_face: proposal coming soon !

1 Like

I support the proposal. I trust the team that built chiliroast.com to build this out - I think they’ll do a great job.

Updates from the CHILI token meeting Friday 2021-07-09

  • rCHILI and CHILI have a fixed supply, so no more can be minted
    • rCHILI: 166,666 tokens
    • CHILI: 1M tokens

We achieved a rough consensus on the following topics, which is to be put to a vote at the CHILI meeting on Tuesday:

  • Continue using rCHILI tokens to provide rewards
  • No rush to create a new token or do a token-migration
  • Use a 2 year timeline for approximating the amount of rCHILI to distribute per month. eg. Distribute 1/48th of the remaining supply (83,333) per month.
  • Continue DAO-based efforts such as the NFT token launch, which will return rCHILI back to the DAO
  • Further discussion about how CHILI should be used, which is out of scope for this thread, see the full meeting notes courtesy of @chair

Roasted Chili farm

  • Current reward cycle of 83,333 rCHILI ends in ~2 weeks - Sunday July 25th, 2021
  • APR 560% (rCHILI) with 192k CHILI locked
  • Adding additional rewards is out of scope for this thread.

Proposal changes (Will vote on Tuesday)

Proposal #2

Including sweat-equity shares, as suggested by @Yalor

Proposal #1

Original proposal: 20,832 rCHILI rewards added over 3 months for rCHILI-MATIC SLP

New proposal: 1,736 rCHILI added per month, for 3 months for rCHILI-MATIC SLP, for a total of 3,472 rCHILI.

Calculation: 1/48th of the undistributed 83,333 rCHILI tokens, per month.

Correction: the actual total is 5,208 rCHILI for this proposal

Total project budget living here Gnosis Safe to be distributed by members of the raid, proportionally to their contribution.