Overview:
This proposal aims to combine the deployment of Synapse onto Pulsechain, a new blockchain built as a fork of Ethereum with low transaction fees, and the redirection and reduction of emissions currently going towards the Metis pools and the Avalanche ETH pool.
By deploying Synapse on Pulsechain, users will gain seamless access to the broader multi-chain ecosystem supported by Synapse, facilitating the movement of assets and fostering interoperability.
Motivation:
Pulsechain has demonstrated remarkable achievements within a short span of time, positioning itself as a promising blockchain in terms of liquidity and trading volume. With its rapid growth and impressive metrics, deploying Synapse on Pulsechain will unlock even greater potential for both ecosystems. This integration will enable Pulsechain users to bridge assets between Pulsechain and the other EVM chains.
Reduction of rewards on Metis is motivated by:
- Metis Stable Swap Emissions relative to Volume are disproportionately large
- Metis is an underused chain
- Metis contributes meaningfully to other liquidity based bridges
Pulsechain metrics:
Pulsechain has achieved outstanding metrics since its launch, showcasing its potential as a vibrant blockchain ecosystem:
• 3rd (was 2nd for a day in front of BSC) on the Dexscreener leaderboard in less than a week, which indicates strong trading activity and user engagement within the Pulsechain DEX ecosystem.
• $125 million total value bridged: including $27 million in USDC, $25 million in DAI, $17 million in USDT, and 9.9K ETH.
• Approximately $200 million in daily trading volume over the course of 7 days, with an average of 210,000 transactions per day.
Implementation:
Combining this discussion with Metis Emissions Reductions, I propose that:
1) eliminate all reward to both Metis Stable and ETH Pools
2) eliminate all rewards to the Avalanche ETH pool (heavily underutilised)
3) build a new Pulse Chain Stable Pool bridge consisting on nUSD-USDC-DAI or nUSDC-USDC-DAI-USDT (a 3 or 4pool will allow us to be the one of the first Stable Swaps there)
4) Only redirect 50% the rewards from 1 and 2 towards the new Pulse Chain stable pool, in effect still reducing overall SYN emissions
5) Monitor volume, if DAO determines performance of the pool to be unsatisfactory in the future it will be discontinued
