Dear community members:
The last round of QUSD mining opened four mining pools simultaneously. Choosing four mining pools to open at the same time was originally to open the corresponding gateway for QUSD to exchange other stable currencies in addition to KUN/QUSD transaction, and truly activate the ecology of QUSD. However, after the liquidity pool was opened, the effects were not satisfactory, including:
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QUSD's assets in the bStable trading pool are unbalanced, and too much QUSD has entered the stablecoin liquidity pool. On the one hand, it leads to the discount of QUSD compare to other stablecoins in pool. On the other hand, it also opens a channel for mining and dumping of KUN. As a result, the price of KUN drops, QUSD was exchanged into other stablecoins in large amount, which did not effectively activate the normal use of QUSD.
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In the liquidity mining of the BSC network last week, due to the lack of imbalance protection mechanism in bStable, and the lack of warnings on their UI, and the imbalance of the stablecoin trading pool after excessive QUSD replenishment, arbitrageurs took excess QUSD from the trading pool, causing some users to suffer a loss of their QUSD capital. After the event was fermented, it caused a blow to user confidence and QUSD issuance, and had a negative impact on the project. This accident is partly due to the partial centralization of QIAN's early decision-making process and insufficient community discussion. If the energy of community members is fully mobilized to investigate bStable products before bStable pool is launched, it is believed that the possibility of accidents can be greatly reduced. This also reminds us that in the operation of QIAN, we must rely on and give the community full authority in order to bring long-term benefits to QIAN.
Summarizing the various lessons learned of the project operation, the QIAN community initiator David suggested here that the third round of the BSC network liquidity mining incentive plan is as follows:
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The liquidity incentive of the bStable trading pool. Due to the parameters of smart contract, the release rate of KUN tokens is a 30-day uniform release and cannot be stopped or modified midway. Therefore, in the 2nd round of BSC mining, The release rate of 3,333.33 KUNs per day will remain unchanged;
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Liquidity incentives of the Equator trading pool, due to the faster release of KUN in the previous round (16,888 KUN/day), resulting in more selling, some community members proposed to reduce the KUN release of the Equator trading pool speed in order to appropriately stabilize the KUN price, and at the same time reduce the profitability of speculative funds, and provide higher market-making income for loyal market-making funds. Therefore, the proposal will be submitted to the community for discussion. There are currently three sets of plans, and community members need to discuss and vote on which set of plans to adopt, or create new plans:
Reward: 3,888 KUN/day (76.98% reduction in production), duration: 14 days
Reward: 8,688 KUN/day (48.56% reduction in production), duration: 14 days
Reward: 13,888 KUN/day (17.76% reduction in production), duration: 14 days
- Initial QUSD and KUN trading pairs on Pancake, and provide appropriate liquidity incentives:
Add BNB/QUSD BTCB/QUSD DOT/QUSD EOS/QUSD LINK/QUSD FIL/QUSD FOR/QUSD trading pair, and its LP token will be locked to mining Mining contracts for mining. Reward: The LP token lock-up reward for each trading pair is 1,688 KUN/day for 14 days.
Add YFI/QUSD YFII/QUSD trading pair. Reward: 1,888 KUN/day for 14 days.
Add KUN/BNB trading pair. Reward: 1,688 KUN/day for 14 days.
- Initial QUSD and BUSD, USDC trading pairs on StableXSwap, and provide appropriate liquidity incentives:
Add QUSD/BUSD QUSD/USDT QUSD/USDC trading pairs, and the LP tokens will be locked to mining Mining contracts for mining. Reward: The LP token lock-up reward for each trading pair is 2,888 KUN/day for 14 days.
The trading pool of StableXSwap has not yet been launched. Mining rewards will be started after it is launched.
The mechanism of the project combines the characteristics of Uniswap and Curve. Its advantages are lower transaction fees (about 0.06%) and slippage, and users can enjoy dual mining of KUN and STAX tokens. The risk is that its algorithm has not been actually verified, and the code may also have bug that may cause the user's capital loss. Users who go to deposit and trade should pay attention to the risk.
Finally, all community members are invited to discuss the third round of liquidity mining parameter proposals mentioned above. If there are no obvious objections or amendments in the comments on this post, David will initiate a vote for the proposal after 24 hours. The voting lasts for 24 hours. The execution will trigger immediately after voting end.