The other day, we launched functionality enabling SWOP stakers to vote for adding new pools on Swop.fi and including them in the SWOP yield farming program. Based on your votes, three new pools, SWOP-WAVES, EGG-WAVES and ERG-USDN, have already been added. In this article, we’ll outline the project’s future development plans.
Harvest pools: select the best
Pools approved by voting become yield farming pools, bringing users rewards in SWOP governance tokens. During the “first harvest” week, pools of this kind yield extra rewards in SWOP. Subsequently, they are treated the same as the other pools and participate in reward distribution.
SWOP holders should be interested in the project’s growth. Therefore, decisions on adding new pairs to yield farming should be well thought out. How to choose cryptocurrencies that are worth adding?
- Consider a token’s total trading volume. If it is low, a pool featuring that coin will bring much less in swap fees than will be paid in yield farming rewards.
- The availability of a coin on other blockchains will attract new users to Swop.fi.
- A token’s distribution between addresses is also vital: if the majority of the token’s supply is held by one or a handful of wallets, they’ll collect almost all profits from the new pool, rather than the entire community. Waves assets’ distribution can be viewed, for instance, on WavesCap (“Richlist”).
You can vote not only with yes, but also with no, if you don’t want a specific pool to yield farming awards. The total size of yield farming awards has been set at 1 mln SWOP for the first year (~1.9 SWOP every minute), and it is distributed between all farming pools proportionately to their weights, including just added pools.
Updated rules
Based on the first votes’ success and the importance of their outcome for the project’s growth, we decided to introduce stricter selection of pools that will participate in yield farming:
- the number of yes votes needed for a pool’s approval has been raised to 100,000.
- the number of pools simultaneously participating in a vote has been decreased to 3.
The votes that are currently in progress will be completed under the previous rules.
User pools
Even if a pool hasn’t been approved by voting, it could still be added to Swop.fi in the future. In the short term, there will be an opportunity to add it as a user pool.
The Swop.fi team is actively working on functionality for adding user pools. Voting won’t be needed for adding pools of that kind, but they won’t yield farming rewards.
Once this functionality has been introduced, the system will be complete: a user will be able to add a pool to Swop.fi and initiate a vote for its addition to the SWOP yield farming program with the “first harvest” feature.
Sign up to our Twitter not to miss out our regular updates! Join our support group on Telegram for questions related to our service.
