WIP29:流动性挖矿方案 V2 / Liquidity Mining Program V2

1 、前言

提案编号:WIP29
提案名称:新流动性挖矿方案 V2
提案作者:Core Devs
有关提案:WIP28
替换提案:无

2 、摘要

本提案中提出了流动性挖矿方案 V2。核心开发团队提议调整目前以太坊主网挖矿逻辑,确定 WPC 开放领取后的流动性挖矿规则,并授权由核心开发团队按照新的规则定期调整 WPC 分配速率。

3 、动机

本提案主要是为了更新 WePiggy 在所有网络的挖矿逻辑,提升协议的整体资金利用效率和挖矿激励效果。

核心开发团队认为,在 WPC 面临减产 70% 的背景下,更应该定期调整各个链的流动性挖矿机制参数,让分配到各个链的 WPC,能够更为高效和精准地激励存款和借款用户。

为了尽可能消除市场变化、社区决策与开发执行之间的时间差,更好更快地维护 WePiggy 的流动性挖矿机制,核心开发团队愿意在获得社区的授权后,开发专门的工具和功能,定期更新各个链的流动性挖矿机制参数。同时,这也有助于用户、矿工和社区成员实时监督协议的运转。

4 、正文

4.1 调整目前以太坊主网挖矿逻辑

核心开发团队建议修改以太坊主网目前使用的 pToken 存币挖矿逻辑,采用与其它网络一致的存款和借款挖矿机制,无需质押 pToken 即可获得 WPC,以释放以太坊上 pToken 的可组合性,降低用户参与挖矿的成本,也大大减少调整矿池参数所产生的合约升级成本。

具体规则:

升级前的以太坊流动性挖矿逻辑为:

存款挖矿:需将存入资产时得到的存款凭证 pToken 存入对应的矿池 (奖励占40%)
借款挖矿:借款即挖矿 (奖励占60%)

升级后的以太坊流动性挖矿逻辑为:

存款挖矿:存款即挖矿 (奖励占50%)
借款挖矿:借款即挖矿 (奖励占50%)

4.2 确定 WPC 开放领取后流动性挖矿规则

4.2.1 终止空投池产生新的 WPC

在 WPC 开放领取之后,空投池完成了它的历史使命,将不再产生新的 WPC。

4.2.2 定期按照各链上的协议存款总规模占比分配 WPC 产量

核心开发团队认为,分配到各个链的 WPC 应与该链为协议所贡献的资金量成正比。这样有助于客观反映协议在各个链上的综合发展情况和用户活跃度,避免过度或无效的激励。具体做法是:

每个月,根据当月各链每日存款市场总规模的平均值占比,确定并更新以太坊主网与其它所有链之间的 WPC 分配比例。

每个星期,根据除了以太坊主网之外,各链每日存款市场总规模的平均值占比,确定并更新多链部署计划中各链的 WPC 分配比例。

受限于高额的使用成本,以太坊网络的流动性挖矿机制参数不宜频繁调整。

举例来说:

假设 1 月 1 日,我们调整所有链的 WPC 分配比例,若此时各链每日存款市场总规模平均值为:

链名称 日平均存款市场总规模 WPC 分配比例
ETH $ 50,000,000 50%
OEC $ 15,000,000 15%
BSC $ 10,000,000 10%
Polygon $ 3,000,000 3%
HECO $ 3,000,000 3%
Arbitrum $ 15,000,000 15%
Optimism $ 4,000,000 4%
总计 $ 100,000,000 100%

由此,可知本月以太坊主网与各链之间的分配占比为:50∶50。

一周后,1 月 8 日,我们只调整除以太坊主网之外,各链之间的 WPC 分配比例。

链名称 各链每日存款市场总规模 多链部署计划内部占比 WPC 分配比例
OEC $ 20,000,000 31.25% 15.625%
BSC $ 15,000,000 23.4375% 11.71875%
Polygon $ 3,000,000 4.6875% 2.34375%
HECO $ 3,000,000 4.6875% 2.34375%
Arbitrum $ 18,000,000 28.125% 14.0625%
Optimism $ 5,000,000 7.8125% 2%
总计 $ 64,000,000 100% 50%

按这个方式连续操作四周左右。

2 月 1 日,也就是一个月后,我们将连同以太坊主网考虑在内,再一次调整所有链的 WPC 分配比例。

4.2.3 定期调整每条链上的协议内各资产之间的 WPC 分配速率

市场数据显示,大部分借贷协议最重要的收入来自稳定币资产的借贷业务。可以说,稳定币资产的存款量和借款量成为衡量一个借贷协议是否强壮的关键指标。

核心开发团队建议对稳定币资产分配更多的 WPC,以激励该项业务的发展。其他资产在用户借贷稳定币资产的过程中会得到自然的增长。具体做法是:

