Proposal #81
Referendum #76
Use Treasury Funds to Incentivise kBTC/ETH pool on Solarbeam (Moonriver)
Democracy
0 Comments
Executed

Hi, this is Jah from Solarbeam,

This proposal is intended to send 7000 KINT tokens from Kintsugi treasury to the designated address, so they can be used for a new kBTC/ETH pool on Solarbeam (Moonriver).

kBTC is the market leader for bringing Bitcoin to the Kusama ecosystem, in order to grow its market position, kBTC needs to gain accessibility to wider Kusama users and provide more profitable use cases.

We suggest launching a kBTC/ETH pool on Solarbeam, and incentivizing the kBTC/ETH pool with KINT and SOLAR tokens.

Proposal
With a money market (lending & borrowing) launching on Kintsugi, it is important to enable use cases for kBTC, as well as to increase the overall liquidity of kBTC in the wider Kusama ecosystem.

A kBTC/ETH pool can facilitate the growth of kBTC liquidity, and increase exposure of kBTC and KINT to Solarbeam users.

On the demand side, taking into account the demand in the larger context of Defi, BTC/ETH is one of the most popular pairs on Ethereum, which could potentially translate to similar demand in the Kusama ecosystem.

On the supply side, ETH is one of the most liquid assets on Solarbeam, which can provide sufficient liquidity to facilitate the liquidation environment for the kBTC vaults.

The goal with this proposal is to incentivise the kBTC/ETH pool for 3 months. We propose the transfer of 7000 KINT tokens from the Interlay Treasury to our (Solarbeam) designated wallet address mentioned below in order to be used as incentives for the kBTC/ETH pool.

4000 KINT will be distributed to the pool for farming rewards in the first month, 1500 KINT for the second month and 1500 KINT for the third month. To better support this effort and achieve considerable TVL, we will match the rewards with 400 SOLAR per day for the same 3 month period.

Once the funds are received to the address below, they will be added as incentives to the kBTC/ETH pool.
Solarbeam Designated Address: 0x1375D820e32Eec62cDd75c3e95b1E71A830B2149

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Metadata
Proposer
Hash
Delay
02022-12-23 02:48:12
End
02022-12-22 20:26:30
Threshold
Call
Table
Json
callIndex0x0203
sectionutility
methoddispatchAs
args
asOrigin
system
signeda3cgeH7D28bBsHY4hGLzxkMFUcFQmjGgDa2kmxg3D9Z6AyhtL
call
callIndex0x5e00
sectionxTokens
methodtransfer
args
currencyId
tokenKINT
amount7001000000000000
dest
v1
parents1
interior
x2
0
parachain2023
1
accountKey20
network
anynull
key0x1375d820e32eec62cdd75c3e95b1e71a830b2149
destWeight1000000000000
TimelineLatest activity undefined
2022-12-16 18:10:43
Proposed
Index
#81
2022-12-20 17:00:48
Tabled
Referenda Index
#76
Deposit
5 vKINT
2022-12-20 17:00:48
Started
referendumIndex
76
voteThreshold
SuperMajorityAgainst
2022-12-22 20:26:30
Passed
referendumIndex
76
2022-12-23 02:48:12
Executed
result
ok
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