Adding SEFI Rewards for BSC Bridged Assets

With the upcoming BSC bridge being deployed, the development team would like to add SEFI rewards to the top 5 BEP20 / SCRT LP Pairs. This will provide an immediate incentive for BSC users to bridge into Secret and begin yield farming SEFI. The ERC20 bridge was slow when first launched, until rewards were added. The goal is to stimulate better adoption this time around.
By providing 5 Pairs to trade with this will enable liquidity with a SCRT pair and allow cross chain trades, routing via SCRT, and allow for things like sETH to sBNB.

About 20 assets will be added to SecretSwap but the top 5, by BSC Marketcap, have been identified as having the most immediate potential to capture TVL over the new BSC bridge and help to drive growth forward.

Biz Dev and Awareness representatives have combined the runbook and will be approaching communities / coin teams with a proposition for a “New Exchange Listing” to make these opportunities more exciting and likely to gain traction in other communities.

Until a formal governance standard is setup for SEFI rewards, announcements will be posted on the forum for engagement, feedback, and to ensure community support ahead of the BSC bridge launch. Links to these announcements will also be posted in the appropriate Telegram and Discord channels to make sure there’s ample opportunity to go over and discuss this information.

4 Likes

Do we think it would be a valuable use of resources if ETH (BEP-20) is incentivised if we already have it on SEFI via Ethereum? Or would it be better to incentivise assets that will be new to our ecosystem?

1 Like

These may be of lower value, but one thing that could be cool could be a cross chain LP, like ETH(eth) to ETH(BSC), or USDT(erc20) to USDT(BSC).

So what’s the plan right now? Once the bridge is unlocked, there will be two separate pools for sSCRT - ETH (ERC-20) and sSCRT - ETH (BEP-20)?

There will also be two different options to swap?

With the current market volatility, many people are looking for stablecoin farms. This farm on Polygon has been exploding lately, closing in on 1B TVL over 2 weeks. Their main pair is purely stablecoin USDC / IRON (iron is their stablecoin).

https://polygon.iron.finance/farms

I think it would be nice to offer SEFI rewards to a stablecoin pair like USDT(erc20) to BUSD(bsc).

Eventually some type of CRV stable pool would be a great value to secret network, but for now some pools like this would likely bring in people hoping to get out of the uncertainty of the market who have stables to farm with.

1 Like

I totally support this idea. Many new BSC DeFi do some sort of incentive in the first days or months.

1 Like

I believe so, it will be like https://www.asgard.exchange/ where you have ETH on BNB and ETH on ETH.

Fair enough, it feels less intuitive in my opinion but if that is a tried and tested method - it’s probably right considering there’s volume there already.

1 Like

This is great news.

ChainofSecrets.org team is also already working with another exploding BSC DEFI Farm (One used by CZ) in order to get a SEFI pool listed and active with this farms native token being the other pair.

(Name will be disclosed publicly late next week, once we have a better idea on our development hours and timeline)

Will keep this Forum Thread posted for updates coming later this week / early next week.

3 Likes

It more has to do with the bridge operation, and the limitations about that.

1 Like

There will be different SNIP20s for BEP assets. So there will be a different snip20 for ETH from BSC

2 Likes

This is the only way to ensure contracts don’t become imbalanced.

Imagine
1000 ETH comes onto Secret using Ethereum bridge.
1000 ETH comes onto Secret using BSC bridge.
Now everybody wants out via the BSC bridge due to lower fees, problem, the BSC bridge smart contract only has 1000 ETH to unlock.

The only way we can keep these smart contracts balanced is when sETH from Ethereum is not fungeble with sETH from BSC. It is unintuitive, but neccesary.

2 Likes

Sounds good! However, I’m concerned that the APYs for current liquidity pairs will drop significantly once these 5 assets are added which might discourage the current LPs to withdraw their position.

At a later stage, higher APY resulting from higher SEFI price is definitely more sustainable than rewarding LPs with minted rewards. With governance and buyback mechanisms being implemented soon, I’m confident that we will see some improvements on SEFI’s price which leads to a higher APY for the LPs.

1 Like

Here are current APY for various pairs on BSC

Aggregated from Beefy.finance and Bunny and Pancake Swap

1 Like

Can we get BSC UST added?

Situation Report about 5 hours after the pools went live -
DOT SCRT - $170k
BNB SCRT - $250k
ETH ETH(BSC) - $350k

I think the performance of ETH ETH shows people are generally risk off right now in this market, and would very much like to see some more stable pairs like USDT / USDT(BSC) or perhaps try to integrate different stable pairs like USDC / USDT or USDT(ERC20) / BUSD (BSC).

In terms of optimizing routing on secretswap, it makes the most sense to stick with USDT (ERC20) pools as that is the main stable on secretswap, but you could make the argument that with BUSD or USDC we could tap more liquidity / tvl.

One issue I can see would be with much TVL in stables, we could see degeneration of SEFI value if large accounts farm SEFI and dump, so I don’t know if some sort of bonding could be done to alleviate this.

2 Likes