1. 按照协议内的资产分类,确定 WPC 分配速率占比

由于稳定币资金池体量是大部分用户使用借贷协议的关键评价标准,核心开发团队建议将协议内资产分成稳定币资产以及其它资产两大类:

稳定币资产的 WPC 分配速率占比:约 80%

其它资产的 WPC 分配速率占比:约 20%

注:由于各个链的存款实时变动,80∶20 的比例并不是绝对,允许存在小于 10% 左右的偏差。


2. 同类型资产之间的 WPC 分配速率计算

同类型资产之间,根据各资产每日存款市场规模的平均值占比确定 WPC 分配速率。


3. 调整周期

以太坊每月修改一次,其它各链每星期修改一次。


举例来说:

某条链上有 USDT, USDC, DAI 三种稳定币,WBTC, ETH, LINK, UNI 四种其它资产,总奖励为 100 WPC/天。

资产名称 每日各存款市场规模 内部占比 系数 奖励 (WPC/天)
USDT $ 10,000,000 1/3 80% 26.6666
USDC $ 10,000,000 1/3 80% 26.6666
DAI $ 10,000,000 1/3 80% 26.6666
WBTC $ 10,000,000 1/3 20% 6.6666
ETH $ 10,000,000 1/3 20% 6.6666
LINK $ 5,000,000 1/6 20% 3.3333
UNI $ 5,000,000 1/6 20% 3.3333
总计 $ 60,000,000 100

4.3 授权核心开发团队按以上规则定期调整 WPC 分配速率

核心开发团队计划逐一开发以下功能:

1、按照新流动性挖矿方案,计算 WPC 分配速率的脚本,避免人工操作的可能失误。

2、流动性挖矿数据看板,用于直接读取合约,实时公示所有链上各个资产借贷市场的合约信息,存款规模,借款规模,以及每周分配到的 WPC 数量等。一方面,方便社区成员监督,另一方面,矿工可以根据数据看板调整资产配置,最大化收益。

核心开发团队希望获得社区的授权,按照以上规则,定期使用自动化脚本计算,执行合约多签操作,完成 WPC 分配速率的调整,以免每周发起大量的同类提案。同时,社区可以通过链上行为和流动性挖矿数据看板实时监督。

5、选项

1、同意此计划
2、反对此计划

--------In English----------

WIP29: Liquidity Mining Program V2

1. Preamble

Proposal Number: WIP29
Proposal Title: Liquidity Mining Program V2
Proposal Author(s): Core Devs
Related Proposals / Dependencies: WIP28
Replacement Proposal / Replaces: N/A

2. Abstract

This proposal presents the liquid mining program V2. The core development team proposes to adjust the current mining logic on Ethereum mainnet, determine the new liquidity mining rules after WPC token is open for claim, and give the core development team the authority to periodically adjust the WPC distribution speed according to the new rules.

3. Motivation

The main purpose of this proposal is to upgrade the mining logic of WePiggy in all networks and improve the overall capital utilization efficiency and mining incentive effect of the protocol.

The core development team believes that with the 70% reduction in WPC distribution, it is more important to periodically adjust the parameters of the liquidity mining mechanism on each chain, so that the WPC allocated to each chain can more efficiently and accurately incentivize deposit and borrowing users.

In order to eliminate as much as possible the time gap between market changes, community decisions and development execution, and to maintain WePiggy’s liquidity mining mechanism better and faster, the core development team is willing to develop specialized tools and functions to periodically update the liquidity mining mechanism parameters on each chain with the authorization of the community. Also, this will help users, miners and community members to monitor the operation of the protocol in real time.

4. Specification

4.1 Upgrade the Current Mining Logic on Ethereum Mainnet

The core development team proposes to change the pToken deposit mining logic currently used on Etheruem mainnet, switch to the deposit/borrow mining mechanism consistent with other networks, that is, deposit mining can be realized without staking pToken, to release the composability of pToken on Etheruem, reduce the cost of user participation in mining, and also greatly reduce the cost of smart contract upgrades caused by adjusting the parameters of the mining pool.

