Add sHUAHUA and sJUNO to incentivized pairs

Summary

With the addition of sHUAHUA and sJUNO assets on https://wrap.scrt.network/, SEFI <> sHUAHUA and SEFI <> sJUNO pairs should be added to the incentivized pairs list.

Description

Both of these new assets have an incredibly strong communities and giving them the ability to make their assets private and farm liquidity rewards with them will encourage further use of SecretSwap. Furthermore, adding them will continue to increase SecretSwap utilization and liquidity.

What is Chihuahua?

Chihuahua 0 is a useless meme coin on Cosmos.

What is Juno?

Juno 1 is the permissionless neutral home of CosmWasm interoperable smart contracts and the InterWasm DAO. The ecosystem is pioneering CosmWasm development and adoption.

Juno as a layer 1 smart contract network solves the first generation smart contract bottlenecks which are limited scalability, high cost for deployment and execution and offers an easy environment for developers across the globe to deploy scalable, secure decentralized applications efficiently.


3 Likes

Both would be great additions, but I’m especially excited about JUNO. Looks like I’ll have to start using SecretSwap more often!

1 Like

Every extra liquid asset in the secret network will create value for the network. Juno has a strong community of builders and i would love to see it added as an incentivized pair. To create value for Secretswap and i suggest new pairs to be pooled against SEFI.

I like the speed at which this forum post was put up and hope the same occurs if any more cosmos chains will be relayed in the future like for ex Akash network. There needs to be liquidity on Dapps for the IBC connection to have value.

I’m really not a fan of adding these new chains like this. For one, we need to make sure that we have more than 1 relayer up - having a single point of failure for these networks is not a great look. It makes us look bad when things go down and users experience their tokens get stuck.

Secondly, I think adding more chains like this is a missed opportunity in terms of marketing. Why aren’t we making announcements with these chains, or some sort of cooperation? The actual liqudity that our network sees when adding a small amount of rewards is not really that significant for growth.

Lastly, why invest resources into these chains? Like, we’re really adding HUAHUA for no reason instead of something like CRO?

I’m going to go ahead and grey these chains out on the UI for now - I’m not vetoing it forever, but let’s see some more discussion and build out a more mature plan for what we add support for.

8 Likes

I’d have to agree with @Cashmaney that a coordinated effort to maximize awareness for those communities prior to implementing incentivized pools for them would be a much more strategic approach. This way we should be able to take advantage of the momentum that a good marketing drive could produce in the way of a higher influx of liquidity.

I’d like to understand more about what processes may already be in place for implementing new pools; as there may be an opportunity to set standard best practices to help maximize results in that space.

1 Like

As we get more contributing partnerships I’m not a huge fan of setting up new pools without forming a partnership with them and having them contribute to the Infinity Pool for SEFI stakers. That being said, I’m not against this. We’ve reached out and made contact with Chihuahua, and if you have any connections with Juno I’d love to be put in contact with them as well. But we DO have native contributing assets coming starting this month.

4 Likes

I’m really not a fan of adding these new chains like this. For one, we need to make sure that we have more than 1 relayer up - having a single point of failure for these networks is not a great look. It makes us look bad when things go down and users experience their tokens get stuck.

Thanks for your feedback. I agree with your statement about adding more relayers to support the connections. As it stands Juno and Chihuahua are only supported by Lavender.Five, but Cryptocrew is setting up their Juno relayer: Secret Network Relayers - Google Sheets

Secondly, I think adding more chains like this is a missed opportunity in terms of marketing. Why aren’t we making announcements with these chains, or some sort of cooperation? The actual liqudity that our network sees when adding a small amount of rewards is not really that significant for growth.

Sure, there could have been more coordination over comms, however these integrations are being coordinated across the different chains and in direct talks with leads on the chains. In addition, @tor has been involved with the Chihuahua integration. There are also projects already being built to facilitate the joining of communities: 0.

I’ll concede that Juno could have used more love than just a few tweets from the Juno team and Lavender.Five. The cardinal impetus for adding this connection was to add SCRT to Junoswap, which is coming soon.

Lastly, why invest resources into these chains? Like, we’re really adding HUAHUA for no reason instead of something like CRO?

CRO has a high market cap, sure, but from what I can tell a “weak” community (for those CRO fans - I don’t mean anything bad about that, I just don’t see as much enthusiasm). I don’t agree that more resources should be invested in CRO over HUAHUA because “Chihuahua, really?”

Juno is, for lack of a better term, the non-private analog to Secret. Juno has arguably the strongest community in the Cosmos, not to mention highly proficient developers. It’s a natural pairing.

Chihuahua is Cosmos’ first meme coin, and is expanding rapidly with a similarly fast-growing community. I think we would be remiss to not support it and show enthusiasm for it. While people are researching it, they’re also stumbling upon tweets like: 1. Why not harness the opportunity to show Secret Network can make non-private assets private?

I see both of these assets as a value-add because of the enthusiasm they bring wherever they go. Secret, as we all know, also has rabid (in a good way!) fans.

Finally, I think graying them out is a drastic step. If you want there to be a minimum support for a channel before allowing them on wrap.scrt.network, that’s a great idea and I support it… but without previous communication about the requirement it feels unwarranted.


3 Likes

Oh snap, I didn’t realize native contributing assets were coming this month. SWEET!!

3 Likes

ya, we definitely want to support! But we no longer have to give SEFI away for free, we can capture the value. That being said, now if these groups want to contribute to the Infinity Pool, then they can also get good-sized pools and multipliers. Likewise, we’ll be lowering the multipliers over time of those coins not contributing.

While much of this is new to SecretSwap, it is all very customary for AMM listings in general. This is one of the ways we capture value for SEFI, and we’ll be doing it in a way that is unique, where instead of having 8+ staking pools for SEFI to earn one different token, we’ll have one giant staking pool that earns tons of tokens. Sorry if this hasn’t been better communicated, though with this month’s addition of our Medium account, full control of the Twitter which will come with Twitter-Spaces and AMA’s (notably one on January 11th with ALTER) and more high-fidelity teaser videos to advertise our upcoming launches, our awareness on these subjects should be picking up soon!

3 Likes

This definitely adds a unique spin on the situation. I am already in talks with the Chihuahua team on adding HUAHUA incentives as well, but having multi-assets is really exciting.

2 Likes