In order to incentivize usage of the network and increase TVL, a rewards program is proposed to incentivize liquidity providers to provide funds to the network, for the next ERC-20 pair to be added to SIREN. The candidates to be added are:
The recommendation is that 1,000,000 Si tokens be placed into a staking contract as a reward to liquidity providers during a fixed time window of 90 days for both the ERC-20 to be added, along with it’s corresponding USDC pool, beginning on February 22nd and ending on May 23rd.
Rewards will be distributed every 24 hours based on respective pool shares, with no caps on liquidity.
Currently there is no reward to drive liquidity to the platform when new pairs are added. Major defi platforms such as Uniswap and Synthetix provide rewards to incentivize usage of the platform, this drives liquidity into those platforms. In order to be competitive in the defi market, a grant program using the Synthetix staking and distribution contracts would help drive liquidity to the Siren markets pools.
Please vote and discuss below to evaluate the parameters.