Welcome to another week of Swapr farming rewards on Arbitrum, xDai and mainnet! This bi-weekly series will detail the changes and finalized allocations of all active SWPR distribution methods. Swapr Farming Campaigns initially launched on 2021/09/16 at 15:00 UTC on Arbitrum, with Mainnet and xDai starting shortly thereafter. Without further ado, let’s hop into the emissions for November 11th, 2021, launching at 15:00 UTC.
There are a few larger changes that have been moving through governance in this period:
- xDai Allocation from 10% to 20% — xDai has exploded relative to its own ecosystem and percentage allocation of SWPR emissions. This change should be seen as the start of consistent cross chain changes in allocation.
- Arbitrum Allocation from 80% to 70% — With the recent launch of farms on xDai, it has become apparent that there is a serious demand outside of Arbitrum. As things continue to regulate and normalize this allocation could even continue to flow to the most prominent chain.
- Arbitrum Campaign Extensions — Certain pairs on Arbitrum have become very steady in performance, sustaining TVL, and more importantly, volume and fees. As a result of community feedback, these pairs will change their length from one to two Epochs. (Or, from two to four weeks). Starting with Epoch 5, SWPR/ETH, USDC/ETH, WBTC/ETH, DXD/ETH, CRV/ETH will all have their cadence extended to four weeks.
- Single-sided staking introduced — This topic has sparked a lot of debate in the community. Despite the fact that it is not ready for the November 11th wave of rewards, feedback is needed to help get single-sided staking up and running.
Arbitrum Epoch 5
Epoch 4 was very light on its changes as a precursor to some larger discussions for the following Epochs. Now that we are on Epoch 5, the community has discussed some larger changes:
- USDC / WETH from 20% to 21.5% — Not much to say here, USDC/WETH continues to be one of the strongest pairs in both TVL and volume.
- ETH / WBTC from 12.5% to 14% — This is a strong pair with generally great volume. It makes sense to continue prioritizing here.
- DAI / ETH from 9% to 5% — Dai continues to be outperformed in both relative TVL and volume quite significantly against USDC since its inclusion. The end goal was to reach parity between the DAI and USDC pairs, but for the short term continuing to prioritize competitive pairs will be a better use of allocated SWPR.
- USDC / USDT from 2.5% to 2% — Although this pair has seen more volume than ever before, it still pales in comparison to its allocation. This reduction follows the plan set forth by the community in the previous epochs, slowly phasing the stable pool out.
- CRV / WETH from 3% to 5% — The CRV pool has been significantly out performing its peers, making it a consistent contender in both volume and TVL. This change aims to further align and engage the CRV community on Arbitrum.
- GRT / WETH from 1.5% to 1% — Adverse to the above, GRT has been flying under the radar. This slight reduction should give time for the community to catch up to the allocation.
- ARBY / MIM from 0.5% to 0% — There have been some serious challenges with this pool in both volume and TVL. This is likely the result of many factors, including lack of data in the subgraph (no stable pair against ARBY or MIM), and/or the locked ARBY liquidity in Sushiswap. Although this proposal aims to remove this allocation, there is no ill-will towards our Adamant friends. We knew there would be some challenges here, and would love to explore any additional areas of collaboration in the future.
- GNO / ETH from 1.5% to 1% — GNO pools continue to lack the anticipated movement. This proposed reduction will continue to give leeway for the community to catch up in both TVL and volume.
- IMX / ETH from 1% to 1.5% — IMX has been improving significantly in volume and TVL. This slight boost should help push the community further on Swapr.
Mainnet Epoch 3
Mainnet farms launched on October 14th, 2021 with the first four epochs combined to remain gas conscious. As a result, there are no changes in this epoch.
xDai Epoch 3
xDai will be seeing relatively smaller changes (if not accounting for the massive shift from 10% to 20% of emissions):
- WETH / WBTC from 15% to 12.5% — This pool has struggled with TVL and suffered in volume. This is a very important and relevant pair, and as such proposing a small shift down to hopefully allow the community to catch up.
- STAKE / XDAI from 9% to 11.5% — Although struggling to attract TVL, this pool has considerable relative volume. On top of this, DXdao is exploring a potential alignment of interests with the xDai community. There is also an interesting discussion of a potential Gnosis xDai merge.
Arbitrum Epoch 5, Mainnet Epoch 3 and xDai Epoch 3 will start Thursday November 11th at 1500 UTC. Feedback and suggestions can be made with the Swapr channels on Discord and throughout the DXdao forum. Tune into the weekly DXdao community call to beat the crowd!
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.