Swapr Announces GNO Rewards in Collaboration with Gnosis Chain
GNO rewards are coming to Swapr, to be distributed through the Carrot protocol
How we got here
Late November of 2021, the Swapr community came forward to the STAKE community proposing the distribution of STAKE rewards to the Swapr protocol. After community discussion and a 92% positive vote, STAKE rewards were coming to Swapr! Only, there was one little problem…
The above proposal was created in the midst of a multi-million dollar acquisition of the xDai network by DeFi industry powerhouse and DXdao friend, Gnosis. Soon after the vote, the STAKE to GNO conversion contract went live, so STAKE rewards were not possible. As a result, the movement of STAKE could not be facilitated.
Fortunately, after the dust settled, DXdao received the same amount of rewards in the form of GNO. 434.78 GNO was sent to the DXdao multi-chain multi-sig on Gnosis Chain. This is only the beginning of Gnosis’ active engagement in the newly rebranded Gnosis Chain ecosystem, and the DXdao community is excited to deepen its long relationship with Gnosis.
Protecting GNO Rewards with Carrot
Carrot, a conditional token reward protocol built by DXdao, will protect 50% of the GNO rewards, by ensuring that they are only distributed if certain conditions are met. On each pair that is receiving GNO rewards, half of them will be locked into Carrot campaigns that track the TVL of Swapr on Gnosis Chain. More specifically, these campaigns will distribute 100% of the rewards if Swapr on Gnosis Chain has a total TVL of 30 million or more on average, while distributing 0% of the rewards if the total TVL is 10 million or less on average.
What does this mean for the farmers? It means your GNO rewards will actually increase over the course of the campaigns provided the TVL of the Swapr protocol increases. This also means that if the GNO rewards fail to attract appropriate TVL, the Swapr protocol will retain the remaining percentage of rewards for later use. The benefit isn’t just for the farmers; it’s also for the protocol!
GNO reward pairs
Alongside the distribution of GNO rewards, Swapr will be incentivising some fun new pairs.
Namely, GNO rewards can be found on the following pairs for the Epochs within February 17th and March 17th, 2022:
- WETH / XDAI — 21.75 GNO incentivized on this pool.
- WETH / WBTC — 21.75 GNO incentivized on this pool.
- GNO / XDAI — 36.25 GNO incentivized on this pool.
- GNO / WETH — 36.25 GNO incentivized on this pool.
- GNO / DXD — 21.75 GNO incentivized on this pool.
- LINK / GNO — 7.25 GNO incentivized on this pool.
These pairs represent some of the most active ones on Swapr but also some new ones that are GNO pairs. As more GNO migrates to Gnosis Chain, more and more of it will find its way to Swapr to LP and earn rewards.
About Swapr: Swapr is a multi-chain automated market maker (AMM), deployed on Ethereum mainnet, xDai, and Arbitrum. Swapr is the first AMM to allow for adjustable swap fees through governance, as well as the first DAO deployed DeFi protocol on Ethereum; developed organically within the DXdao community.