This governance proposal is a follow-up of the previous “Redirect ANC-UST rewards to Astroport” poll, and Astroport’s launch on Dec 28th.
Given that conditions have changes since the time of the previous proposal, which can be found here, a slight change in plans is necessary: :
As a significant amount of ANC-UST liquidity has already switched over to Astroport, instead of having 2 separate polls for 1) moving over ANC LP incentives and 2) routing ANC buybacks to Astroport, both operations should be conducted via a single poll.
An update is needed to the Anchor WebApp to support Astroport’s dual incentives program (once it goes live)
The two contracts below need to be updated to switch from Terraswap to Astroport:
Following those updates, a governance poll will be needed to execute and complete the redirection process as such:
Move over remaining ANC-UST LP incentives to support a newly deployed LP Staking contract that supports the Astroport ANC-UST LP token. This is executed automatically by the poll execution. The new LP Staking contract logic now uses block timestamps to calculate reward distribution instead of block heights, with a distribution schedule divided into weekly schedules for easier updating if later required.
Migrate the Fee Collector contract to route ANC buybacks to Astroport pairs instead of Terraswap.
Estimated Execution Time: Jan, 10th 2022
Once the poll executes and the changes are completed, data indexers and the Anchor WebApp will also be updated so that all new buybacks and LP incentives go through Astroport. ANC-UST LP staked on Terraswap will no longer be receiving rewards.
A separate page will be provided for the users who have previously provided liquidity and staked LP to the old pool (Terraswap), which will allow the users to withdraw and unstake LP tokens. A banner will exist on the current WebApp to guide users through this process.
Users will be able to move this withdrawn liquidity to the newly migrated Anchor Staking contract to receive staking rewards again, via the Anchor WebApp.
Wich are the benefits? or why all people that don’t move their lp to astroport has to be forced to do it? and why astroport and not LOOP or SPEC?
Spec is not DEX and Loop is shady and fucked up (many people lost their farming “drops” because of loop).
Astroport offered bigger initial allocation of ASTRO in lockdrop in exchange for this.
The discussion about moving to Astroport has already been held and voted upon, this I believe is just an update on the course of action and it’s a final confirmation of sorts but the community has already spoken.
This is correct:
Changing the contract addresses that were not yet live that are now live now the Astro court is live require a governance vote and an execute message and Json string format to be able to actually execute the contract changes that’s all this is for.
what i try to say is… if they offer a better initial allocation, why not leave the market to speak, and every holder to take their own decision.
At the end ASTRO is one more application.
You may choose to LP wherever you want, but Anchor has limited emissions for LP providers, Astroport reached out and asked for incentives to be moved to Astroport in exchange for Astroport also giving incentives on the same pool. The community voted in agreement with this proposal… no one is forced to move, you’ll just be left without Anchor emissions but will still get fees, and if you’d rather farm on Loop there’s nothing stopping you.
I noticed that the migration of Fee Collector contract is not part of the governance proposal. In that case is there opportunity to make a change? Wouldn’t it be advantageous for Anchor perhaps at least consider choosing the better deal of the 3 possible DEXs when performing the buyback? I’m not married to this idea, just asking if there is room to perhaps make a targeted change while we have the chance.
How exactly does Anchor benefit from this? Isn’t the “double token rewards” a misnomer?
With TerraSwap, liquidity providers get the full 0.3% in fees (in ANC + UST); with Astroport, LP’s get only 0.25% of the fees in ANC + UST, and .05% is given in ASTRO. They’re not " also getting $ASTRO", they’re " instead getting $ASTRO". I just think this lessens the value of LP’ing thru Anchor – people aren’t coming to Anchor to acquire $ASTRO, they’re coming there for what Anchor offers, including ANC.
Astroport benefits from this, but I don’t see how Anchor does. I guess the move to Astroport is a done decision, but I’m not sure it was well-understood.
It seems that the governance itself is the weakest point of the chain in Anchor.
This is actually a great suggestion. As the network grows, it will be refreshing to see not only great competition, but also cooperation amongst a lot of the early protocols.
Maybe Loop, Spec, and even the likes of Apollo and OG Terraswap should be looking to draft proposals of this type.
This is blatant false news. Everyone who qualified for an Loop airdrop got an airdrop. Those who did not qualify spent a bunch of time crying on Twitter. Happens to every project.
Also. Yes, Spec is a vault and not a DEX, but that doesn’t mean they can’t be part of the conversation.
This proposal makes me wonder if only Astroport can get this type of governance pushed through and approved on Anchor. Currently, it seems to me that the governance system favors ANC whales - and ANC whales love Astroport right now. However, this doesn’t mean other protocols should not be making proposals.
Maybe Loop and Spec need to spend more time talking to those ANC whales
Why not, instead of a complete redirection to Astroport, do we not just onboard Astroport’s ANC-UST LP token an optional LP stake, dividing the rewards pro-rata based on liquidity in each? This way, we can still have the TerraSwap LP tokens qualify for rewards, while also allowing users to switch over to Astroport if they want. I know slippage would increase, but this promotes competition among DEXs and paves the way to allow additional DEXs to be added in the future, rather than just switching from one DEX to the next most exciting DEX, over and over again.
Also, stuff like Apollo’s ANC vault would also have to update their contract, and so those depositors will likely suffer some loss.
Excellent point. Thanks for making it explicit.
“Currently, it seems to me that the governance system favors ANC whales - and the ANC whales love… Maybe Loop and Spec need to spend more time talking to those ANC whales.”
–Ominous. Thanks for sharing.
I am not technical enough to understood this change. I have unstake LP tokens from Anchor and migrate to Astropot. From there I stake back the new LP in Anchor. Did I get it right?
How do I find out how much fee I get from Astropot?
The APY for the new LP token in Anchor has dropped, what is the reason?
Thanks to the one who can help. I still learning the technicality of DEFI.