I have just seen the proposal from astroport of getting a free full redirection of mine - ust rewards to their protocol. This will be used for launching the protocol in the lockdrop event.
Note that pylon is a launchpad. The request is basically to move from other protocols to their own, for free, the full rewards, without launching here …
I think that Pylon should not approve and make a counteroffer similar to the one currently in mirror
where they ask, if i have read properly, the 3% of astro supply airdropped to MIR stakers to redirect the 30% of MIR-UST rewards.
This looks fair to mirror stakers.
In our case, being mine a launchpad, I think we should ask more. I propose 5% of astro airdropped to mine stakers in exchange of a 33% redirection.
In general I like the idea of astroport but it is clear that:
- the 30% of full astro supply stays to the joint venture
- the current airdrop is misterious: tefi partecipants based on an undisclosed snapshot, undisclosed criteria and undisclosed amount.
- astroport is asking MIR, ANC, MINE full redirection from the other protocols (terraswap, but potentially also loop) wihout compensation for the projects providing the changes
- Not a single penny is entering terra ecosystem from outside, just a farming at disadvantage of terraswap and redirection of existing capital
the pros of astroport are a lot: it looks a well thought project, but I think the mine stakers needs to better negotiate. At the end there is a very easy way to get the transparent astro airdrop I suggest:
buy MINE and stake. Is it not what we all want?
As it is clearly written when creating a poll: it is recommended to discuss in forum before submitting proposals.
I stick to this (differently from the astroport team) waiting to create a proposal.
I would like to hear the opinion of the other active members and also the astroport team. The forum is for discussion. Just a remark: I consider very bad from astroport side to have submitted their proposal close to their tge event putting a kind of hurry on the MINE shareholders. Ofc if the majority of MINE stakers prefers the astroport offer as it is I will accept the decision.
So a 33% redirection means 67% stays in Terraswap? That seems like a very confusing situation with multiple ‘official’ AMMs.
I think we should be hearing from the Loop team - do they not want Mine rewards redirected to their LPs as well?
I think changing rewards to astro would be good for MINE price movement as the potential upside of earning new Astro is imo higher than other tokens. This alone is enough incentive for me to vote for yes. From ethical point of view I’m not a fan of Astroport actively trying to suck liquidity from Terraswap. They should leave it for market to decide.
I agree with this idea, and will vote “yes” on the proposal once it is made.
However, you also need to see how current MINE staking distribution looks like. I think the idea is great, and some of here may agree. But the vote itself cannot reflect our opinion properly.
Thanks to @laine_ust, I was able to see how centralized current Pylon protocol governance system is. I understand that it is inevitable for most of DeFi protocols or PoS based protocols, especially during its initial stage, and I believe this governance system will be much better in future.
But for now, I think it may not be effective to put a vote for our ideas, if you are not one of the top 16 wallets which stakes 25% of overall staked $MINE. 50% of staked $MINEs belongs to top 130 wallets over approx. 34500 wallets. (you can also see and download the status from here.)
I am still unsure how the ‘pass threshold’ is determined, but it seems to be half number of total voting staked $MINEs. By seeing the total voting numbers, it also look like those big hands are not actively participating now for some reason. But it is clear for now that single vote of those big hands can change the direction of the poll.
The better way I can think is to make the Pylon project team to be more involved in such discussion, and that may be the reason you put the post here. (Or you can become the big hand itself ) I hope the team shows some interests on this nice proposal.
To get more attention, it is also good idea to keep discussing on this post everyday, so that this post will be always dragged up on the forum list.