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GP13 DeFi Rewards (TDR) Proposal - Messina

Here’s a project that might be of interest to you. The article is in Japanese, so please feel free to use your browser’s translation feature. It’s about Pendle’s yield tokenization.

In short, it involves splitting mALGO into a Principal Token and a Yield Token, thereby expanding Messina’s product range.

GP12 DeFi Rewards (TDR) Proposal - AlgoRai

It was also discussed in the Messina thread that new account bonuses are prone to abuse. Therefore, if bonuses are to be given, wouldn’t it be better to issue them based on usage rather than per account? In particular, we want to attract users from outside Algorand and activate the chain.

GP12 DeFi Rewards (TDR) Proposal - Meld Gold

Morning / Evening everyone, I have just updated the program to include participation with Messina in Token Wars, Meld Gold's participation will revolve around Gold & Silver backed NFTs rewards (along with Messina supplied ALGO rewards) to drive additional awareness and holders of Meld Gold assets.

GP12 DeFi Rewards (TDR) Proposal - Messina

And I completely understand why you must incentivize these things so long as a competitor does so (it’s a standoff). I also appreciate what you’ve done on the other incentives. So, I’m not down on Messina here. I’m simply being a squeaky wheel about this issue in general.

GP12 DeFi Rewards (TDR) Proposal - CompX

We have updated our proposal to include 5% for incentivising farms as part of Messina’s Token Wars program. We are partnering with Messina and Pact.fi for this program and are super excited to invite new liquidity from other ecosystems!

GP12 DeFi Rewards (TDR) Proposal - Messina

Perhaps instead of the reward in $ALGO, the rewards could be in $mALGO? If the recipients swap out of it, it’ll boost volume of those DEXs with mALGO-ALGO LPs. If the users hold it, it supplements the TVL and value of $mALGO.

As reference information based on what I know, here are the task services used by other projects:

GP12 DeFi Rewards (TDR) Proposal - Messina

I suppose paying it out in mALGO adds a bit more friction, but not enough on its own to make it unattractive for opportunistic people. If someone can increase their APY by sybil attacking the rewards they probably won’t mind needing to do one additional step of swapping the mALGO to ALGO.

GP12 DeFi Rewards (TDR) Proposal - Messina

Great proposal - but I also want to add a comment about the ‘new user’ allocation. I worry greatly this will be abused hard. It would be trivial to take 100k ALGO, separate it into 100 different accounts and mint 1000 mALGO from each, netting 10k ALGO + the rewards from the period. You’d be effectively exploiting the system.

GP12 DeFi Rewards (TDR) Proposal - Cometa

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?

Hey! The Farcaster campaign will explode so hard, thanks 🙂 We’d love to support mALGO! Good suggestion. 3-4% will be allocated.

GP12 DeFi Rewards (TDR) Proposal - Messina

This is exceptional! And I truly hope the community understands the benefits this will bring to Algorand DeFi.

mALGOr NFT Project

We will present NFTs based on the amount of mALGO minted in the past. Snapshots will also be necessary.

GP12 DeFi Rewards TDR Brainstorm - Messina

Yes, they must be on the forum at the start. I amended the text above, and will amend on GitHub as well. Thank you for the ping!

Consensus Rewards upgrade will drop in Q4, GP12 is on!

Consensus rewards (Reti) upgrade is now due to drop in Q4, therefore Governance Period 12 will run in Q3. Full announcement to follow!