Summary
We propose that the participants of the new 1inch double liquidity mining program will be rewarded with 150’000 $OPIUM tokens from the Ecosystem Fund via 1inch farming mechanism during the next 6 months period.
Rationale
1inch is a DEX aggregator that combines liquidity from major DEXes. 1inch achieves the lowest slippage by splitting orders among multiple DEXes in one transaction and bridges the liquidity if a specific trading pair lacks liquidity in all DEXes.
Together with 1inch Exchange, we decided to create a double liquidity mining program for 1INCH-OPIUM pair. Further information will be provided in the Medium article.
In case of approval, the aforementioned double liquidity mining program will start on 30 Mar 2021 at 9 PM UTC.
We liked the initiative and decided to propose token holders to support this initiative (via voting).
TODO
Distribute 150’000 $OPIUM tokens among participants of 1INCH-OPIUM double liquidity mining program over a six-month period
Will it be on ETH? Will we need to restake our LP tokens in a different pool? Will the OPIUM rewards be distributed via DR.OPIUM? Will Snapshot be superseded by this proposal?
Yes, it’s a different pair (1INCH-OPIUM); therefore it will be another pool. This means a separate staking and farming process from the ETH-OPIUM pair. $OPIUM rewards for that particular pool will be distributed through 1inch Farming mechanism.
No, the proposal is about another pool, which already runs for 2 months.
I misread, oops So this will be a different pool with 150,000 OPIUM rewards over 6 month (not via DR.OPIUM) and there will also be 1inch rewards. Am I right?
Is there not a way this extra reward can be distributed through the current LP? Seems to me we’re going to have to withdraw from the currently liquidity pool if we wish to join, then create new LP tokens to then restake, gas fees will be enormous for small LP providers. Correct me if I’m wrong.
Yes, but there will also be new stakers joining for the farm rewards. So that will be good for exposure and probably the price of Opium. The current ETH-Opium pool will be topped up so no need to switch for staking rewards.
So this will be a different pool with 150,000 OPIUM rewards over 6 month (not via DR.OPIUM) and there will also be 1inch rewards. Am I right?