How about this? Need your discussion and feedback.
I suggest the USDC mining incentive should be higher in amount. We want to have a bigger pool in USDC right?
Looks good to me. The FNX pool should be higher so people are more inclined to buy fnx over usdc.
I agree that FNX should be higher than USDC or there should be other means to benefit FNX holders. You could increase USDC APY when holding/staking FNX instead.
I think the diagram attempts to show that staking FNX would be a boost to FNX rewards on the USDC pool. The interesting thing here is, unlike CRV or HEGIC, where the staking lots are essentially unproductive capital, we have a chance with FPO to use the FNX pool as collateral AS WELL AS having it serve as the place where you stake a minimum threshold of FNX to boost your rewards on stablecoin assets.
Well Mining APR in FNX pool could be higher, but there are a lot more USDC on the market than FNX, and we need a big USDC pool in order to make the FPO have a deep liquidity.
So suppose we want the USDC pool to be 10 times bigger than the FNX pool, the mining incentives allocated to USDC pool could be 3-5 times more than the FNX pool.
I think the APY will have to be bigger in the usdc pool. However, there must be a counterpart. Unisawp does not ask for 50% in ETH?
Why doesn’t FinNexus charge 30% on FNX?
If I want to invest 100 thousand usdc, I will also have to put the equivalent of 30 thousand usdc in FNX in the FNX pool.
Yes Basic idea is when you invest usdc you have to lock some FNX. We are descussing some details now. Lock, boost and vesting.
this is terrible idea.
we dont have many users - but guess what - make it even harder for them - and they must have skin in the game to use platform - its like tesla would said - oh - you cant buy car unless you have 20% of value invested in our stock
the idea of whole FNX utility as pool asset - is all wrong
it goes all against the market
fnx should have whole different utility - that would make sense - not the one - that you need to incentivise because nobody would use it.
maybe the part of locking fnx to some boost can make sense - but anyway - its just a temporary solution - i mean fnx pool doesnt make a sense in long term.
You should definitely come up with other utility for fnx.
And leave USDC,ETH,BTC - and maybe some more underlying assets as pool assets.
I like the general idea.
Definitely APY should be higher and the mining should be more attractive and interesting than right now.
Plus, I suggest raising the mining return for Uniswap ETH/FNX all together.
How about we apply sth like what Curve does, by including a boosting factor according to the vesting period or lockup period.
The longer one locks the FNX tokens, the higher rewards
This is my thought:
The new mining will be somehow a bit like what CRV does.
1\ A joint mining pool is created, FNX and USDC pool contributors can collateral their FPT (pool share tokens) in the contracts to mine FNX.
2\ The basic mining quota is fixed daily and shared among all miners.
3\ The basic mining quota will be at least 2x than the amount right now.
4\ Different weights will be given to the FNX and USDC pool tokens. But the highest weights will be give to the part that simoutaneously participating in both of the two pools, like 10x. (to enough participation in both of the two pools)
5\ FNX pool token will be locked. The longer they lock, more FNX will be mined. e.g. locking 3 years will have 3x in mining.
6\ option tx fees will be collected from the USDC pool and redistributed to the locked FNX pool participants.
Agree with Ryan. No Farm and dumping. Let’s stake
Would it be possible to create an ETH pool again, this time, only ETH? I believe that the year 2021 will be very bullish for ETH, and we would not be divided between giving liquidity to the pool with usdc and losing an ETH race. What do you think? I put that on the forum too.
I personally don’t think it is a good idea now.
ETH pool can only issue ETH options, and it will be wierd to write options with other underlying assets, like BTC or XRP, as they are settled in the currency of ETH.
Therefore, it will be of little usecases and contradictory to the protocol’s universal intention.
Probably something we can think about once the USDC pool reaches a certain depth.
We have a dangerous situation for the usdc pool in 2021. Several times it will be drained or it will not have the desired growth, as people will bet on the cryptocurrency market that has been advertised as the biggest bull run of all time.
How about the ETH pool, receiving rewards in FNX and only being able to bet on options with the rewards?
And those rewards are less than the other pools. It can be an option for those who want to accumulate ETH and have little capital to invest in alternative currencies.
The same goes for Bitcoin perhaps.
USDC and other stable coins are like current assets, while BTC and ETH are somehow fixed assets, like in a crypto investor’s balance sheet.
No matter how bullish or bearish the market will be, there is always a balance between the two in a healthy financial statement.
On the contrary, in the bulls, the need for liquidity will be largely increased, and that’s why there are constant new issuance on USDT and USDC.
The logic above will not stand IMO.
I like the idea connecting the two pools.
But I think
1\ APR should be higher;
2\ There should be a choice for newcomers. They may not want to lock FNX for 3 month. Maybe a choice for locking for 1 week or no lockup at all. Of course the rewards should be much lower.
What do you think of this plan?
Key points in the new mining mechanism:
- Largely increasing mining incentives compared with the current plan.
- Creating a joint mining pool with new mining contracts for both USDC and FNX pools.
- Encourage the simultaneous contributors in both pools with higher mining rewards.
- Introducing a boosting factor according to the lockup period in the FNX pool.
- All FNX mining incentives are vested and linearly released in 6 months.
How to mine FNX？
- Either USDC and FNX contributors in the FPO USDC and FNX liquidity pools can participate in FNX mining, by simply staking FPT-A or FPT-B pool share tokens in the mining contract.
- Each user’s mining power will be scored by the staking amount of FPT-A or FPT-B tokens.
- Each of FPT-A and FPT-B is scored as 1 point, while one pair of the overlapping FPT-A and FPT-B is scored as 20 points.
- The intention of the mining is to increase the TVL in the FPO, especially in the USDC pool. When calculating the overlapping FPT-A and FPT-B, different weights of the two FPT tokens will be given.
- The share/weight of a miner is calculated as his/her mining score divided by the total mining score of all miners.
- The total basic mining reward is set to be 8,000 FNX/Day.
- FPT-B is required to be locked for a minimum period of 15 days, to participate in basic mining. FPT-A is not required to be locked.
User’s mining score = amt of FPT-A + amt of FPT-B + min(amt of FPT-A, 10×amt of FPT-B)×20
Share of a miner = one’s mining score / total score of all miners
Basic mining Amt = Total Basic Reward × Share of a miner
Total Basic Reward = 8,000 FNX/Day
- A boosting factor is added as the multiplier of the basic mining amount.
- The longer one locks FPT-B, the higher boosting one may get in mining.
- The basic requirement of the locking period is 15 days, after that, there is no lockup requirement and FPT-B can be transferred or removed anytime. The boosting factor is 1.
- The boosting factor can be increased by locking FPT-B for a longer period.
- The locking period can only be increased rather than decreased.
- The boosting factor is decaying as time moving forward. For example, if one locks FNX for 6 months, after 3 months, the boosting factor decays from 6 to 5.
|locking period||15 days||3 months||6 months||9 months||12 months||15 months||18 months|
|locking period||21 months||24 months||27 months||30 months||33 months||36 months|
Boosted mining Amt = Basic mining Amt × Boosting Factor
Vesting of mined FNX
- All FNX mined will be vested and linearly released in 6 months.
- cFNX token will be minted and claimed anytime as a voucher for mining rewards.
- cFNX token is transferable on the market.
- cFNX can be transferred to FNX at a 1:1 ratio.
- Once sent to the conversion contract, cFNX will be burnt and ⅙ FNX can be claimed monthly in 6 months.