Shifting MIR Rewards Weighting To Terra from ETH

General
#1

Farmer Froom had an interesting idea in the Discord. What if we slowly started shifting rewards to more heavily favor farming on Terra? Right now the split is 50/50, and with new mAssets only being added to Terra deeper liquidity per stock is more heavily incentivized on ETH. The ETH farming is definitely important, but I think most of us will agree that Terra network should be the primary source of trading / liquidity. The ETH network is almost exclusively used by whales now, with whales trading on Terra and then just using the bridge to port money over and pocket high yields.

What about making the rewards split 60/40, or heck even 70/30, favoring Terra network?

17 Likes
Collection of changes for v2
SIMP-1: End Ethereum MIR Rewards
#2

Heavily supportive of this. It increases the usage of UST and Terra network, and ETH is not usable for normal retails due to the high gas fee.

70/30 or even 75/25 will be a good start.

2 Likes
#3

I think you can bring this idea to Collection of changes for v2 - #46 by CryogenicKangaroo this post, about collection of changes to be made for version 2 of Mirror.

Change in distribution of MIR is a large change that could affect the entire protocol, and should be considered as a version 2 change as well :slight_smile:

2 Likes
#4

I support this. would absolutely vote for it.

#5

I support this initiative! We need to build out the Terra ecosystem even more

1 Like
#6

I think many users would support this. I see the idea mentioned regularly on Discord. The volume on ETH is very low as well.

1 Like
#7

As a counter to this, for UST to be considered as a routing path on Uniswap we would need a large amount of liquidity. I’d hate to miss out on this opportunity!

#8

I think this is a good idea, but given the low volumes on the eth side…do we really need an eth side at all? We need a bridge there certainly, but I don’t see why whales wouldn’t be alright using Terra to trade.
Correct me if I’m wrong, but this would result in a better concentration of liquidity? Denser liquidity = we can support more assets.

2 Likes
#9

Its good marketing to have us on things like Harvest finance. So keeping a small amount of ETH rewards make sense, but the 50/50 split is way too much. ETH is just for marketing imo…

#10

Do we even control these funds though?

#11

We have initial plans to migrate the contracts such that the inflationary MIR rewards going to Uniswap will be redirected into the community pool so that it may be later decided on how to distribute these rewards to protocol-beneficial partners.

3 Likes
#12

Very supportive. Let’s do 30 eth / 70 terra

#13

I`d say this is a very important proposal for Mirror Protocol. Is this under consideration for Mirror v2?

#14

I agree with the aforementioned comments. We should move the lion’s share (80%+) of the rewards to the Terra ecosystem, as this incentivizes those of us who believe in the platform and can provide greater rewards for the LP providers in Terra.

#15

So what can we do to move forward with this? I checked to make a poll in government but there is no clear way to ask for more allocation to Mirror from ETH.

#16

This is happening with Mirror V2, no proposal needed!

#17

I wanted to reopen discussion on the exact specifics of how this shift is going to occur. The primary question is that ETH allocated rewards will accrue as we begin to decide what to do with this. The simplest thing would be to just reallocate all rewards at a set point from ETH to Terra, then distribute the accrued rewards in some fashion. I would propose an even allocation of the accrued rewards over a 1-3 month time span to MIR LPs and stakers evenly.

Alternatively these could be distributed to all LPs by weight over a period of months.