- Current rewards claiming is inefficient because it is spread over 30 token pools.
- New system enables smaller fee pools to be converted into a single stablecoin rewards pool.
- Any staker (100+ sAST) can perform a conversion and earn 1% of the converted value.
- Claims are configurable by setting “slope” and “max” parameters similar to the existing pool.
- New rewards pool includes slippage protection and AIP 18 functionality.
The AIP proposes a new “rewards pool” from which participants who earn points through activities like voting and bounties can claim rewards from a single pool. This includes a “fee receiver” that holds multiple “fee pools” prior to being converted and transferred to the rewards pool.
A smart contract will be developed to receive protocol fees in a variety of tokens. Each balance of each token that it holds can be converted by calling a function on the contract, which swaps the balance for (stable)coin using an on-chain AMM. Once swapped, the (stable)coin will be transferred to the rewards pool contract.
Receiver contract should have a
consolidate function which takes in a
swapFrom token address and performs an on-chain swap of the selected token balance to a chosen
swapTo rewards token. The rewards token is then split
- 1% of the rewards will be sent to the address of the wallet which calls
- 99% is sent to
The addresses of the
Pool contracts should be configurable by the contract owner. This will allow us to easily setup additional
Pools in the future (e.g. for funding Dev work etc). The token to be swapped to should also be configurable, allowing us to change the rewards token easily in the future (e.g. if we decide to use AST as the rewards token)
A smart contract will be developed to receive a (stable)coin that can be claimed using points. The conversion of points to coins is based on a function with two parameters “slope” (formerly “scale”) and “max” which is the maximum withdrawable amount for each claim.
Because rewards will be in a single token we propose that slope starts at a value of 10 and max starts at a value of 20%. This means that a claim of infinite points will be able to withdraw a maximum of 20% of the rewards pool and 1M points approximately 10%. This will be similar to current claim rates (slope = 10 and max = 100%) when there are 5 equal sized pools to be claimed from.
This should be similar to the current
Pool contract. However, an additional function is required for AIP18 which allows rewards to be compounded back as staked AST.
Pool contract will require a
restake function which performs an on-chain swap of the chosen token amount to AST, and then sends it to the
Locker contract using the
Implementation and auditing is to be led by the ConsenSys contributing team. For their contributions to this proposal, Lasse, astholder, VladislavW and Jortmoney will share AIP rewards according to the author.
- We currently have 30+ token pools of which only the largest four are being claimed from. There are rewards left on the table, which conversion solves.
- Conversions are incentivized so we expect them to be often and at smaller sizes. This will ensure that there are not drastic increases to the size of the rewards pool.
- While the reward asset is not specified, it will be either DAI, USDC, or USDT, to be discussed among coordinators and the community prior to contract deployment. In the future the reward asset can be set by configuration vote.
Copyright and related rights waived via CC0.
Previous version AIP 26 - Consolidation of Tokens from Smaller Reward Pools
- Creation of a new Pool contract with a token conversion function - when called, the function converts a certain token pool to a mix of Eth and Stablecoins, which is then transferred to the rewards Pool
- Anyone can call the conversion function at any time. To incentivize the conversion, a reward is given for the person who calls the conversion (e.g. 1-2% of the token pool to cover gas costs + a little extra). This ensures that any time a pool is larger than a certain amount, it would be converted.
- At the start, minor token pools will be the first to be converted this way since currently these pools are currently not enabled / worth to be claimed from
- Claims from the major token pools (wETH, USDC, USDT, DAI) will proceed as usual at present. In the future, these pools may also be converted and consolidated into a common rewards pool in the same way.
This AIP is consolidated from AIP 21.
AIP 26 proposes to introduce a new Pool contract which will allow for conversion of minor token pools (e.g. LINK) to a mix of ETH and stable coins which could then be claimed as part of the rewards.
Currently, there are 31 token pools in the Rewards Contract of which only the largest 4 pools are consistently being claimed from (Wrapped tokens: wETH and Stablecoins: DAI, USDT, USDC).
A conversion function would allow these smaller pools to be converted while consolidating them into a common currency to be claimed from.
- A new Pool contract will be created with a token conversion function.
- Token pools which are not being claimed from will be converted and consolidated
- An incentive will be implemented for token conversion where a percentage of the converted token will be paid out to the person who calls the token conversion in order to cover gas fees plus a little more. This will ensure that token pools will be converted once it reaches a certain threshold. This will allow consolidated tokens to be streamed into the rewards pool in smaller chunks
Conversion incentive = 2%.
$1,000 worth of Token A is converted into $500 worth of ETH and $500 worth of USDC.
$10 worth of ETH and $10 worth of USDC to be paid to the person who called the conversion
$490 worth of ETH and $490 worth of USDC to be transferred into the rewards Pool
- The implementation of the new smart contract feature should be covered by existing funds and will not need to utilize any budget from the AirSwap treasury
- AIP rewards - rewards for this AIP will be split between Lasse, astholder, VladislavW and Jortmoney (ratio tbc)