TreasureDAO’s Plan To Cut Down 30% Mining Rewards For Liquidity
- TreasureDAO’s plan to reduce the incentives for liquidity mining began on December 30.
- Minimize Sushi LP awards by around 30% to reduce wasteful MAGIC inflation.
TreasureDAO’s proposal to decrease the amount of mining incentives for liquidity has kicked off the voting process.
Voting on TreasureDAO‘s plan to cut the incentives for liquidity mining began on December 30 and will continue until 6:00 PM on January 1, 2023. The results of the vote will be announced at that time. In order to avoid unneeded inflation, the suggestion suggests cutting the benefits for MAGIC/ETH pool liquidity suppliers on SushiSwap by thirty percent. At this point, the overwhelming majority consists of those who endorse the proposition.
In accordance with TIP20, which was issued before the listing of MAGIC on a number of major exchanges like Binance, Coinbase, OKX, Huobi, Gate.io, and others, we plan to further diminish the incentives offered by Sushiswap to its LPs.
The trade volumes on CEX have leveled out in the weeks since the exchange’s debut on Binance, Coinbase, and other platforms; the exchange now accounts for 80–90% of the total trading volume for MAGIC. Additionally, the DAO holds about 70% of the liquidity in the Sushiswap MAGIC/ETH pool, which reduces the need for excessive LP subsidies in the process of keeping sufficient liquidity for day-to-day activity.
Make suggestions for changes to be made to the following aspects of the incentives provided by TIP20 Sushiswap LP:
From the end of December until February: 500,000 to 350,0000
End of February to beginning of March: 400,000 down to 280,000.
From March’s end to June’s end: 300,000 to 210,000
End of June through September: 250,000 to 175,000
From the end of September to the end of December: 200,000 fewer
The quantities of the rewards are the cumulative totals for each month.
In the week that follows the ratification of this plan, the adjustments that were discussed will finally be implemented.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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