In July of 2023, the Synapse DAO voted to remove emissions on the Metis stableswap and ETH pool as part of a larger initiative to reduce SYN emissions. This proposal decreased SYN emissions from 11,340 SYN/month to 0. Simultaneously, the Metis Foundation agreed to incentivize the Metis Pools with $15k worth of METIS for three months.
In the last six months, ~$19m has been bridged to Metis, generating around ~$15k worth of fees. The swap pools have done ~$38m over the same time period and $3.5k worth of fees.
13k unique addresses have interacted with the relevant pools/routes over this time period. Most swaps and bridging into the chain currently have positive slippage. TVL on metis is currently:
To continue providing liquidity on Metis, the Metis Foundation is looking for a long term partner to incentivize these pools. This proposal is a temperature check on spending SYN emissions on Metis to further the DAO’s relationship with Metis and the Metis Foundation. To date Metis has been an instrumental partner in chain expansion and helped expand Synapse’s reach through on-chain activity and marketing efforts.
The primary questions are :
- Is the Synapse DAO willing to allocate SYN and provide 50/50 rewards with the Metis foundation on the relevant pools?
- What is the ideal amount of TVL in the Metis pools, and how much is the DAO willing to spend to achieve that goal?
Any feedback on the above questions can inform clear next steps for Synapse pools on Metis.