GP12 DeFi Rewards (TDR) Proposal - Cometa

Governance Rewards Proposals
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Hola Algorand! We are honoured with Targeted DeFi Rewards this time.
And we have a master plan for using it the most efficiently, which we want to discuss with you. Please tune in!

50% — META pools

Cometa token is strongly connected within the whole Algorand DeFi, a variety of tokens, which provides deep liquidity to any new token.
So now we’re focusing fully on stable liquidity (but still do not forget a few amazing community projects).

With our upcoming Launchpad and a few other minor features, the token’s stability will bring great value to the whole ecosystem.

  • 12% — META/ALGO Tinyman
  • 8% — META/USDC Tinyman
  • 6% — META/gALGO Tinyman
  • 6% — META/goBTC Tinyman
  • 6% — META/wETH Pact
  • 6% — META/GOLD$ Pact
  • 2% — META/mALGO Pact
  • 2% — META/COOP Pact
  • 2% — META staking

20% — Boost Bridged and RWA tokens

Cross-chain and RWA liquidity make the ecosystem DeFi more stable and robust.
Enough of those ALGO chart dances, let’s make it properly liquid.
Our team believes that the following tokens deserve much more attention than they currently have.

We will incentiveze all the farming pools with LPs using one of the following tokens:

  • GOLD$, SILVER$
  • wBTC, wETH, wAVAX, wSOL, wLINK
  • goBTC, goETH
  • EURS, USDT

The rewards will be distributed among all the qualified pools for the next 90 days after the start.

  • A pool gets the amount which is proportional to the total $ cost of the provided rewards.
  • If the price is not stable enough, we’ll take the minimum price for the recent period to calculate the cost.
  • If a pool duration is shorter than 90 days, the share will be cut accordingly.

x2 Boost to small & new projects!

Incentivizing already popular and big tokens makes little sense, frankly.
So instead we’ll help smaller projects to grow faster!
It will bring much more relative impact for the same amount of rewards, which could be wasted on the big tokens.

To be eligible for x2, a token has to:

  • be created before 22 of April 2024
  • have stable liquidity < $20k (without messing with it beforehand, we’ll analyze the charts)
  • have an active Twitter

The same rewards distribution rules apply.

30% — Deeply connect Algorand and Base communities!

Farcaster is a new amazing social crypto platform that has gained huge attention, mostly of the Base blockchain community.
Dope features with smart built-in DEGEN tokenomics make if very active and growing fast.
We see a no-brainer way to connect Algorand and Base via Farcaster, its current state and features.

Killer-feature of Farcaster is the ability to integrate any Javascript code into any post!
This is the next level stuff. Imagine doing DeFi never leaving the Twitter?

We want to utilize it while it is still early days and literally integrate Algorand DeFi into Farcaster posts feed.

One of the key Farcaster features is token DEGEN and its degen tokenomics ($800m FDV).
We’re going to leverage that hard.
We’ve already bridged the token to the Algorand with the help of Messina team.

And we’ve already performed the successful test of the plan!!

We’ve developed the simplest app and posted it in Farcaster, check it out Warpcast

The app allows you to:

  • create a new Algorand wallet
  • claim DEGEN on Algorand wallet
  • claim an NFT to Algorand wallet

With that we made 15 Farcaster users to create Algorand wallets and understand how it works.
And it is without any funding, promotions and with the app full of bugs.
With proper funding we have 100% potential to make a really HUGE impact:

  • we’ll attract people from Algorand to Farcaster, to spread the word about Algorand and assimilate algofam in Farcaster, making it Algorand-native as well
  • we’ll get people from Base to participate in Algorand DeFi and integrate to the Algorand Twitter
  • thus we’ll achieve a deep symbiosis between Algorand and Base, attracting big money from Base to Algorand

To achieve that we need:

  • 8% — Algo-DEGEN liquidity pools: DEGEN, DEGEN/ALGO, DEGEN/goETH, DEGEN/META
  • 8% — DEGEN rewards for completing the tasks and using the bridge app (on both sides)
  • 8% — constant development of the Farcaster bridge-DeFi/NFT/DEGEN app features
  • 4% — collaborations and advertisements

Conclusion

Cometa has its own area of responsibility — helping projects to grow and improve liquidity across the board.
We try non-trivial ideas, potentially achieving crazy results. Someone has to do that, Algorand has been in a shadows for too long.

What do you think about our plans? Please share any thoughts!

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I’m loving the cross-chain focus and Farcaster.

But would it be possible to consider distributing some of the incentives from gALGO to mALGO? mALGO has performed above expectations this period despite failing to secure Foundation funding in the last voting round.

How about 8% for gALGO & 4% for mALGO?

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Hey! The Farcaster campaign will explode so hard, thanks :>

We’d love to support mALGO! Good suggestion. 3-4% will be allocated.

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I’ve noticed that now mALGO is unpegged from ALGO 0.198 vs 0.18 = 10%. Why is that, and how is the Messina team gonna fix it? (I understand that TDR will help, but what else)

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@KevinV_UC might be able to help answer that.

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mALGO has the rewards of all earlier governance periods baked into it’s ALGO rate - mALGO is an interest bearing token, it isn’t supposed to be pegged to mALGO 1 to 1. The ALGO/mALGO rate is adjusted with every reward distribution.

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50% META Pools
The existing incentives for the META/ALGO pool by Tinyman and Pact highlight its importance for further incentivization. I propose reallocating TDR rewards from META/USDC, META/gALGO, and META/mALGO to the following:

  • 13% META/ALGO Tinyman
  • 13% META/ALGO Pact

This reallocation aims to boost liquidity in the META/ALGO pool. Additionally, I suggest allocating all META staking rewards to META/ALGO LP farming.

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Love Cometa and the plan you have outlined.

I would like to see an even larger portion go towards DEGEN (maybe 50%?) to try and break into the Farcaster ecosystem, develop the swapping / bridging frame, etc… I think this would be highly impactful. The larger you can make those incentives the more likely we see people create Algorand accounts - and all of those people already being crypto native makes it seem very doable. I love this initiative so much, it may be the best use of TDR I have seen yet. Bravo Cometa team.

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Why gAlgo and mAlgo? gAlgo is a propped up token that has already take liquidity from smaller communities in their terrible contest and is become absolete with the move to avax, malformed relies on the left overs of gAlgo as a governance token as there is no use case except for foundation money propping it up.

What do you see I don’t?

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Hey! That is actually a good point. We had a talk with Pact team and also got to the conclusion, that META/ALGO should be well incentivised. The final numbers will be in between of the initial ones and what you have proposed.

Thank you for the impact!

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Ahhh, thanks for the recognition! We also believe that it might be HUGE.

We have campaigns to get Farcaster users to Algorand, and ALSO push Algorand people to Farcaster. Thus Farcaster could become Algorand hub, and we’ll basically get all its users.

We’ve already tried a small test move with almost NO funding and NO promotion and got 10+ new Algorand users creating and funding Algorand wallets.

We agree that it is the best idea to put more funds into the initiative. We just don’t want to scare people and make them think that we are crazy. So we are humble with the allocation. But if the idea gets more attention, we’ll definitely put more funds in it. So, if you could spread the word and explain at least a little bit, we would be grateful!

Thank you for the valuable suggestion!

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Love it all sounds great :fire:
Would tokens like $THC count towards the boost for smaller projects?

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