WIP-29 Allocate 10K WING to More WING Liquidity Pairs

Our pWING-ETH liquidity mining campaign in partnership with SushiSwap has been largely successful thus far.

We are currently sitting in at $869k liquidity (13,207 pWING, 239 ETH) with a recent average of $100k daily volume and $389 daily tx fees. Liquidity providers currently get a 227% SUSHI APY from staking your pWING-ETH SLP tokens on SushiSwap’s Onsen and a 275% WING APY from staking at liquidity.wing.finance.

The more WING is locked up in liquidity mining, the lower the circulating supply of WING and the higher liquidity for users to swap in and out of WING. It would be a good idea to continue incentivize locking up more WING through new pairs on more DEXes.

We propose two new WING pairs for liquidity mining.

Pair 1) pWING-pONT on SushiSwap

  • By choosing pONT as the second token pair after pWING-ETH, we can encourage the growth of the Ontology ecosystem, and draw more people to Ontology Wing where they can save on gas fees and participate on the high speed network.
  • We can set up order routing on SushiSwap to use pWING as a hop. Since no other pONT pair exists on SushiSwap, this would mean that any orders from any Ethereum token into pONT would be routed through WING. Ex: DAI -> ETH -> pWING -> pONT. This way, the pWING-ETH LP is utilized more often and LPs earn even more from fees.

Pair 2) WING-ONTd on Unifi’s uTrade

  • Since uTrade is on Ontology, a liquidity mining incentive for the WING-ONTd pair would ensure that your yield won’t get eaten up by high gas fees. Additionally, it’ll be easier to swap between WING and ONTd on-chain with high liquidity and low slippage without needing to switch over to the Ethereum network.

Rewarding the token allocation to set, we initially propose to allocate an additional 10k WING from the remaining unallocated WING. Or, the current rewards pool from the extension of the pWING-ETH liquidity mining program can be split across the three pairs.

I second option: Pair1) pWING-pONT

This will attract more people who are tired of the high fee/gas costs. The better the user experience, the more users will use WING Finance. More value added to the platform and therefore higher value of WING token.

Pair 1) pWING-pONT on SushiSwap

I think that providing this trading pair is very good and can encourage the growth of the Ontology ecosystem.

But at the same time, I also hope to increase the usefulness of pONT, otherwise it doesn’t make sense.

Maybe we can use pONT in the Ethereum version of the Wing.

Very good idea. I agree to incentivize pWING-pONT on SushiSwap.

Both pair 1 and pair 2 are good options. I prefer to use 5K WING to incentivize pair 1 first and then discuss whether to incentivize pair 2 based on the result of pair 1.

I like this idea. Incentivizing WING pairs will likely increase the liquidity and therefore reduce potential slippage, which will be good news.

I like Pair 1) pWING-pONT on SushiSwap

We’ve done a great job on pWING and ETH LP. Since pONT is listed on the passed vote on Ethereum version Wing. We need to create pONT LPs and give pONT more utilities so that people would lend and borrow pONT.

Unifi is going to start its own farming program, we could wait and see how’s that doing.

So I’d say we use 5k WING to incentive pWING-pONT liquidity providers for 8 weeks.

The pWING-ETH liquidity mining campaign has effectively increased the liquidity of the pair. I agree to hold another similar campaign to repeat the success.

Glad to see that we are gradually building a positive feedback loop. The higher degree of scarcity of WING, the higher value of WING. I’m looking forward to incentivize locking up more WING pairs. Pair 1 (pWING-pONT) and pair 2 (WING-ONTD) are both good candidate pairs. It would be better to hold one campaign and then another to extend the total duration.

The current rewards pool is doing well on pWING-ETH. No need to split it. I’m in favor of allocating more WING to speed up the growth of Ontology ecosystem.

Pair 1) pWING-pONT on SushiSwap shares more common with pWING-ETH on SushiSwap than pair 2, which means that the effect of incentives for pair 1 will be more certain. I suggest allocating 5K WIING to pair 1.