Summary
The objective of this proposal is to obtain the necessary funds from the community pool to adjust and extend the current Red Bank deposit incentives for 3 additional months. The current deposit incentives will end in 10 days. Given the protocol is still in its bootstrapping phase, we think it makes sense to extend them. However, as a number of leveraged yield farming vaults have already launched (which generate organic borrow demand in the Red Bank), we think it makes sense to gradually start reducing them, starting with this proposal.
Specification
This proposal aims to reduce rewards as follows:
- OSMO: From 750k to 250k per month
- ATOM: From 200k to 100k per month
- axlUSDC: From 50k to 30k per month (keep in mind that there’s currently a proposal to double the cap for axlUSDC, so in relation to the cap the rewards are reduced further)
Given the rewards will be effective for 3 months, the total amount of funds required from the community pool is 1,140,000 MARS.
Disclaimers/Disclosures
This proposal is being made by Delphi Labs Ltd., a British Virgin Islands limited company. Delphi Labs engages in incubation, investment, research and development relevant to multiple ecosystems and protocols, including the Mars Protocol. Delphi Labs and certain of its service providers and equity holders own MARS tokens and have financial interests related to this proposal. Additionally, Delphi Labs is one of several entities associated with one another under the “Delphi Digital” brand. Delphi Digital’s associated entities and/or equityholders or service providers of such entities may hold MARS and may have financial interests related to this proposal. All such entities, service providers, equity holders and other related persons may also have financial interests in complementary or competing projects or ecosystems, entities or tokens, including Osmosis/OSMO. These statements are intended to disclose relevant facts and to help identify potential conflicts of interest, and should not be misconstrued as a complete description of all relevant interests or conflicts of interests; nor should they be construed as a recommendation to purchase or acquire any token or security.
This proposal is also subject to and qualified by the Mars Disclaimers/Disclosures. Delphi Labs may lack access to all relevant facts or may have failed to give appropriate weighting to available facts. Delphi Labs is not making any representation, warranty or guarantee regarding the accuracy or completeness of the statements herein, and Delphi Labs shall have no liability in the event of losses or damages ensuing from approval or rejection or other handling of the proposal. Each user and voter should undertake their own research and make their own independent interpretation and analysis of all relevant facts and issues to arrive at their own personal determinations of how to vote on the proposal.
