TL; DR:
- Last week, we introduced a discussion forum about whether QuickSwap should change our rewards structure to separate Dragon’s Lair staking from Syrup Pools.
- If approved, this would mean that users could either stake their QUICK via the Dragon’s Lair to earn more QUICK or stake their QUICK to earn rewards tokens via Dragon’s Syrup, or some combination thereof, but they would not be forced to choose both at once.
- To be clear, users can still have the Dragon’s Lair and drink their Syrup too, just not with the same QUICK token simultaneously.
- This will increase the separate APYs of both Dragon’s Lair and Dragon’s Syrup pools, since they will no longer be split amongst users. Overall total payouts will not change.
- Additionally, this change will attract large institutional investors who do not want to actively manage their funds by withdrawing from Syrup Pools as they expire.
- After much debate, it seems that the majority of our active community is on board with this proposal. Thus, we will introduce a governance vote.
- The snapshot for the vote will take place on Friday, January 7th.
- The vote will begin immediately after the snapshot and will run until Friday, January 14th.
- Details about the proposal, voting eligibility, and how to participate in QuickSwap’s upcoming governance vote follow.
How Our New Rewards Structure Would Work
If this governance proposal passes, QuickSwap’s token holders will benefit from having more choices.
With our current rewards structure, QUICK holders are forced into a dual yield in which they earn 40–60% APY in the Dragon’s Lair (paid in QUICK) and another 30–70% APR via Dragons Syrup (paid in the token(s) of their choosing). Were this proposal to pass, QUICK holders would choose between the two. Participants could opt to either stake QUICK to earn more of it in the Dragon’s Lair or stake QUICK to earn a different token via Dragon’s Syrup. Holders would also have the option of staking a portion of their funds in each.
For example:
If Matt had 10 QUICK, he could:
- Stake it all in the Dragon’s Lair to earn all QUICK
- Stake it all in a Dragon’s Syrup pool to earn all another token
- Stake some of it in the Dragon’s Lair and some of it in a Syrup pool to diversify his earned rewards (which would copy the current system of dual yields)
Were this proposal to pass, users would be granted the freedom to deploy their tokens in whatever manner they feel is best for them rather than being forced to earn a portion in QUICK and a portion in another token.
How would this change affect APY/APR of each?
Because some users would choose to only stake via the Dragon’s Lair while others would only stake via Dragon’s Syrup, the APY/APR of each would increase. Those who chose to farm via Syrup would no longer be staking in the Lair, which would increase the APY paid to those who are. Those who chose to only stake via the Lair would no longer be farming in the Syrup Pools, which would increase the APR paid to those who are. The overall payout totals would be the same, but users would have more choices, and also a simpler system for smart contract integrations and institutions to implement.
One thing more…
We adamantly believe that this change will attract large institutional investors who do not want to actively manage their funds by withdrawing from Syrup Pools as they expire, selling tokens, etc
As Dragon Master CryptoRocky put it, “If we get institutions and whales to join, everyone benefits…. The more people who get into QuickSwap, use dQUICK etc, the stronger the ecosystem, price, volume, liquidity, etc. We have to make moves and grow to stay relevant. The more people who join the better for all of us.”
For a more detailed account of how this proposed change to our rewards structure would work, please refer to the discussion forum on this topic which can be found here: https://www.reddit.com/r/QuickSwap/comments/rt2oh4/governance_proposal_discussion_changing_reward/
Eligibility
QuickSwap would love for all QUICK holders to participate in this vote; however, currently, some QUICK holders aren’t eligible. In order to be qualified to vote, a dragon’s QUICK must be held on the Polygon Network in a self-custodial wallet by the time of the snapshot on Friday, January 7th.
To be clear:
You are eligible to vote if you meet any of the following conditions:
- You hold QUICK in a MetaMask wallet or another Polygon-enabled wallet to which you control the private keys. Please note: To qualify, your QUICK must be held on the Polygon Network and not on Ethereum, BSC, or any other chain.
- You deposited your QUICK into the Dragon’s Lair and are now holding dQUICK in its place while you accumulate more QUICK.
- You deposited your QUICK into the Dragon’s Lair and then deposited your dQUICK into one of the many Dragon’s Syrup pools that are currently running to farm additional tokens.
You are not eligible to vote if:
- You hold QUICK in a centralised exchange wallet (such as Binance, Coinbase, Crypto.com, etc) to which you do not hold the private keys.
- You hold QUICK in a self-custodial wallet (like MetaMask), but you hold that QUICK on Ethereum, BSC, or any network other than Polygon.
- You are providing liquidity for a QUICK pair on QuickSwap or any other DEX. (To be clear: only the QUICK you are using to LP with will be excluded from the snapshot. If you also hold QUICK that you are not using to LP with, you will be eligible to vote with that).
Timeline
The snapshot will take place on Friday, January 7th 2022. The vote will begin immediately after and will run for 7 days. Eligible QUICK holders will have the opportunity to cast their votes from Friday, January 7th — Friday, January 14th.
Let us hear you Roar, Dragons!
We want to hear the opinions of every QuickSwap community member because $QUICK token holders get a say in the governance of our DEX, and we want our voters to be well-informed. That’s why we started a discussion forum (via Reddit) about this topic before we formally announced the vote.
To visit that forum and learn more about the proposed change to QuickSwap’s rewards structure on Dragon’s Lair and Syrup Pools click here: https://www.reddit.com/r/QuickSwap/comments/rt2oh4/governance_proposal_discussion_changing_reward/
Once you’ve read through our proposal and the discussion that surrounds it, we invite you to vote.
To participate in the vote:
- Visit https://snapshot.org/#/quickvote.eth (after the snapshot on Friday, January 7th)
- Connect your MetaMask wallet (or other Polygon-compatible, self-custodial wallet)
- Make sure you’re connected to the Matic Mainnet
- The combined $QUICK and $dQUICK in your wallet at the time of the snapshot will dictate the weight of your vote
- $dQUICK staked in Dragon’s Syrup pools will also be counted in the weight of your vote
3. Select the open proposal titled, “Should QuickSwap Increase Stakers’ Freedom by Separating Dragons Lair from Syrup Pools?”
4. Click on the option you prefer
5. Confirm your selection in MetaMask
Which way to vote?
We invite you to come discuss the topic openly in any of our online forums. At QuickSwap, our primary goal is to ensure that our DEX not only survives but thrives, and we know we can’t do that without valued community members like you. Come let us know what you’re thinking anytime.
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By QuickSwap Official on January 5, 2022.
Exported from Medium on May 2, 2023.