I’ve broken up the pools into bonding periods (1 day, 7 day, 14 day)
The SCRT can be deposited into any wallet the network deems trustworthy. Once they’ve received the funds, they create a gauge transaction for each bonding period per pool, depositing the appropriate SCRT into each. @JXR50 is there someone you’d recommend for this? I’m happy to do it, but I want approval from the community before just adding my address to receive such a fund.
Speaking with numerous community members in both Secret Network and Osmosis, they’ve encouraged increasing the incentive amount. Does anyone take issue with increasing the SCRT per pool per day to 300 SCRT? Split across the bonding periods as 50/100/150 per pool?
There probably will be more incentives.
Many of the Osmonauts are fond of Secret Network as well, so what will probably happen is they would incentivize the SCRT/OSMO pool (and perhaps other SCRT pools, such as SCRT/ATOM, SCRT/UST, etc.) to some extent regardless of whether Secret Network allocates SCRT for the Incentive Matching Programs. Then, if Secret allocates SCRT for the Incentive Matching Program, Osmosis would match that ON TOP of what they were already going to incentivize.
I think this is a very good idea. I also think it’s important to try to get this going as soon as possible once IBC is fully enabled.
Also, not sure that we’ll be able to specify how much SCRT goes to each gauge (1-day, 7-day, 14-day)… it might just be that an amount is allocated to the pool and their own gauge breakdown dictates how much goes to reward various bonding durations. Please correct me if I’m wrong.
Another potentially exciting thing to learn is whether Osmosis is able to give OSMO for incentive or incentive matching program for an OSMO/SCRT (and maybe a OSMO/SEFI?) pool on SecretSwap.
I like the idea, but the proposal lacks figures/goals IMO. Ideally, SCRT should be one of the most liquid/traded pairs on Osmosis – I’d say on par with its size which I believe is 3rd after ATOM and LUNA/UST.
Assuming this, I imagine we should provide rewards somewhere between what LUNA provides and what smaller chains provide. My guess is there’s an inverse correlation between rewards and organic demand. Could someone post more exact $ figures on what the main 5 IBC chains are providing, alongside how much liquidity and trading volume their respective pairs have?
I think based on that it would be easier to land on the right figure.
Also, how does OSMO rewards work. Do they automatically match reward? Do they give preference to particular chains? We should figure this out and see if there’s a business development effort to be made prior to landing on a final decision.
I’d say let’s move fast, but let’s get that data first.
Brendan Secret Agent @guy does SCRT Labs plan on helping with incentivized pools, or should this be community funded?
This is more properly funded by the community pool, given the decentralized nature of the exchange and how it’s been done in other chains. That said, we’re open to looking into providing rewards as well (perhaps we match with the community pool?)
Unfortunately there isn’t a lot of data around it right now. There are only 5 pools that are externally incentivized right now, 2 of which being from Juno, and 2 from BCNA. Luna pools will be additionally incentivized soon, but it’s not active yet.
However, with Juno’s incentives, it had taken spots 3 and 4 of liquidity.
Luna’s rewards will be ~$6200 USD per day 0, Juno’s is ~$35,000 1, and BCNA’s is ~$4,000 per day 2. As the current proposal stands, SCRT would incentivize ~$4000/day. It’s also worth noting that BCNA is roughly liquidity spot 25 at ~600k USD each (as of this writing). Now, BCNA is also a newer project so that isn’t terribly surprising.
If you want to increase the incentives to be between Luna and Juno, are you in favor of doubling the incentives to 400 SCRT per pool per day, which would become ~$8000 USD per day, or perhaps triple to $12,000? Currently Juno’s market cap is ~400M 4, vs Luna’s 20.4B 5.
I have reached out to several Osmosis community leaders about this, and they outlined a 3-step process, of which I’ve already begun implementing:
A proposal on the Osmosis chain for Osmosis incentives. 3
A proposal from the native chain to add external incentives, which happens in tandem with the Osmosis proposal above.
A final proposal on the Osmosis chain for Osmosis matching incentives.
This is actually all the data that’s needed. Thanks!
I think based on the numbers, it makes sense to give ~$10k rewards across the two pools. We’re happy to take half of the burden, so that would only require increasing the proposal to 45K (and we will match 45K on our end). However, we’re conditioning this on Osmosis community also taking their part and contributing an equal amount in OSMO.
Being involved in SCRT staking , SEFI LP & Osmosis, all of which I am more than happy with. The combining of Cosmo & SCRT through my Kelpr wallet could only increase the usage of both systems. Found Osmosis to be reliable & easy to use over the last 5 months.