I’d like to suggest the following Universal Guidelines for PNG rewards.
Recent feedback from a Telegram poll showed that the community is in favor of transitioning to Universal Guidelines for PNG rewards (66% votes) instead of the current Snapshot Voting (34% votes), based on results from 116 voters.
Telegram Poll: Telegram: Contact @pangolindex
Here are the guidelines that the Pangolin team has come up with:
If a project can demonstrate 2 out of 4 of the following qualities then it should qualify to be selected for PNG rewards:
- $50k+ in token liquidity on Pangolin
- $25M+ current market cap (across all networks)
- Avalanche Native or Building on Avalanche
- Partnered with Pangolin
Additionally, there should be a hard requirement that the token has at least 750 token holders (across all networks) to ensure sufficient demand for the token.
Why move away from SnapShot?
The current SnapShot voting model for rewarded pairs has shown to have low voter turnout and engagement. Additionally its been hard for projects to meet the 50k minimum PNG for creating proposals. Finally, feedback from the community has been that users don’t have enough time or interest to keep up with weekly voting on rewarded pairs.
Why use Universal Guidelines?
With a universal guideline model, the community instead will decide on guidelines that can be applied to all projects and tokens seeking PNG rewards. This will greatly streamline the process of getting new tokens rewarded, and reduce overhead on the team and community for coordinating frequent voting. Additionally, it will allow Pangolin to move more quickly to support a rapidly growing ecosystem and increase TVL and Volume. If Pangolin is too slow with supporting projects that need liquidity on Pangolin under the old Snapshot model, we could lose market share to other DEXes that are able to add pairs more quickly.
Example of a project that would meet the Guidelines
Avalaunch’s XAVA token would meet criteria #1 ($50k+ in liquidity on Pangolin) and #3 (native on Avalanche), and also has over 750 token holders, so it would qualify for PNG rewarded pairs by meeting 2 out of the 4 criteria.
Please post any questions or feedback below. The next steps are to vote for the transition to this model after the guidelines have been agreed upon.