The Pangolin Rises

Governance is live on Pangolin.

What does this mean? We are now ready to be able to do on-chain governance. The very first set of proposals will be released as early as this coming Monday. There are three critical governance proposals to push for next week, in order of priority:

  1. Dramatically reduce non-PNG pool rewards. I am strongly in favor of entirely terminating non-PNG pool rewards, and favoring only PNG pool rewards.
  2. Setting aside a chunk of PNG tokens for listing on major exchanges, such as Binance.
  3. Setting aside a chunk of PNG tokens to immediately start hiring for critical roles, including a lead Technical Product Manager, a core set of developers and researchers, and various marketing people.

The next month is going to be critical and going to send PNG into stratosphere. We need to make sure we:

  • Community alignment is upheld
  • We re-balance the economics to prioritize PNG holders
  • Establish cross-product synergies to make Pangolin more extensive, including Velox integration
  • Mutually effective partnerships with both Avalanche and non-Avalanche projects

I plan to lay out some ideas for Pangolin V2 over the next few months. However, it’s critical to first hire core contributors through the treasury in the most urgent way possible. Let’s get rolling.

44 Likes

Agree with everything but the termination of rewards. I agree they need to be lowered HEAVILY for non PNG pairs. But I think some sort of rewards even if minimal should be given as a precaution to see what happens with liquidity.

10 Likes

I am not in favor of terminating all non png rewards. Most of us provided liquidity from day 1, and these are all non-png pairs (because png was earned.) the price of Avax and other assets are lower than they were on February 9th, which has caused impermanence loss if we were to pull out now and switch to png pairs.

If the community votes to remove non png paired rewards before Avax is over $50, as soon as it is, I will pull all liquidity. While I am not Sam, I have provided a substantial amount.

Reduce non png pair rewards, but do not get rid of them.

7 Likes

As commented earlier, I think PNG rewards for non-PNG pools shouldn’t be completely eliminated (the idea of PNG rewards is attracting liquidity providers, after all). However, there are many pools that just don’t make sense:

  • AVAX/AAVE. AAVE is an Ethereum-centric DeFi solution and basically requires you to use the bridge to bring them back to Ethereum to be able to use them.
  • AVAX/YFI. Same as above.
  • AVAX/UNI. Same as above. Also fuck Uniswap.

I am not convinced the PNG pairs for these pools make sense either, but it’s not as necessary to remove them. Dunking these pools would give much more PNG reward weight to every other pool. In the future, we will have to run liquidity bounty hunting (incentivizing rewards for popular tokens that are Uniswap-only or not available on T1 exchanges) or start rewarding Avalanche native projects, but I think just removing the above pools for the time being would make sense, in my humble opinion.

13 Likes

I think rewards need to be lowered but going to 0 is extreme. I think lowering by something like 75% would be a good start, and see how the market reacts. Does liquidity stay, does dumping on png go down, how does price react.

Pangolin needs liquidity to be successful, and I’m afraid dropping rewards entirely would reduce that.

6 Likes

Terminate, ASAP.
Make a new plan then continue rewards according to new plan

1 Like

Would be a big mistake to eliminate non PNG pairs … if there is no attractive incentive all non-PNG pairs will basically disappear, which is bad for the exchange because less use-cases (swap possibilities/ coin combinations) for end-users.

6 Likes

Yes, we must also think of those which are in the png / xxx pair and which have melted like snow.

For other pairs, the loss is very minimal …

Agreed! Lets do it! :slight_smile:

Agree, sounds like a plan to me.

Bad proposals there.
You’ll be left with a couple of PNG pools because others will step in to vampire attack pools like AVAX/ETH and AVAX/USDT. Why stay with Pangolin if there are no rewards? The liquidity pools will get drained and without liquidity there will be no swapping. And without swapping there will be no DEX.

Also, anyone who thinks that the price will be magically stabilized by heavily favoring PNG pairs should have a good look at Pandaswap. They did exactly that and Bamboo price crashed as hard, maybe harder, as PNG price.

In the end, price is dependent on emission rate, NOT on the specific pair.

