Back to Referenda
Use Treasury Funds To Incentivise iBTC / multiUSDC pool on Beamswap (Moonbeam)
Executed

Summary
This proposal will send 480k INTR tokens from treasury to the Beamswap designated address to be used for the iBTC/multiUSDC pool on Beamswap (Moonbeam).
We suggest launching a multiUSDC pair as INTR and DOT do not have deep liquidity on Beamswap, and USDC enables easier assessment of impermanent loss risks, taking into account community’s vote too (link).

Proposal
As iBTC has recently launched, It is important to provide and enable more use cases for users issuing iBTC as well as increase iBTC liquidity to unlock potential use cases on other parachains.
A first step towards this is the iBTC / multiUSDC pool on Beamswap (Moonbeam), which will also double as the first step towards potentially considering iBTC as a collateral on lending/borrowing platforms such as Moonwell.
The goal is to incentivise this pool for 3 months. There are incentives already prepared for the first 15 days of the pool but extend this to 3 months, we We propose the transfer of 480k INTR tokens from the Interlay Treasury to our (Beamswap) designated wallet address mentioned below in order to be used as incentives for the iBTC/multiUSDC pool.
To better support this effort and achieve considerable TVL, we will match the rewards with 47,000,000 GLINT and 20,250 rTIDE for the same 3 month period.

Once the funds are received to the address below, they will be added as incentives to the iBTC / multiUSDC pool.
Beamswap Designated Address: 0x0a68f81Fe8c23cF19FD0f90be3734F68FF2EF451

Requesting upgrade to referenda
To ensure that the incentives arrive within the 15 days from the pool launch, we request that this proposal be instantly promoted to a public referendum by the TC.
Once upgraded to a referendum there will be 7 days of voting. If successful, the referendum will execute and the funds will be transferred to the above mentioned address.

Edited
Reply
Up
Share
Votes
AyePassing thresholdNay
50%50%
Aye
0 vINTR
Nay
0 vINTR
Turnout
0 vINTR
Electorate
0 vINTR
Check all votes
Passed

How Interlay Governance Works.

Metadata
Proposer
Hash
Delay
02022-09-09 23:30:36
End
02022-09-09 23:29:48
Threshold
Call
Table
Json
callIndex0x0303
sectionutility
methoddispatchAs
args
asOrigin
system
signedwd9yNSwR5jsJWJoLHrMKt4K2T7R5392YmZoRdpqijnpLGzEcT
call
callIndex0x5e00
sectionxTokens
methodtransfer
args
currencyId
tokenINTR
amount4800000000000000
dest
v1
parents1
interior
x2
0
parachain2004
1
accountKey20
network
anynull
key0x0a68f81fe8c23cf19fd0f90be3734f68ff2ef451
destWeight5000000000
TimelineLatest activity 25d ago
2022-09-02 11:12:12
Proposed
Index
#22
2022-09-02 11:20:24
FastTracked
2022-09-02 11:20:24
Started
referendumIndex
20
voteThreshold
SuperMajorityAgainst
2022-09-09 23:29:48
Passed
referendumIndex
20
2022-09-09 23:30:36
Executed
result
ok
Comments

I think going down the incentivized AMM farms route isn't suitable for iBTC (different story for INTR).

iBTC is itself already a product worth having given it is very secure btc. Furthermore these incentivised farms only ever attract mercenary liquidity.

Partnering with a market maker seems a lot more prudent and effective route to having decent utilization of iBTC, and will surely be a far more enticing feather in our cap when getting iBTC listed at money markets.

Reply
Up 2

Greetings Interlay!

We are Beamswap a community driven DeFi hub built on the Moonbeam Network featuring a decentralized exchange (DEX) and an automated market maker (AMM).

We are the second most held token on the Moonbeam Network next to WGLMR, and the #1 held project token on th network. We have over 9300 holders of our native token who participate in our farms and roughly 50% of those users are participating in our single sided staking.

Our mission is to give users the freedom of adding liquidity, performing peer-to-peer transactions, swapping fungible tokens, and earning passive income from staking and yield farming.

Another large area of focus for our team is to support the multichain vision to serve as a host for projects on the Moonbeam & Polkadot Ecosystem while working alongside projects with existing infrastructure looking to bridge into the multichain universe.

Through offering Interlay rewards to our iBTC / multiUSDC pool this will allow for further use of Interlay's assets to our users, growth of users for Interlay's native token, provide another option for users, and help further grow the Moonbeam and Polkadot Ecosystem.

Reply
Up