RGP-2: Ribbon Liquidity Mining Program

Proposals
41

Testing makes a lot of sense, there will be lots of data to analyze.

If all the vaults equalize in TVL does that mean people are bullish RBN?
If the put vault gets more TVL than the others does that mean people are bullish Eth?
Call vaults etc., etc.

I’m skeptical about the data returned about:
User growth, TVL growth & stickiness and here’s why: awareness is low at 1056 holders of RBN, this is however not an accurate measurement as the token remains non transferable and lack of LM programs. I know we’re VC backed, can we get them to release some thoughts in high visibility places? The big Twitter personalities, I know you’re here can we get some rants? Can we get coordinate to where all anybody sees for 7 days is ribbon finance from names they can trust. Here’s the thing, we ought to make no mention of liquidity mining incentives. Just, here’s our app, here’s our apys. Then silence for a time maybe just a week for mercenaries to lose interest. We’d get some new deposits who’ve never even heard mention of LM rewards. They’d be here because of the value they see in what’s being built.

If this were to be done beforehand, I believe we would get much better data from an LM program. Then silently, under cover of darkness LM just goes live, maybe a nudge to coingecko, and various other places, so they can get it set up under farms and be visible for those who dig. Maybe ribbon finance Twitter and members who just cannot contain their excitement make mention of the LM program.

Something else interesting to do would be to up the withdraw fee from the vaults starting sometime before LM and ending some time a bit after, like up to 10%, just temporarily. That way the TVL that leaves gets redistributed to the TVL that stays and then when RBN may be dumped those who stayed have a little extra to buy back what was dumped and it’d be like they just farmed it all along.

I’ll probably vote for the proposal to pass regardless of the details, unless there’s something really weird in there. As no doubt there will be something to be gained from it. Cheers!

42

Good proposal, I’m in favor !

43

Great proposal. I support you in moving to the next phase of Ribbon Finance as a holder and depositer

44

Yes! These points are where I’m aligned too. Power of a DAO vs. a public traded company is the potential for the small shareholder to make a difference. Like you said, could be great to incentivize that later on. For now I think the current proposal structure is a solid experiment to reward those who missed the airdrop, generate TVL, and hopefully some press too!

45

This is interesting.

And as an experiment, I would be curious to know the data findings (e.g. User growth, TVL growth, TVL stickiness) after the Liquidity Mining Program. Would these findings be released to us?

Some thoughts on the types of data that will bring meaningful insights:

  1. % of New Users (ppl who have not staked nor hold any RBN tokens prior to the Liquidity Mining program) - this might be a good proxy to measure outreach.

  2. Before vs. After LM program of TVL per User - a greater TVL/User might be indicative of more well-resourced hands becoming vault depositors.

  3. TVL stickiness - what benchmark would you use to compare TVL stickiness?
    I am assuming that this data finding would use as a reference for future comparison when more vaults are developed with a new LM program? I kinda feel that TVL stickiness is majorly driven by external factors (e.g. market conditions, better yields, etc.). Imo it’s tricky to draw insights from this measurement.

I
4. If TVL increases significantly & drops after the LM program, I dare say that ppl are speculating RBN would carry some value in the near future. I highly doubt that they are mining RBN for the mere use of governance.
If more utility could be given to RBN tokens (e.g. RBN holders of a certain amount are rewarded with additional yield when they stake, etc.), it might just incentivize ppl to hold on a longer term. But I guess this is a suggestion/proposal for another day.

Just my thoughts & I could be completely wrong in the methods of measurement & assumptions. Hope we get some sneak peek to the data findings!

46

Hey everyone, thanks for the amazing discussion so far. We have made some crucial changes to RGP-2 due to the comments and ideas raised here.

Yesterday, RGP-2 passed with 9.64M RBN “for” and 225k RBN “against”. After the proposal passed, the Ribbon team proceeded with deploying 3 RibbonStakingRewards contracts.

The split of the 10MM RBN rewards was decided on 11AM UTC, 14 June. Below are the allocations for each vault contract:

  1. rUSDC-P-ETH-THETA: 3,881,466 RBN (38.8%)
  2. rETH-THETA: 3,071,165 RBN (30.71%)
  3. rBTC-THETA: 3,047,369 RBN (30.47%)

Below is a list of transactions that were executed by the DAO multisig to setup the liquidity mining program:

  1. Transfer 3,047,369 RBN to WBTC staking rewards (etherscan)
  2. Call notifyRewardAmount on WBTC staking rewards (etherscan)
  3. Transfer 3,071,165 RBN to ETH staking rewards (etherscan)
  4. Call notifyRewardAmount on ETH staking rewards (etherscan)
  5. Transfer 3,881,466 RBN to USDC staking rewards (etherscan
  6. Call notifyRewardAmount on USDC staking rewards (etherscan)
4 Likes
47

Great to see, excited to see this go live! Thanks for all the work ken and team!

1 Like