I agree with the majority. Even I am currently a cvp-eth LP and I DO NOT want these rewards. Unnecessary. As mentioned it’s just not worth massive dilution. I want this project to succeed, and price is something that is important, this proposal i think will do more harm to that imo. Thanks
So Defly, you dont think any rewards should be given to YETI Holders? If so, then should we be doing away with the rewards given to PIPT holders as well? Also, dont you think its important to give out rewards to the people funding the CVP/ETH Liquidity Pool…if not, many people including myself would pull our liquidity as $900 in daily fees spread out over 4.6M isnt nearly worth it to participate…
I think this proposal is fine in it’s current form as long as we still have the option to decrease rewards in a future proposal if needed. Getting rid of rewards entirely would drastically hurt TVL, but cleary there is some optimal reward value between 0% and 500% APY.
I also think it’s too soon to see CVP/ETH LM rewards cut in half. APY for this pool should be higher than PIPT/YETI given that CVP should be prone to higher volatility, so the yield should reflect this.
I would vote yes for v3 of this proposal assuming we’d still have the option to adjust rewards in the future if needed. Otherwise I would like to see this proposal only lock-in rewards for 3 months at most.
Can you point me to the source that says pipt holders rewards will stay the same and yeti holders cvp rewards will go to zero. Thanks.
Also, even after halving won’t the cvp/eth apy be high enough after it is halved. Wont it still more than enough compensate uniswap LPs? Assuming the project coninutes to build on its fundamentals in 2021 the price of cvp will take care of itself. So even with halves rewards, cvp price should do better thus also compensate the lower reward.
From what I understand the purpose of such high apy cvp rewards was to bootstrap the indexes in their launch. This was to attract a large tvl in its beginning for lift off.
I dont know if im convinced if continuing these rewards serves enough purpose beyond dilution considering the tvl probably wont considerably increase from just continuing the same rewards. If u believe in the project u will stick around coz u know the value of cvp. Also rewards r still pretty high even after halving no?
PIPT rewards (will be 400,000 CVP in Month 3+): https://medium.com/powerpool/understanding-powerindex-the-liquidity-mining-program-79dc3b0f57b5
YETI rewards only defined for 1 month, need follow-up proposal for additional rewards: Proposal 12: Yearn Ecosystem Token Index (YETI)
I agree that maintaining rewards is probably not needed after 1 month. I would like to see YETI rewards scale down in a similar manner as PIPT.
For CVP/ETH I’m less sure. We need a lot of CVP liquidity for new users to be able to mint PIPT/YETI with low slippage. I would hate to see CVP LPs selloff en masse when rewards dry up; I imagine this could be devastating for PIPT/YETI (though admittedly I’m not sure how big of a selloff would be needed to cause significant problems). Given that 80M CVP are currently allocated for LM rewards, I don’t mind keeping CVP rewards a bit higher for a few months.
Thanks for the links.
Ok so yeti rewards need to be redefined. Ok I can appreciate the need to decide on what yeti rewards should be offered since it was just done for 1 month.
What power index yeti mining reward do u suggest?
PIPT rewards are 700K CVP for month 2, so I’m actually fine with YETI staying at 450K CVP for its second month given that it’s already relatively low. I could understand an argument of reducing YETI rewards by a similar proportion to 315K CVP in month 2 but I don’t think that’s needed (and I think this should be a lower bound for any future discussions for month 2).
The 450K CVP/month range seems solid for the first 3 months for any index, but for a full year seems extreme. For months 3+ I’m less certain about what APY would be needed to retain TVL which is why I’d prefer to leave that undefined for now.
Ok, How about this:
The purpose of this proposal is to vote on Rewards for the CVP/ETH, YETI/ETH and YETI Mining Pools.
In the first week of January, the Yeti Rewards for both mining pools are set to expire. This proposal would continue on with the rewards at a 33% reduced rate for the next 3 months.
Current Mining Rewards Set to Expire;
250K/Month for YETI/Eth Balancer Pool
200K/Month for Yeti Pool
New Mining Rewards for the next 3 Months:
167K/Month for YETI/Eth Balancer Pool
134K/Month for Yeti Pool
At the end of December, the rewards for the CVP/ETH Uniswap Mining Pool are set to get cut in half. From 182K/week down to 91/K per week. Instead of a 50% reduction, this proposal would only reduce the rewards by 33% for the next 3 months.
Current Mining Rewards Set to Expire;
182K/week for CVP/ETH Uniswap Pool
New Mining Rewards for the next 3 Months:
122K/week for CVP/ETH Uniswap Pool
All rewards for the above pools would vest over 12 weeks (3 months). This is an increase of 2 additional weeks from the previous vesting schedule of 10 weeks (2.5 months)
After March 31st, 2021 the rewards for the 2 YETI Pools will cease to exist and the rewards for the CVP ETH Pool will drop back down to 91K/week.
I think the wording of the whole proposal looks great, and the reduction in YETI rewards should appeal to those who were concerned about runaway inflation.
I’m personally a fan of keeping CVP/ETH at 182K/week. I think it’s important to have deep liquidity for CVP and would hate to see that disappear, and I’d prefer to be more generous than conservative here. I’m curious to hear other opinions on this though.
@Alan, as for me, I don’t mind continue with the current yeti and CVP rewards (as proposed by you in the second version), if they last only for next three months. But even having these rewards reduced by 1/3 and kept for next three months would seem quite generous and OK for me.
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@Alan btw funny thing, your proposal version 2 is going to pass even with the wrong wordings. So is it decided or are you going to propose new one after this discussion is finished?
I cannot believe that the changes of the YETI rewards were combined with the changes to the CVP/ETH liqudiity pool in the same proposal…I find the two things quite seperate topics…this is ridiculuous…you just increased the total CVP supply for Dec 21 from around 15m to around 25m… truly awful idea immediately reflected in the price…
Extending rewads for 12 months makes no sense to me in the context of an experimental product…thought we were trying to determine what works and what doesn’t…this space changes daily and you just commited to a product that might/might not work for 12 mths…
I got your point, but WHY you did not vote against the proposal?! There is literally one holder against!
had too much on, didn’t look at the forum for 6-7 days…saw the vote 1hr before it was over…am shocked that 1) this proposal went out in the format that it did (voting on cvp/eth AND yeti in one proposal) 2) that is passed so unanimously…didn’t anyone do the basic maths? 9152+ 45012 new CVP tokens in circulation…or ppl just think it’s fine to increase the supply by 60% in a single vote with sub 10% turnout…shocking
That’s why you (and everybody else) should take it seriously enough to participate in the governance, at least by visiting the forum with proposals once per day. Hm?!
I would suggest reducing the rewards for all the pools by 50% and make voting for February rewards in the end of january
Agree with your Sergey