List iBTC/aUSD pair on Acala Swap and incentive program for iBTC/aUSD liquidity providers

Summary

This proposal will start the bootstrapping period for trading pair iBTC/aUSD on Acala Swap.

Proposal

  • Enable Bootstrap for iBTC/aUSD pool at block #1623724 (est. 2022/08/11 14:00 UTC)
  • 48 hours of bootstrapping period ends at #1638124 (est. 2022/08/13 14:00 UTC)
  • Minimum liquidity target is 1.1 iBTC OR 25,000 aUSD
  • Minimum contribution requirement is 0.0003 iBTC OR 5 aUSD

No trading is allowed during Bootstrap, and trading can only be enabled once the following criteria are met:

  • The Not Before block #1638124 (est. 2022/08/13 14:00 UTC) has passed AND
  • Either the pool has 1.1 iBTC OR 25,000 aUSD in liquidity
  • Both iBTC & aUSD have >0 liquidity

If this referendum passes, and Bootstrap kicks off:

  • It will start at block #1623724 til #1638124 (roughly 48 hours)
  • NO trading is allowed during this period
  • You can contribute liquidity for iBTC, or aUSD, or iBTC & aUSD at the same time. The actual exchange rate of iBTC/aUSD can only be known once the Bootstrap is completed .
  • At the time of your contribution, you are allocated a number of LP tokens, and indicative LP shares of the pool, which are subject to change as more liquidity is added.
  • You should only participate if you want to become a liquidity provider for the pool. Please be aware of various risks associated with being a liquidity provider.
  • If you just want to trade, then please wait till the trading is enabled.

Incentive Program

Interlay has allocated 481,000 INTR for an incentive program for the liquidity provider of iBTC/aUSD pool with a total duration of 90 days.

  • Pool Incentives:
    • INTR: 481,000 INTR Tokens
    • ACA: 156,250 ACA Tokens
  • Duration: from block #1638124 (est. 2022/08/13 14:00 UTC) to #2286123 (est. 2022/11/11 14:00 UTC)
  • Loyalty Bonus Percentage: 50%
    • Claim rewards before loyalty program ends will void loyalty bonus, which is 50% of the rewards. Read more here.
    • Claim rewards after loyalty program ends (#2286123) will be eligible for the loyalty bonus.

Additional Links

  • On-chain proposal: No on-chain proposal yet. Will be created shortly.
3 Likes

The post says an on-chain proposal would be created, but to my knowledge this never happened. This proposal was implemented without any on-chain vote. How was this possible? If the community were able to analyse the on-chain proposal and hold a vote then perhaps the damage from this buggy listing could have been avoided.

2 Likes

100% agree

This should be one of the first proposals being made for governance after the operations are fully resumed:
Any new LP being introduced should pass a community proposal, where the users can review a decoded metadata of:
tokens included
rewards included (and their ratios, applicable)
etc

1 Like