Universal Guidelines for PNG rewards

I’d like to suggest the following Universal Guidelines for PNG rewards.

Community Feedback
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

Suggested Guidelines
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:

  1. $50k+ in token liquidity on Pangolin
  2. $25M+ current market cap (across all networks)
  3. Avalanche Native or Building on Avalanche
  4. 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.

3 Likes

If projects do not meet the guidelines, they will still be able to submit snapshot proposals for voting under the old model for their token to get rewarded

2 Likes

Hi,

I agree, people cant vote on every decision, some progress needs to be done autonomously.

The second message has brought the flexibility and openness, while the first message gives the recipe clearly.

I would only add, please guys, consider the rules well so that we dont need to change it again and again. Please check around, what the other projects do and decide on the final version.

I believe this move will help us not to lose time on votings.

1 Like

Like the guidelines but… A couple of things not clear:

1 - Say i own a token that meets the criteria… How do I apply? And how long will the “verification” process and ultimately rewards earning would take?

2 - how many X multiplier? Can we also make an universal criteria for Avalanche native get 5x for PNG pair and 1x for avax pair and non-native get 3x for PNG pair only (nothing for avax pair)

1 Like

3 - is it $50k in total LP liquidity or token liquidity (so LP liquidity is $100k)?

I would suggest $100k for token liquidity (so $200k LP liquidity) because $50k is very easy to meet.

Regarding the second question, I suggest 1/2X rewards if the liquidity is in AVAX pair and 1X rewards if the liquidity is in PNG pair. If they want anything higher then it should be voted.

Also, there should be more hard requirements than 750 token holders. For example, token contract MUST be verified. There should be other safety checks too but then it’s a question of who will review it and how detail of a review it has to be.

1 Like
  1. Projects and tokens don’t need to apply, the team will be vetting the projects and tokens already to strategically add them at a good time

  2. Same multipliers as before. 1x for AVAX pairs. 3x for non-native. 5x for native

$50k in token liquidity. If you look at our analytics page, only the top 20 tokens have $50k in liquidity on Pangolin right now and most of them are already added to rewarded pools.
https://info.pangolin.exchange/#/home

Yes the safety checks make sense and we do this already so I didn’t add it to the guidelines because its already part of our vetting process.