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MeowSwap.fi

MeowSwap TVL update

Timing, Markets, and MeowSwap

Unfortunately, our goal of $50million TVL, which was set in order to release the locked farming rewards has not been reached. This is a blow to the team as well as our community; the markets are difficult, and we have not seen any relief since the MeowSwap DEX launched in December last year. Cardano itself has also lost a huge amount of TVL across all platforms during this market downtrend.

This puts us in the difficult situation of having to make a hard choice, and we have come to the conclusion that paying out 100% of the locked rewards would result in a terrible outcome for most MEOW holders, as the rewards were calculated to be distributed between a larger pool — thus releasing all rewards now would not be healthy for the DEX.

Paying zero, or even a calculated percentage share based on the current TVL would not be fair for all the people who locked their liquidity in pools earning their rewards, and this would negatively affect trust in the project. So we have come to settle on a middle path, that keeps the APY reasonably high without sacrificing the interests of the majority of MEOW Token Holders.

We originally intended to take a vote on this matter, however we see a clear conflict of interest that would make it very hard to keep any vote fair, and unbiased. Ideally, we would count MEOW Token holder’s votes together with liquidity token holder’s votes in some proportion, but we were concerned that would inadvertently set the proportion incorrectly to the benefit of one group of people over others, so we decided to rest the decision on our shoulders. DAO votes require serious planning and execution and we feel we have much more important work right now to do for benefit of all MeowSwap investors.

Compromises for fairness

In order to best meet the interests of the majority of holders, we will release 20% of the rewards that were calculated for our $50million TVL target. 20% of rewards released at the current TVL will be proportionally much higher than if the 50m TVL mark was accomplished for all the people that have locked their funds, and it will soften the possible damage to Meow Token holders through selling pressure.

We hope you understand the reasoning behind this decision, and that it is not possible for us to make everybody happy at this point — the compromise that has been made here reflects our duty to do what is right for the majority of our users, and reward our liquidity providers to the maximum extent possible.

Due to these changes in the distribution of rewards, the release date will be moved from 22/05/2022 (tomorrow) to the beginning of next week (week beginning 23/05/2022)

The future of MeowSwap is strong

For the purposes of future farming campaigns, we will no longer be implementing any system with an uncertain result; any further campaigns will be run on the premise of ‘What you see, is what you get’, and we can only share our communities disappointment that we were unable to meet our TVL goal.

The MeowSwap team has learned a great deal from these difficult times, and we are resolved to make our DEX the best trading platform available on the Cardano mainnet. We will continue to work and do what is right for our community, knowing that the markets will regain their strength and that better times are not far away for MeowSwap and our community!

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MeowSwap

MeowSwap

First working DEX on Cardano.