Specific rules:

Before the upgrade:

Deposit mining: users need to stake their pTokens into the corresponding mining pools (40% of WPC rewards)

Borrowing mining: borrowing is mining (60% of WPC rewards)

After the upgrade:

Deposit mining: Deposit is mining (50% of WPC rewards)

Borrowing mining: Borrowing is mining (50% of WPC rewards)

4.2 Determine the New Liquidity Mining Rules after WPC Token is Open for Claim

4.2.1 Terminate the WPC distribution from the airdrop pool

After the WPC is open for claim, the airdrop pool has completed its historical mission and will no longer pool new WPC tokens.

4.2.2 Periodically adjust WPC distribution speed according to the proportion of the total deposit market size on each chain

The core development team believes that the WPC allocated to each chain should be proportional to the total value of funds contributed to the protocol by that chain.

It is helpful to objectively reflect the comprehensive development situation and user activity of the protocol on each chain, and avoid excessive or ineffective incentives.

Specific approach:

Every month, according to the ratio of the daily average of the total deposit market size on each chain in this month, determine and update the WPC distribution speed between the Ethereum mainnet and all other chains.

Every week, according to the ratio of the daily average of the total deposit market size on each chain in this week, determine and update the WPC distribution speed for each chain, except for Etheruem mainnet.

Due to the high cost of usage, the parameters of the liquidity mining mechanism on Etheruem mainnet should not be adjusted frequently.

For example:

Suppose that on January 1, we’re adjusting the WPC distribution speed for all chains, if the daily average of the total deposit market size for each chain at this time is:

Chain name Daily Avg. Total Deposit Market Size WPC Distribution Proportion
ETH $ 50,000,000 50%
OEC $ 15,000,000 15%
BSC $ 10,000,000 10%
Polygon $ 3,000,000 3%
HECO $ 3,000,000 3%
Arbitrum $ 15,000,000 15%
Optimism $ 4,000,000 4%
In total $ 100,000,000 100%

As a result, we can see that the distribution proportion between Etheruem mainnet and all other chains is 50:50 for this month.

One week later, on January 8, we only need to adjust the WPC distribution speed between each chain except for Etheruem mainnet.

Chain name Daily Avg. Total Deposit Market Size Internal Proportion of Multi-Chain Deployment Plan WPC Distribution Proportion
OEC $ 20,000,000 31.25% 15.625%
BSC $ 15,000,000 23.4375% 11.71875%
Polygon $ 3,000,000 4.6875% 2.34375%
HECO $ 3,000,000 4.6875% 2.34375%
Arbitrum $ 18,000,000 28.125% 14.0625%
Optimism $ 5,000,000 7.8125% 3.90625%
In total $ 64,000,000 100% 50%

In this way, continuously adjust for about 4 weeks.

On February 1, which is one month later, we will adjust the WPC distribution proportion of all chains once again, taking into account the Ethereum mainnet.

4.2.3 Periodically adjust the WPC distribution speed between assets in the protocol on each chain

Market data shows that the most important income of most lending protocols comes from the lending business of stablecoins. Arguably, the volume of deposits and borrowing from stablecoin assets becomes a key indicator of the robustness of a lending protocol.

The core development team proposes to allocate more WPC rewards to stablecoin assets to incentivize the development of this business. Other assets will naturally grow in the process of users borrowing stablecoin assets.

Specific approach:

1. Determine the WPC distribution proportion, according to the asset classification within the protocol

Since the size of the stablecoin market is a key evaluation criterion for most users of the lending protocol, the core development team recommends that the assets in the protocol should be divided into two types: stablecoin assets and other assets:

WPC distribution proportion for stablecoin assets: ~80%

WPC distribution proportion for other assets: ~20%

Note: The ratio of 80:20 is not absolute due to real-time changes in deposits on each chain, and a deviation of less than 10% is allowed.

2. Calculation of the WPC distribution speed between the same asset types

Among the same type of assets, the WPC distribution speed is determined according to the proportion of each asset’s daily average deposit market size.

3. Adjustment frequency

Etheruem once a month, all other chains once a week.

For example:

There are 3 stablecoins USDT, USDC, DAI and 4 other assets WBTC, ETH, LINK, UNI in WePiggy’s lending market on a chain with a total reward of 100 WPC/day.

Asset Name Daily Avg. Deposit Market Size Internal Proportion Factor Reward (WPC/Day)
USDT $ 10,000,000 1/3 80% 26.6666
USDC $ 10,000,000 1/3 80% 26.6666
DAI $ 10,000,000 1/3 80% 26.6666
WBTC $ 10,000,000 1/3 20% 6.6666
ETH $ 10,000,000 1/3 20% 6.6666
LINK $ 5,000,000 1/6 20% 3.3333
UNI $ 5,000,000 1/6 20% 3.3333
In total $ 60,000,000 100

4.3 Authorize the Core Development Team to Periodically Adjust the WPC Distribution Speed According to the Above Rules

The core development team plans to develop the following functions one by one:

1 . Develop scripts to calculate the WPC distribution speed in accordance with the new liquidity mining program to avoid possible mistakes in manual operations.

2 . The liquidity mining data dashboard, directly reading the smart contracts, and real-time publicizing the contract information of each asset lending market on all chains, the deposit market size, the borrow market size, the WPC rewards per week.

On the one hand, it is convenient for community members to supervise, on the other hand, miners can adjust their asset allocation based on the data dashboard to maximize their profits.

The core development team hopes to be authorized by the community to use automated scripts to calculate new speeds periodically, execute contract multi-signature operations, complete the adjustment of WPC distribution speed in accordance with the above rules. So as to avoid initiating a large number of similar proposals every week.

At the same time, the community can supervise in real time through the on-chain behaviors and liquidity mining data dashboard.

5. Option Description

Option 1: For this plan
Option 2: Against this plan

2 Likes

更公平的分发WPC,支持。

感觉这个分配方案,有点过于复杂了,太复杂的东西,就容易出错,比如定期执行脚本,有点不太去中心化

这个方案其实参考了Compound近期的挖矿方案,同时因为是脚本执行,反而不容易出错,人工比较容易出错,也没那么及时。其实Sushi也是形成了一个流动性挖矿的激励制度,然后定期根据币种和流动性,按照制度来去及时调整的。

目的就在于:要激励,但不能再粗放操作了。毕竟发币后,WPC 都有了市场价格。只要确保激励水平相比同行而言,对储户有足够吸引力,又不至于给价格带来太大压力,伤害持币用户的短期利益。之前用户也反映过一些币种的激励过多,但是因为我们不可能人工一直关注市场的TVL变化,只能靠机器才容易及时发现数据变动,并调整。

就是考虑到可能的中心化问题,所以才会计划开发数据看板方便社区实时监督,了解各个市场分配的WPC情况,是否有严重问题。有问题,就及时发现和提出。

5 Likes

未来的借贷协议,也就是去中心化银行一定是会保持很长时间的挖矿补贴的。就看哪个协议能对自己的代币激励作出更为科学和合理的激励设置。即补贴用户,又不至于形成太大的抛压。这样才能保证长期的发展,形成护城河。

2 Likes

支持,我觉得挺合理的

看起来复杂,其实这套的实质是:

1、按照流动性的贡献给各个链激励,谁冲的多,分的奖励就多,很合理啊

2、给与稳定币资产更大的奖励权重,仔细想想,市场利用率最高的就是稳定币,往往接近80%,是最有效的市场,有借款才有收入嘛,所以这是合理的。毕竟以前盲挖,大矿工或者其它机枪池之类的,没办法加入进来,但是现在是实打实的Money了,如果产出收益不成正比,资金不会买账,p.s:除了我这种铁头娃之外

其实,多链蛋糕分配的问题,最完美的体系当然是,随时可以去奖励到对流动性贡献大的资产。但是明显成本摆在那里,所以需要按周,按月的调整。

最后,我觉得前期可以按照这样的模式跑一下,看一段时间,比如2个月的效果怎么样,再来优化,讨论。

2 Likes

个人觉的BTC ETH 主流资产可以调整下权重比。 相对公平些。

老哥,发币之后,收入来源最重要了,仅仅只是存款,如果不是稳定币,对协议就没那么大帮助了,而BTC,ETH会因为庞大的基数,去挤压别的资产的空间。其实即便这里给再高,实际是白嫖,大量资金涌入,最后还是大户赚了,把协议的血吸了。因为除了稳定币之外,别的资产,别人借的欲望不高,没人借款,协议收益小,还白送钱,把自己的系统弄崩就太傻了,所以注定是不能调高的。

2 Likes

保证投资者有稳定但优于其他平台的收益,也保证项目方本身的利益,同时一定考虑小散的进入门槛,这对传播帮助会很大!

支持此流动性挖矿方案

感谢回复,先跑一段时间看看效果

支持此方案,先跑起来看看

支持,楼上熊猫:panda_face:总结的很好了,我觉得还是很公平的,兼顾了用户和平台的利益。

可以想办法让更多人的人参与进来,其实拥有btc和eth的并不是大多数人,可以调整比重

現在就是在爭流動性的年代呀