Hopefully you’ve been keeping up with all the news and seen the great news that the core team has been officially hired!
We’ve already been hard at work getting things ready, so we wanted to share with the community what we’ve been up to and what we are working on moving forward.
We’ve heard the community loud and clear. We all want CEX listings and we’ve started discussions. Some conversations and work has been occurring with some CEX’s that we can’t mention here, however the one’s we can talk about are:
We’ve submitted an application to Gate.io to list. Generally Gate.io asks for a presale allocation of tokens in order to eligible to be listed on the exchange. Since Pangolin was a completely community distributed token this wasn’t possible. So instead we’ve proposed to bring the Gate token across from Ethereum and add liquidity to Pangolin for the token. We’ll also need to provide marketing to promote the listing. We submitted the documentation on 21st May and have chased up the Gate team today. So we’re hoping we can get a resolution on this very soon.
We think it’s important to note, that most CEX’s require you to lock up a set amount of your token within them for a predetermined amount of time. Because of this, we have to think about which CEX’s we’re listing on and consider the tradeoffs.
As mentioned there are some other CEX’s being worked on in the background and as soon as we’re allowed discussing them, we will.
Let’s first discuss how we can achieve staking. The way we see it, is there are two major classes of staking:
- Fixed rewards (similar to Avalanche)
- Variable rewards (Similar to Sushi)
For fixed rewards, you stake your PNG and you receive a fixed return. An example would be as follows:
- 1 year locked - 37% APY
- 2 year locked - 65% APY
- 3 year locked - 109% APY
- 4 year locked - 130% APY
If we look at variable rewards, we are staking our PNG in order to earn a variable profit. Where do we obtain this profit from. Let’s look at two possibilities:
- Swap fee’s
So every time someone swaps within Pangolin, a 0.30% fee is charged to the user. Currently this fee goes to the Liquidity Providers. However we have the ability to turn on 0.05% and direct that to staking.
So if we look at an example.
For the WAVAX-USDT over 24 hours, the fees were $6,342. All those fees went to the Liquidity Providers. If we turned on the fee switch then $1,057 of those fees would go to people who are staking PNG. This would be applicable across the entire platform. So the way it would work would be that if you staked PNG, you would be rewarded with a new token xPNG that would always be worth more than PNG. If you’d like more information, please see Sushi’s documentation.
Then in terms of providing extra rewards for PNG staking, we could also use the Treasury to earn yield on Pangolin and then distribute those earnings to PNG stakers. MarginSwap currently allows earning 5.99% on depositing PNG.
So if we took some PNG from the treasury we could invest it and all interest income would then be distributed back to PNG stakers.
We’d like some feedback from the community on which approach you’d like us to take. We could also do both, if the community wanted it.
We understand a lot of the community would like to increase the PNG rewards for certain pools. Now that we have the funds (2 million PNG) in the multisig, we have the ability to submit an on chain proposal. When changing pool rewards, there is a technical limitation that means we can only adjust 10 pools at a time.
What this means is we can create one of the following changes for 10 pools
- Add PNG rewards
- Adjust the multiplier of PNG rewards for PNG pools
As an example, we could adjust 5 pools with different multipliers and then also add 5 new pairs to receive PNG rewards.
Here’s an example of what this may look like:
- AVAX - PNG 10x
- PNG - DAI 5x
- PNG - ETH 5x
- PNG - wBTC 5x
- PNG - USDT 5x
- PNG - PEFI - new pair
- PNG - XAVA - new pair
- PNG - SPORE - new pair
- PNG - GDL - new pair
- PNG - ZERO - new pair
Please note The above list is an example and only for illustrative purposes. Also important to note that YieldYak, Markr, Sherpa and others have not released a token yet, so we won’t be able to include them until a token is released. We’d like to get some comments and feedback from the community and then we’ll put a snapshot up to determine the 10 changes we’d like to change.
Then there is a lot of housekeeping stuff. We don’t want to bore anyone with, but we just want to add it here, to create transparency about how much work we have to do:
- Handing over infrastructure from Ava labs
- Fixing some issues with Analytics site
- Establishing a mechanism for paying core team and bounties
- Creating a test framework
- Creating/handing over the back end infrastructure
- Legal and compliance for all core team members in their respective jurisdictions
- Establishing regular AMA’s
- Defining our marketing strategy
- Fiat on ramp
- Many, many more
Hope this helped to provide some transparency and clarity into what we’re working on as well as some of the priority items.
Please let us know if you have any questions and/or comments?