Hey everyone, hope you all had a great Christmas and New Year. Please find below our GP9 post distro report and our GP10 Rewards Plan.
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so will you again be using the marketing funds in G10 to pay for your NFTs? Imo you should use TDR funds for that even it is a novel gamification concept
“All rewards were distributed to goASSET pairs via PACT pools excluding 6.6% which were retained for x-NFT series 2 and was utilised for onchain costs related to x-NFT (minting NFT’s, loading HONE contracts etc) and remuneration for the artist.”
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Yes Lobo we will and as always those assets will be distributed to LP providers as X-NFT, the same mechanism as in previous epochs.
Just looking at the post distribution report. It looks like for GP9 that the TDR has been ineffective in increasing the amount of BTC and ETH bridged onto Algorand using AlgoMint? With a 750,000 Algo spend to attract people to bridge, both BTC + ETH has experienced a significant amount bridged back to their native chains. People are bridging the wrong way!
186 BTC → 162.7 BTC
2549 ETH → 1273 ETH
Is there analysis of why this might be? Are other incentives for wBTC and wETH cannibalising the use of goAssets? (Folks had a partnership with wBTC/wETH but not goAssets last period - which might have had a negative effect - I don’t have the wBTC + wETH numbers to compare). Or is it as simple as the increase in asset price had people moving back to sell?
I’m pointing out as I care deeply about growing users on Algorand and am concerned that there’s a general lack of awareness or marketing effort made alongside these incentives meaning that they largely go unnoticed by anyone but existing users.
This isn’t something I aim at AlgoMINT alone… there’s only so much a small team can do, it’s the responsibility of the AF and every protocol to use their reach. I don’t even know who to contact to ask what the plan is which is why I’m posting here. How can the community help?
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The majority of this was due to VC’s removing a large amount of goBTC due to the Algofi sunset. They also withdrew a large amount of ETH.
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Do they account for all of it? or just some of it?
ETH dropped by almost exactly half…
From the outside it looks as though people just split their ETH to goETH/wETH to farm ‘risk free’ pairs?
I think the strategy of high incentives for goETH/wETH and goBTC/wBTC needs to be looked at.
They are right near the highest allocations from Pact and have a tiny trading returns for LP providers without rewards - 0.10%, they aren’t being traded in volume… because they’re basically the SAME asset. It’s a glorified deposit APR.
Would that allocation not be better going towards goETH/USDC and goBTC/USDC, and wBTC/USDC and wETH/USDC pairs which aren’t incentivised at all?
Or bolstering the Algo pairs on all those assets?
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either a VC or algomint themselves are depositing most of that goETH-wETH and goBTC-wBTC liquidity and farming it
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It might be the case. I think VCs are going to deploy their capital however works best… the issues for me is that it didn’t work in GP9 (there’s less goBTC and less goETH on-chain than before) and the plan appears to be to do same thing again and expect a different result.
Propping up LPs that will literally die the moment rewards stop. No-one is depositing goBTC/wBTC pairs for 0.1% return in trade fees. They only act to peg both assets - arb bots probably the only active trades. We’re kicking the can down the road… if we want deposit incentive for BTC and ETH it should be via Folks, not in matching LP pairs
And I can’t find anyone who knows who is on the defi council and should be overseeing the strategy to all of this 
BTC and ETH are notoriously hard $$$ to attract - they hold to NOT fugg with alt layer 1s… let alone bridge risk, and so much of the TDR is focussed on it.
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and on top the goBTC basket itself can be used to swap between those assets for a fixed fee
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What is the marketing plan consist of. I don’t see anything except partnering with the same people who are getting the TDR as well. Seems to be a copy paste statement made by everyone.
Propping up TVLs does not help anyone if you guys have not increased visibility and or any visible sales. I would suggest stepping away from the same companies on Algorand and reach cross chain or with the community in efforts to increase your value in this market, also a better detailed plan with specifics would be good.
Hi,
AlgoMint, maybe you can incentivize bridging itself? People who bridge tokens onto Algorand will share some amount of ALGOs? Also people who use baskets will share some pool of ALGOs. Will be shared among users end of period based on volume & number of actions. This will incentivize people to use bridges and baskets.
Also increase that xUSD basket limit!
I also think you should incentivize deposits on Folks Finance. Good to get that capital to flow and move.
This doesn’t mean you shouldn’t incentivize liquidity pools at all. Maybe allocate 20% platform users (bridge, basket), 20% Folks & 60% LP. You do the math but just an idea.
Main focus should be how to get more capital onto Algorand.
Best regards,
ROAM
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Unfortunately we cannot use rewards to incentivise bridges as we are required to distribute to dex’s. Agree we need to get more inflow and having a discussion around this would be beneficial.
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Hey folks, Algomint has taken in to account community feedback and made some variations to the GP10 TDR plan removing incentives from some smaller more exotic pools and increasing rewards to a select number of more significant pairings.
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