Two short and sweet updates
1. Extension of current wPOKT incentives program on Ethereum by 50 days
- The current wPOKT/ETH Uniswap v2 incentives program on Ethereum mainnet- which is due to end next Tuesday 9 April at 14.35 GMT - will be extended by 50 days to Wednesday 29 May 2024. This buys us more time to finalise the wPOKT migration plan for Shannon and to develop a more holistic liquidity strategy for wPOKT in a post-Shannon world.
1.5k wPOKT will be distributed to liquidity providers (LPs) each day over the course of this period. This is down from the c.2.8k distributed per day in the current program due to i) the POKT/USD price being approximately 50% higher now, and ii) the much higher trading volumes in the pool, resulting in a lot more fees to compensate LPs
2. Launching a wPOKT Uniswap v3 pool on Arbitrum before the end of April
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We plan to launch a wPOKT/ETH Uniswap v3 pool on Arbitrum in the next couple of weeks using some of the DAO’s current liquidity holdings to target a 2% depth of $10-15k.
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This pool will not be incentivised initially, but this may change in the future. More details on this will be shared separately once we have more certainty on launch timings.
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We believe that this pool is the easiest and highest impact method to quickly expand access to wPOKT. All other options, including Base, require more coordination and planning, eg Base will require the whitelisting of wPOKT on Ethereum before it can be transferred via its bridge. All of this doable, but most likely better to do so post Shannon when we are on a new stack and can leverage IBC and other bridge options.
@Cryptocorn captured the purpose of this approach quite nicely above: