Hello Algorand here we have included our GP9 post report and GP10 Targeted Rewards Plan.
There is a high allocation towards meld, algomint and xBacked assets. i would like to see a good reasoning for them because as far as i know pact is managed by algomint atm and they also seem to be the ones behind xBacked at the moment and meld golds CEO is also algomints founder. That all seems very fishy to me and feels like one entity is just funneling defi boost towards their own projects through pact. Also note that the same person is a co-owner of meld ventures which is a VC invested into at least some of those projects
Looking at for example goMINT its every period the same: goMINT pumps through those rewards and gets dumped then and ends without any volume because its a token without any utility atm. Why is it getting that many rewards?
There are many combinations of those assets by the named projects with various small to high allocations that dont seem to make sense to me. Why is it good for the DEX to have multiple pools with always the same assets? Those small pools arent liquid enough anyways then to make trades possibe so aggregators are needed anyways. Seems like it just makes it harder for people to swap those tokens.
Can you give us data on volume/TVL for all the various pools you want to incentivize? would be nice to know if they ever get used and by how much compared to the TVL
Not sure if you are referring to me being CEO, I am not the CEO of Algomint, Meld Ventures or in control of xBacked.
I am the CEO of Meld Gold.
Sorry “Co-Founder & Managing Partner” of meld ventures and “Founder”
+ former CEO of algomint
No sorry I was never CEO of Algomint or Managing Partner at Meld Ventures, I am the co-founder of both.
Is there any marketing strategies towards outside of the Algorand community? If so can you provide examples.
Your twitter account seems to consisted of RTs from AF or Folks Finance. Only see 6 orginal tweets (some still tag folks finance) all the way till September 11th.
Would love to see personal measures without Algorand Foundation funds that can help grow your platform.
Also are you replying for Pact Fi and Meld Gold? Are these both your companies? Just want to be clear what is your role and what did you cofound?
How are you?
Yes sorry I haven’t been great with Twitter, I have said to myself I am going to do more. Just lack of time not desire. But definitely on the list and sorry not sure I know what you meant by “Would love to see personal measures without Algorand Foundation funds that can help grow your platform”.
Just representing Meld Gold, I did not found / co-found Pact but officially an advisor and essentially helping where I can at the moment.
Thanks for the respond. I’m doing great, hope you are as well.
Personally I think marketing has to be improved before receiving funds for the TDR. There should be a standard of regular participation throughout the year. This cuts off anyone not putting the effort in to grow. (Not saying you’re not but it’s hard to see anything with little online presence). Peolle in the community who would do the job for free or little payment. Some of the funds could even be pushed towards a 90 day job.
I recommend using chat gpt or search what others are doing in the industry and make drafts post for future.
We all want everyone to be successful but I don’t see how something can grow if no one knows about it. You guys have a nice platform, people need to know this. Thank you for your time.
Thanks @Richflairstv there has been a lot of discussion around changes to the metrics on how TDR is calculated, I must say the marketing piece hasn’t come up. But it is an interesting point, I will add it to the metrics discussion and will think on it some more.
I do feel the job piece might be a better fit for xGov in saying that I do think a minimal requirement element for socials as potentially a strong fit as a part of meeting TDR eligibility.
Appreciate the ideas.
Thanks for listening
I gave feedback in Discord yesterday and I wanted to summarise it here;
I feel TDR are failing in their goals to attract new liquidity due to an imbalance of rewards towards ‘secondary’ tokens within the Algo ecosystem. We should be looking to funnel new users into the eco with a more concentrated push for cross-chain liquidity.
To do this we should be more heavily incentivising USDC, USDT and wrapped Alt Layer 1s.
Reasons: Defi users are familiar with using USDC/USDT across multiple chains already and they are trusted stables ready to deploy for maximum opportunity. Many CEXs act as a bridge, allowing you to send native USDC from one chain and withdraw to another - they are the easiest crypto assets to move without risk of using wrapped token.
Alt Layer 1 capital is less sticky than BTC/ETH. Their users are more open to trying new chains as they’ve already made the leap into lower mkt cap tokens (they’re in it for the tech!) and they’re more open to risk. Target AVAX, SOL and LINK users. I feel we can particularly make an impact on AVAX + LINK users through socials as we’re often in the same conversation. I agree with @Richflairstv post about marketing, and I feel a marketing push cross-chain only works when there’s a strategy behind the LPs we’re incentivising.
Currently the Algo/SOL, Algo/AVAX, and Algo/LINK pairs combined have less reward incentive than goUSD/goMINT.
I don’t think we can honestly say this aligns with the goals of TDR.
What the current proposal creates, and what GP9 created before it is multiple temporary farms that have no long term adoption and that are only used by Algorand insiders to maximise yield. There’s very little network effect from TDR as many of the LPs are niche assets that only the most Algorand die-hards are familiar with, or are essentially pairs of the same token (goETH/wETH, goBTC/wBTC, goUSD/xUSD pairs for example) giving users a no-risk, no-cross pollination opportunity to yield off the same asset.
Funnel in new users FIRST, then once they’re here they can learn about our RWA like Gold/Silver… Lofty… they can use our bridges and increase adoption of assets like goETH, and experience our class leading defi, finding community tokens like Coop/Barb etc… this is how you get loyalty and advocacy.
You’ve currently got the funnel upside down and I fear we’re once again missing our window of opportunity to attract users into the ecosystem.
Absolutely. 100% agree
Yet again, and when i pointed this in previous GP nothing changed. $vote token is usually top 3 to 5 tokens on vestige by trading volume, we help algorand defi ecosystem with providing low fee LPs and yet the distribution to $vote pools is minimal.
This program with current setup is meant to incentivize user adoption of pact shareholder’s tokens (meld and gomint). And with double spending on meld it is very unfair… Better gold backed token (with publicly auditable gold reserves) - asa.gold does not receive ANY support from the foundation nor from this program because owners of pact is competitor.
Based on txns there seems to be the same 5-8 wallets doing majority of txns back and forth. Link: https://allo.info/asset/452399768/token/
How many people are actually using $Vote token that are unique? I have not seen yet how $Vote platform is helping the DeFi ecosystem, Is there any information I am missing? Thanks in advance
Basically anybody who is swapping in algorand defi ecosystem and using DEX aggregator either deflex (used in awallet, defly or alammex), vestige router (used in vestige and pera) or folks router (used in awallet and folks) is swapping through $vote. If someone does not use DEX aggregator, he is loosing money, creating arbitrage opportunities and arbitragers are making money. Just move to transactions tab https://allo.info/asset/452399768/txns
By supporting of low LP fees $vote helps Algorand DeFi with:
- Incentivizing creation and usage of dex aggregators
- Lowering slippage for general users
- Incentivizing algorand arbitrage wars making it more efficient making all tokens showing more real value
- Incentivizing better quotes at algorand ecosystem so that arbitrage opportunities between traditional exchanges and algorand defi is more efficient
so the answer is no one uses it, only aggregators do. and they only do because providers earn nothing on swaps so they shouldnt be supplying liquidity at all. it would be better if you would just setup a low fee ALGO-USDC pool on pact
It would not.
Because the $vote token is DAO token behind important project - most efficient onchain voting solution with fractionalized and categorized delegation of voting power and with encrypted voting so that the voting sessions are not manipulated, and the fact that we are talking about this serves the marketing purpose of it. Do your research - https://www.vote-coin.com/
The first screenshot shows a total of 43 voting proposals, which 41 are from Vote coin. The rest are empty.
The second screenshot shows the last proposal was July 5th with a total of 6 voting proposals in 2023.
I do not see the adoption or use case here.
Hi Stitch, I read your comment with great interest, primarily because it’s something I think we are all trying to hack / figure out: How do we bring/funnel more people into our defi ecosystem?
I can’t say what is right or wrong because I don’t think anything has been really successful yet to prove any one strategy. Personally I do not see pairs with other chain’s tokens as the top of the funnel like you do but that is an interesting take.
I think most people who want exposure to other chains tokens wouldn’t care about doing it on Algorand because there’s a lack of use cases and other than BTC and ETH that have crazy gas fees, most of the transaction fees today are more affordable. I suspect people who are getting in on these wrapped chain tokens are people already in the algorand ecosystem who want to diversify their exposure so thats not leading to the growth we desire.
What I lament about our Algorand DeFi ecosystem is a lack of tokens. Most protocols have not launched a token and the ones that have are not super exciting where people from other chains are desperate to get in and get their hands on. There are also a small handful of meme or community tokens so all in all it’s kinda boring.
My personal suspicion is the top of the funnel will be unique Algorand ASAs that somehow capture the imagination of people on other chains, either for their value or tokenomics or yield or how viral/meme worthy they are…but something that is unique to Algorand that has enough of a hook for them to want to cross-chain and get it.
Probably the current uncertainly with regulation is holding protocols back from launching a token which doesn’t help this. But when it clears up I would think more tokens and good marketing about them beyond the algorand ecosystem could be the top of the funnel? We already make it pretty easy for people to get native USDC through messina.one so after that I think its unique tokens. =)
Ty for reply and alt point of view Jonty. Interesting points. I think in reality we’re likely both a little right and both a little wrong
My suggestion is far from a guarantee win - it relies heavily on network effect + communities to cross pollinate with avax, link and sol to actually meaningfully bring new users onto algorand. It has the risk of Algorand users farm hopping as before - but I’d hope with the connections Folks is making it could be twinned with a more meaningful marketing push.
At the least its not trying the same thing again and expecting different results
I think on your ASA point, and the reason we’ve not had a meme/community capture the attention outside the eco is mostly due to the lack of users - classic chicken and egg problem where we can’t hit critical mass to break out - no listing of ASAs on major exchanges also probably hurts our meme ceiling. I think $SNEK and for sure $BONK have had cex listings.
It could also be said that easy access gains from over-inflated LP farming can actively hurt the ASA market. Why bother trading memes if you can sit back passively earning huge yields on stable pairs? Or sit on gAlgo/Algo pools. Too much Algo not moving around makes not a very active ecosystem.
I like what ORA, PEPS, COOP, BARB, AKTA etc are doing… they are all trying different things and making small inroads.
But I think successful ASAs are more likely a secondary effect of more users, and maybe not the process to get new users? I don’t know to be honest. Ideally we help create that snowball effect where they both feed into each other.
Saying all this I could be wrong and all we need to do is put 5MM Algo rewards on the COOP/ALGO LP and send it