UPDATED PROPOSAL: 8 weeks of WING rewards from a 10k WING rewards pool, split proportionately amongst liquidity providers to the pWING-ETH pair on Uniswap.
In WIP-01, we voted to reduce the WING distribution rate during the “WING Mining Celebration” campaign and were left with 70k unallocated WING. Then, in WIP-12, we voted to allocate 35k of that WING to marketing. We still have 35,000 WING leftover.
New exchange listings would allow Wing to reach more audiences. For example, WING is not listed on Binance US, so it’s not easy for American traders to get WING.
Before considering paying exorbitant listing fees on more centralized exchanges, we propose to give some of these funds as rewards to liquidity providers on decentralized exchanges. DEXes are quickly outpacing CEX growth and have a much wider reach.
Program Details: 8 weeks of WING rewards from a 35k WING rewards pool, split proportionately amongst liquidity providers to the pWING-ETH pair on Sushiswap.
At the current WING price of $13, this is $56,875 (4,375 WING) / week. At a simple target goal of $1m pWING-ETH liquidity, LPs would net 295% APY, not accounting for trading fees or impermanent loss.
Listing on SushiSwap would also allow us to apply to Onsen, in which pWING-ETH would be eligible for SUSHI rewards as well. But, we can discuss other DEXes as well.
A potential risk for pWING-ETH LPs is impermanent loss, which is hard to avoid when providing liquidity in AMM DEXes. Nonetheless, the trading fees earned combined with the incentives from this program should help offset the risks.
We can later vote to allocate more rewards and/or extend the liquidity mining program with funds from the WING DAO treasury.