Proposal #80
Referendum #75
Use Treasury Funds To Incentivise kBTC/KSM pool on Zenlink (Bifrost)
Democracy
0 Comments
Executed

Summary

Hi, this is Tyrone from Bifrost, this proposal is in regard to using treasury to incentivise a kBTC/KSM pool on the Bifrost chain on Zenlink.

This proposal will send 3000 KINT tokens from treasury to Bifrost’s designated address to be used for the kBTC/KSM pool on Zenlink (Bifrost).

We suggest launching a KSM pair with kBTC on Bifrost for two reasons:

  1. To increase kBTC exposure on Bifrost and Zenlink, specifically, introducing kBTC to the Bifrost community.
  2. To facilitate profitable liquidation for kBTC vaults. Bifrost, with deep liquidity for KSM, and great volume in vKSM (which can be easily converted to KSM), could provide a great environment for this purpose.

Proposal

The launch of Kintsugi 2.0 will introduce more opportunities for cross chain activities, a kBTC/KSM pool on Zenlink (Bifrost) is one gateway to introduce more use cases and liquidity to both Kintsugi and Bifrost, opening doors to future collaboration between the parachains.

Besides the transaction of both native tokens, kBTC will be crossed to Zenlink DEX. Bifrost, Zenlink and Kintsugi will create a three-party incentivized KSM-kBTC pool, which may benefit more utilities for BTC spreading around Kusama ecosystems. Creating KSM-kBTC pool will in addition provide more liquidity options for KSM-vKSM pair users, kBTC and be indirectly swapped with vKSM between two pairs.

We would like to propose a kBTC/KSM liquidity pool on Zenlink (Bifrost), with incentives running for 2 months: the first month triple incentives from Bifrost, Kintsugi and Zenlink, and second month continue with incentives from Kintsugi and Bifrost. By providing these incentives, we can help attract the necessary liquidity and ensure that the pool is able to operate effectively.

We propose the transfer of 3000 KINT tokens from the Kintsugi Treasury to our (Bifrost) designated wallet address mentioned below in order to be used as incentives for the kBTC/KSM pool. To better support this effort and achieve considerable TVL, we (Bifrost) would provide 6000 BNC in incentive in the course of 2 months, Zenlink will provide 15,000 ZLK in the first month. The incentives are scheduled to start on December 19th 2022.

Once the funds are received to the address below, they will be added as incentives to the kBTC/KSM pool.
Bifrost Designated Farming Charge Address:
dmTEFZ77m7WtJmd7PY6pMh111uTtW9jpwfwasTGsWKUGp5M

The kBTC/KSM Farming pool (id:12) is ready to be charged, charging will be exectued by Bifrost team.
*Considering the fluctuation of the average block producing time on chain, creating a Farming Pool in advance may cause the time deviation between announcement time and actual farming started.

Edited
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Metadata
Proposer
Hash
Delay
02022-12-15 08:52:55
End
02022-12-15 01:19:18
Threshold
Call
Table
Json
callIndex0x0203
sectionutility
methoddispatchAs
args
asOrigin
system
signeda3cgeH7D28bBsHY4hGLzxkMFUcFQmjGgDa2kmxg3D9Z6AyhtL
call
callIndex0x5e00
sectionxTokens
methodtransfer
args
currencyId
tokenKINT
amount3001000000000000
dest
v1
parents1
interior
x2
0
parachain2001
1
accountId32
network
anynull
id0x5a5f7eb7050fb96d8d7895d9afce428a064ce66e3b094805bcad9a8e68cb9934
destWeight1000000000000
TimelineLatest activity undefined
2022-12-11 07:59:48
Proposed
Index
#80
2022-12-12 11:18:36
Tabled
Referenda Index
#75
Deposit
5 vKINT
2022-12-12 11:18:36
Started
referendumIndex
75
voteThreshold
SuperMajorityAgainst
2022-12-15 01:19:18
Passed
referendumIndex
75
2022-12-15 08:52:55
Executed
result
ok
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