7 Likes

BAMBOO price crashed because they gave an unsustainable return in too little time of a token that had no utility…panda swap was a badly implemented project…having a good return for a project that is as reputable as Pangolin won’t be too bad, because many people will still be encouraged to hold

1 Like

Totally agree to this post

Not disagreeing Pandaswap was a poor project but tokenomics are still tokenomics. I’ve staked in AVAX/ETH but when rewards are dropped I’ll take it out because it’s not worth it. It’s will be easier, safer, and more profitable to simply stake AVAX as a delegator. And when another project pops that does reward AVAX pairs up I’ll go there. I predict that the other smart money will do the same. In the end you’ll be left trading PNG amongst yourselves and there really is no point to that. It’s a game of musical chairs.

2 Likes

It might be true at the beginning…In fact offering PNG rewards was a way to bootstrap liquidity…keep in mind that Uniswap does offer only the 0.3% fee and still people provide liquidity. Why? Because it’s a way if diversifying your risk…whales can’t put all their money in one place, they need different risks for their portfolio…it might be true that some people will withdraw their money, but not as many people as you think…
This being said I agree that it might be a good idea to keep PNG rewards for some main non-PNG pools until the DEX reach a good enough volume to compensate for providing liquidity, which will happen for sure once Avalanche gains enough visibility and adoption…hopefully in the next couple of months

1 Like

Even if I’m in the Png pool and I understand that a lot of people here are angry about the fact that PNG price crashed because the rewards were given equally to the non-Png pools, I strongly disagree with terminating the rewards for the non-png pools.

Instead we just need to lower the rewards at 20% to the Non-Png pools and increase to 80% the rewards to the Png pools and also extend the rewards to other coins, for example coins like Nex (nash.io) because they are working to integrate a fiat gateway on Avalanche, Matic because their community is pretty big, ORN because they will integrate Avalanche, ETH/USDT and WBTC/ETH because these 2 pairs are the ones with the most volume on Uniswap and people will prefer to bring over to Avalanche their tokens to earn more.

These are just some examples but we need to extend those rewards to other coins to attract liquidity on Avalanche. EDIT: I don’t hold Matic or ORN, only some Nex, we can add other coins like FTX (I’m not Sam😂), Compound, Maker, The Graph, Enjin, 0x, Bancor, Ren, Curve etc.

For the other points I totally agree with all of them :slightly_smiling_face:

15 Likes

Lets encourage non PNG pool contributors to keep their PNG by making Pangolin coolest platform!
Develop interface, add coin launch feature, add analytical tools etc…

Terminating rewards for non png pools will result in removal of all non png pools which will be disadvantage for Pangolin. There are many people who would like to have exposure to avax/eth and earn PNG. A the moment they are dumping PNG because they are not confident about Pangolin platform and PNG price perspective. If we decrease rewards for non PNG pools rather than terminating it and increase rewards for PNG pools it will support PNG price which will encourage non PNG pool contributors to keep their PNGs for long term.

I believe investing and developing the platform will prevent dumping of PNG rather than removing non PNG pools.

Thanks.

4 Likes

I am not in favor of proposal 1. For the record, I provide AVAX/PNG. I mean, increasing the pool rewards of only PNG pairs so that those that hold PNG can farm more PNG will not contribute to the long/short term price of PNG. People have enough experience with other DeFi products to know that these mechanics are in essence virtually boosting token values.

If you want PNG to appreciate in value you could, for example, tie liquidity provision fee bonuses to PNG. As such, PNG would represent a share in the revenue (also obviously based on your liquidity).

I also support both 3 and 2, and believe that 3 is more important than 2.

I am very grateful that the developers listened and governance came earlier. However, we need to avoid rushing a proposal for the sake of it as this will damage Pangolin more than helping.

I am strongly against entirely terminating non-PNG pool rewards. We need to favor PNG pools but do not destroy the liquidity that exists as we need a successful Pangolin DEX for PNG to have any value.

I think at most, we need to reduce the non-PNG pairs by 50%. This means if you add that 50% on PNG pairs, they will be emitting x3 the rate of non-PNG pairs. That’s more than enough of an incentive to hold PNG and provide liquidity in PNG pairs.

Would also vote in favor of well though plans for both 2 & 3, depending on the details!

Let’s not get carried away and start a war with people who use Pangolin (even whales!). We need them, just need to make PNG worth it for all.

Good luck team and looking forward to the proposal.

4 Likes

I agree with a 50% reduction on some of the sillier pools like UNI/Sushi and the above poster.

We can’t be overly militant in numba go up.

1 Like